World Academy of Science, Engineering and Technology

Authors: Haksoon Kim

Abstract:

The paper investigates the relationship between the foreign direct investment (FDI) and the corporate governance or transparency by investigating the country-level FDI flows, FDI inward performance, corporate governance and transparency variables. From the regression analysis with Newey-West estimator of 28 country panel data from 1990- 2002, we find strong positive relationships between corporate governance or transparency level of hosting countries and FDI inward performance within hosting countries. A strong positive relationship is found between anti-director rights level or number of analysts of hosting countries and FDI inward performance within hosting countries. Also, we find a positive relationship between the number of analysts of hosting countries and FDI inflows. The empirical results are consistent with stock market liberalizations and corporate governance explanations of reasons for FDI.

Keywords: corporate governance, corporate transparency, FDIflows, FDI inward performance

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Authors: Christiono Utomo, Arazi Idrus

Abstract:

Value-based group decision is very complicated since many parties involved. There are different concern caused by differing preferences, experiences, and background. Therefore, a support system is required to enable each stakeholder to evaluate and rank the solution alternatives before engaging into negotiation with the other stakeholders. The support system is based on combination between value-based analysis, multi criteria group decision making based on satisfying options, and negotiation process based on coalition formation. This paper presents the group decision and negotiation on the selection of suitable material for a support bridge structure involving three decision makers, who are an estate manager, a project manager, and an engineer. There are three alternative solutions for the material of the support bridge structure, which are (a1) steel structure, (a2) reinforced concrete structure and (a3) wooden structure.

Keywords: Value-based, group decision, negotiation support, construction.

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Authors: M. Ilyas, M. W. Siddiqi

Abstract:

This study employs auto-regressive distributed lag (ARDL) bounds approach to cointegration for long run and errorcorrection modeling (ECM) for short run analysis to examine the relationship between revenue gap and economic growth for Pakistan using annual time series data over the period 1980 to 2008. The short and long run results indicate that revenue gap is statistical significant and negatively effect economic growth. The significant and negative coefficient of error correction term in ECM indicates that after a shock, the long rum equilibrium will again converge towards equilibrium about 10.406 percent within a year.

Keywords: ARDL cointegration, Economic Growth, RevenueGap, Pakistan.

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Authors: Hideki.Kobayashi, Hiroshi.Osada

Abstract:

The service industry accounts for about 70% of GDP of Japan, and the importance of the service innovation is pointed out. The importance of the system use and the support service increases in the information system that is one of the service industries. However, because the system is not used enough, the purpose for which it was originally intended cannot often be achieved in the CRM system. To promote the use of the system, the effective service method is needed. It is thought that the service model's making and the clarification of the success factors are necessary to improve the operation service of the CRM system. In this research the model of the operation service in the CRM system is made.

Keywords: Information system, Operation service, Serviceinnovation, Solution

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Authors: H. Šimović, M. Mihelja Žaja

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This paper provides an analysis of corporate income tax (CIT) incentives in the Western Balkan countries: Slovenia, Croatia, Serbia, Montenegro, Macedonia and Albania. Western Balkan countries, as other transition and developing countries, use large number of the corporate income tax incentives (CIT) to attract foreign investments and to stimulate economic activity. The main goal of this paper is to investigate how often these countries use CIT incentives and provide review of existing tax incentives in Western Balkan countries. Paper will focus on reduced CIT rates, tax holidays, and other investment incentives which imply incentives like accelerated depreciation, tax allowances and tax credits.

Keywords: tax incentives, tax rate, tax holidays, WesternBalkan countries

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Authors: V. Boguslauskas, G. Jakstonyte, L. Giriunas

Abstract:

Many foreign and Lithuanian scientists, analyzing the evaluation of the tax system in respect of the burden of taxation, agree that the latter, in principle, depends on how many individuals and what units of the residents constitute a household. Therefore, the aim of scientific research is to substantiate or to deny the significance of a household, but not a resident, as a statistical unit, during the evaluation of tax system, to be precise, determination of the value of the burden of taxation. A performed scientific research revealed that evaluation of the tax system in respect of a household, but not a resident, as a statistical unit, allows not only to evaluate the efficiency of the tax system more objectively, but also to forecast practicably existing poverty line, burden of taxation, and to capacitate the initiation of efficient decisions in social and tax fields creating the environment of existence.

Keywords: burden of taxation, household, tax systemevaluation.

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Authors: George Yungchih Wang

Abstract:

For decades financial economists have been attempted to determine the optimal investment policy by recognizing the option value embedded in irreversible investment whose project value evolves as a geometric Brownian motion (GBM). This paper aims to examine the effects of the optimal investment trigger and of the misspecification of stochastic processes on investment in real options applications. Specifically, the former explores the consequence of adopting optimal investment rules on the distributions of corporate value under the correct assumption of stochastic process while the latter analyzes the influence on the distributions of corporate value as a result of the misspecification of stochastic processes, i.e., mistaking an alternative process as a GBM. It is found that adopting the correct optimal investment policy may increase corporate value by shifting the value distribution rightward, and the misspecification effect may decrease corporate value by shifting the value distribution leftward. The adoption of the optimal investment trigger has a major impact on investment to such an extent that the downside risk of investment is truncated at the project value of zero, thereby moving the value distributions rightward. The analytical framework is also extended to situations where collection lags are in place, and the result indicates that collection lags reduce the effects of investment trigger and misspecification on investment in an opposite way.

Keywords: GBM, real options, investment trigger, misspecification, collection lags

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Authors: Chiao-Chen Chang, Yang-Chieh Chin

Abstract:

This study examines the issue of recommendation sources from the perspectives of gender and consumers- perceived risk, and validates a model for the antecedents of consumer online purchases. The method of obtaining quantitative data was that of the instrument of a survey questionnaire. Data were collected via questionnaires from 396 undergraduate students aged 18-24, and a multiple regression analysis was conducted to identify causal relationships. Empirical findings established the link between recommendation sources (word-of-mouth, advertising, and recommendation systems) and the likelihood of making online purchases and demonstrated the role of gender and perceived risk as moderators in this context. The results showed that the effects of word-of-mouth on online purchase intentions were stronger than those of advertising and recommendation systems. In addition, female consumers have less experience with online purchases, so they may be more likely than males to refer to recommendations during the decision-making process. The findings of the study will help marketers to address the recommendation factor which influences consumers- intention to purchase and to improve firm performances to meet consumer needs.

Keywords: Recommendation sources, Online purchaseintentions, Gender differences, Perceived risk.

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Authors: Oliver Radolović

Abstract:

The subject of the paper is comparative analysis of the hotel guest-s contractual liability for breaching the obligation for non-payment of hotel services in the hotel-keeper-s contract. The paper is methodologically conceived of six chapters (1. introduction, 2. comparative law sources of the hotel-keeper-s contract, 3. the guest-s obligation for payment of hotel services, 4. hotel guest's liability for non-payment, 5. the hotel-keeper-s rights due to nonpayment and 6. conclusion), which analyzes the guest-s liability for non-payment of hotel services through the international law, European law, euro-continental national laws (France, Germany, Italy, Croatia) and Anglo-American national laws (UK, USA). The paper-s results are the synthesis of answers to the set hypothesis and comparative review of hotel guest-s contractual liability for nonpayment of hotel services provided. In conclusion, it is necessary to adopt an international convention on the hotel-keeper-s contract, which would unify the institute of the hotel guest-s contractual liability for non-payment of hotel services at the international level.

Keywords: Comparative law, hotel guest's contractual liability, non-payment, hotel-keeper's contract.

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Authors: Shahin Dezdar, Sulaiman Ainin

Abstract:

The aim of this paper is to examine factors related to system environment (namely, system quality and vendor support) that influences ERP implementation success in Iranian companies. Implementation success is identified using user satisfaction and organizational impact perspective. The study adopts the survey questionnaire approach to collect empirical data. The questionnaire was distributed to ERP users and a total of 384 responses were used for analysis. The results illustrated that both system quality and vendor support have significant effect on ERP implementation success. This implies that companies must ensure they source for the best available system and a vendor that is dependable, reliable and trustworthy.

Keywords: Enterprise resource planning (ERP), Iran, system quality, vendor support.

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Authors: M. Arefi, A.M. Amini, K. Fallahi

Abstract:

One of the basic concepts in marketing is the concept of meeting customers- needs. Since customer satisfaction is essential for lasting survival and development of a business, screening and observing customer satisfaction and recognizing its underlying factors must be one of the key activities of every business. The purpose of this study is to recognize the drivers that effect customer satisfaction in a business-to-business situation in order to improve marketing activities. We conducted a survey in which 93 business customers of a manufacturer of Diesel Generator in Iran participated and they talked about their ideas and satisfaction of supplier-s services related to its products. We developed the measures for drivers of satisfaction first by as investigative research (by means of feedback from executives and customers of sponsoring firm). Then based on these measures, we created a mail survey, and asked the respondents to explain their opinion about the sponsoring firm which was a supplier of diesel generator and similar products. Furthermore, the survey required the participants to mention their functional areas and their company features. In Conclusion we found that there are three drivers for customer satisfaction, which are reliability, information about product, and commercial features. Buyers/users from different functional areas attribute different degree of importance to the last two drivers. For instance, people from buying and management areas believe that commercial features are more important than information about products. But people in engineering, maintenance and production areas believe that having information about products is more important than commercial aspects. Marketing experts should consider the attribute of customers regarding information about the product and commercial features to improve market share.

Keywords: B2B, Customer satisfaction, Commercial, Industry.

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Authors: P.Cordero, R.Poler, R.Sanchis

Abstract:

The environmental impacts caused by the current production and consumption models, together with the impact that the current economic crisis, bring necessary changes in the European industry toward new business models based on sustainability issues that could allow them to innovate and improve their competitiveness. This paper analyzes the key environmental issues and the current and future market trends in one of the most important industrial sectors in Spain, the furniture sector. It also proposes new decision support tools -diagnostic kit, roadmap and guidelines- to guide companies to implement sustainability criteria into their organizations, including eco-design strategies and other economical and social strategies in accordance with the sustainability definition, and other available tools such as eco-labels, environmental management systems, etc., and to use and combine them to obtain the results the company expects to help improve its competitiveness.

Keywords: Furniture sector, eco-design, sustainability, economical crisis, market trends, roadmap

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Authors: Taneli Eisto, Venlakaisa Hölttä

Abstract:

Customer-supplier collaboration enables firms to achieve greater success than acting independently. Nevertheless, not many firms have fully utilized the potential of collaboration. This paper presents organizational and human related success factors for collaboration in manufacturing supply chains in casting industry. Our research approach was a case study including multiple cases. Data was gathered by interviews and group discussions in two different research projects. In the first research project we studied seven firms and in the second five. It was found that the success factors are interrelated, in other words, organizational and human factors together enable success but not any of them alone. Some of the found success factors are a culture of following agreements, and a speed of informing the partner about changes affecting to the product or the delivery chain.

Keywords: Casting industry, collaboration success factors, customer-supplier collaboration, supply chain collaboration.

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Authors: Alexander Y. Vaninsky

Abstract:

Environmental performance of the U.S. States is investigated for the period of 1990 – 2007 using Stochastic Frontier Analysis (SFA). The SFA accounts for both efficiency measure and stochastic noise affecting a frontier. The frontier is formed using indicators of GDP, energy consumption, population, and CO2 emissions. For comparability, all indicators are expressed as ratios to total. Statistical information of the Energy Information Agency of the United States is used. Obtained results reveal the bell - shaped dynamics of environmental efficiency scores. The average efficiency scores rise from 97.6% in 1990 to 99.6% in 1999, and then fall to 98.4% in 2007. The main factor is insufficient decrease in the rate of growth of CO2 emissions with regards to the growth of GDP, population and energy consumption. Data for 2008 following the research period allow for an assumption that the environmental performance of the U.S. States has improved in the last years.

Keywords: Stochastic frontier analysis, environmental performance, interstate comparisons.

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Authors: Jasmine Yeap Ai Leen, T. Ramayah, Azizah Omar

Abstract:

E-tailing websites are often perceived to be static, impersonal and distant. However, with the movement of the World Wide Web to Web 2.0 in recent years, these online websites have been found to display personalities akin to 'humanistic' qualities and project impressions much like its retailing counterpart i.e. salespeople. This paper examines the personality of e-tailing websites and their impact on consumers- initial trust towards the sites. A total of 239 Internet users participated in this field experiment study which utilized 6 online book retailers- websites that the participants had not previously visited before. Analysis revealed that out of four website personalities (sincerity, competence, excitement and sophistication) only sincerity and competence are able to exert an influence in building consumers- trust upon their first visit to the website. The implications of the findings are further elaborated in this paper.

Keywords: E-commerce, e-tailing, initial trust, online trust, partial least squares, website personality.

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Authors: Sharareh Mirsaeidi Farahani , Gholamreza Chitsaz

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Management Systems are powerful tools for businesses to manage quality , environmental and occupational health and safety requirements . where once these systems were considered as stand alone control mechanisms , industry is now opting to increase the efficiency of these documented systems through a more integrated approach . System integration offers a significant step forward, where there are similarities between system components , reducing duplication and adminstration costs and increasing efficiency . At first , this paper reviews integrated management system structure and its benefits. The second part of this paper focuses on the one example implementation of such a system at Imam Khomeini Hospital and in final part of the paper will be discuss outcomes of that proccess .

Keywords: environmental management , Integratedmanagement systems, occupational healt and safetymanagement , quality management.

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Authors: Mehtap Dursun, E. Ertugrul Karsak, Melis Almula Karadayi

Abstract:

Disposal of health-care waste (HCW) is considered as an important environmental problem especially in large cities. Multiple criteria decision making (MCDM) techniques are apt to deal with quantitative and qualitative considerations of the health-care waste management (HCWM) problems. This research proposes a fuzzy multi-criteria group decision making approach with a multilevel hierarchical structure including qualitative as well as quantitative performance attributes for evaluating HCW disposal alternatives for Istanbul. Using the entropy weighting method, objective weights as well as subjective weights are taken into account to determine the importance weighting of quantitative performance attributes. The results obtained using the proposed methodology are thoroughly analyzed.

Keywords: Entropy weighting method, group decision making, health-care waste management, hierarchical fuzzy multi-criteriadecision making

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Authors: Kamila Tišlerová

Abstract:

This contribution aims to outline some topics around the process of introduction of compulsory electronic exchange of documents (so called e-Boxes) in public administration. The research was conducted in order to gauge the difference between the expectation of those using internal email and their experience in reality. Both qualitative and quantitative research is employed to lead also to an estimation of the willingness and readiness of government bodies, business units and citizens to adopt new technologies. At the same time the most potent barriers to successful e-communication through the e-Boxes are identified.

Keywords: E-Box, e-Government, electronic document exchange, digitalisation, public administration.

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Authors: Despina Galani, Efthymios Gravas, Antonios Stavropoulos

Abstract:

Advances in information technology, recent changes in business environment, globalization, deregulation, privatization have made running a successful business more difficult than ever before. To remain successful and to be competitive have forced companies to react to the new changes in order to survive and succeed. The implementation of an Enterprise Resource planning (ERP) system improves information flow, reduce costs, establish linkage with suppliers and reduce response time to customer needs. This paper focuses on a sample of Greek companies, investigates the ERP market in Greece, the reasons why the Greek companies are investing in ERP systems, the benefits that users have achieved and the influence of ERP systems on the use of new accounting practices. The results indicate a greater level on information integration, flexibility in information access and greater functionality provided by ERP systems but little influence on the use of new accounting practices.

Keywords: Advanced Accounting Practices, EnterpriseResource Planning, Management Accounting.

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Authors: Saima Ayaz, Zakir Hussain, Maqbool Hussain Sial

Abstract:

The study identified the sources of production inefficiency of the farming sector in district Faisalabad in the Punjab province of Pakistan. Data Envelopment Analysis (DEA) technique was utilized at farm level survey data of 300 farmers for the year 2009. The overall mean efficiency score was 0.78 indicating 22 percent inefficiency of the sample farmers. Computed efficiency scores were then regressed on farm specific variables using Tobit regression analysis. Farming experience, education, access to farming credit, herd size and number of cultivation practices showed constructive and significant effect on the farmer-s technical efficiency.

Keywords: Agricultural credit, DEA, Technical efficiency, Tobit analysis

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Authors: Ali Hajiha, Farhad Ghaffari, Nooshin Gholamali Tehrani

Abstract:

This study aims at investigating the empirical relationships between risk preference, internet preference, and internet knowledge which are known as user characteristics, in addition to perceived risk of the customers on the internet purchase intention. In order to test the relationships between the variables of model 174, a questionnaire was collected from the students with previous online experience. For the purpose of data analysis, confirmatory factor analysis (CFA) and structural equation model (SEM) was used. Test results show that the perceived risk affects the internet purchase intention, and increase or decrease of perceived risk influences the purchase intention when the customer does the internet shopping. Other factors such as internet preference, knowledge of the internet, and risk preference affect the internet purchase intention.

Keywords: Perceived risk, Internet preference, Internetknowledge, Risk preference, Internet purchase intention

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Authors: Martin Macion

Abstract:

The request for a sustainable development challenges both managers and consumers to rethink habitual practices and activities. While consumers are challenged to develop sustainable consumption patterns, companies are asked to establish managerial systems and structures considering economical, ecological, and social issues. As this is in particular true for housing associations, this paper aims first, at providing an understanding of sustainability strategy in residential trade and industry (RTI) by identifying relevant facets of this construct and second, at conceptually analyzing the impact of sustainability strategy in RTI on operational efficiency and performance of municipal housing companies. The author develops a model of sustainability strategy in RTI and its effects and further, sheds light in priorities for future research.

Keywords: firm performance, sustainability strategy, residentialtrade and industry

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Authors: Muhammad Mazhar Manzoor, Muhammad Aqeel, Abdul Sattar

Abstract:

Islamic banking is one the most blossoming doctrine in economic system of the world. The Fast growing awareness about Islamic financial system has brought strong feeling to Muslims to confront the western interest-based economic cycle. The Islamic economic system is emerging as a reliable alternative to the interest based system. This study is proposed to ascertain the motivational factors encouraging people to go for Islamic banking in Pakistan. These pulsing factors are determined by generation of hypothesis that there are certain factors which are urging people to opt Islamic banking system and to see the differences in their ranking by applying Friedman test. These factors include: Economically derived factors such as stability of Islamic banks in crisis, profit and loss sharing doctrine and equity sharing etc. This study also highlights the religiously derived factors such as interest free banking, Shariah tenets and supervisory of Islamic Shariah board and sociopsychological factors.

Keywords: Islamic banking, motivational factors, religiousfactors, socio-psychological factors and economic factors

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Authors: Herruzo E., Espejo R.A., Moreno R., González C., Benavides J.I., Plata, O.

Abstract:

This paper aims to explain the project carried out at the University of Cordoba, specifically at the High Polytechnic School in collaboration with two other organizations belonging to the Andalusian Ministry of Innovation, Science and Business: Andalusian Innovation and Development Agency (IDEA agency) [1] and the Territorial Net of Entrepreneurship Support (in Spanish Red Territorial de Apoyo al Emprendedor) [11]. The project is being developed in several stages of which only the first one has already been completed. However, several important preliminary results derive from it, based mainly in the description of the nature of entrepreneurship in the field of university education and its impact on student-s competency as recommended by the European Higher Education Area. Some problems holding back the correct future development will also be shown as derived from the specific context of application of the project.

Keywords: EHEA, Entrepreneurship, Innovation, TransversalCompetence.

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Authors: Marie Mikušová, Viktorie Janečková

Abstract:

Measurement and the following evaluation of performance represent important part of management. The paper focuses on indicators as the basic elements of performance measurement system. It emphasizes a necessity of searching requirements for quality indicators so that they can become part of the useful system. It introduces standpoints for a systematic dividing of indicators so that they have as high as possible informative value of background sources for searching, analysis, designing and using of indicators. It draws attention to requirements for indicators' quality and at the same it deals with some dangers decreasing indicator's informative value. It submits a draft of questions that should be answered at the construction of indicator. It is obvious that particular indicators need to be defined exactly to stimulate the desired behavior in order to attain expected results. In the enclosure a concrete example of the defined indicator in the concrete conditions of a small firm is given. The authors of the paper pay attention to the fact that a quality indicator makes it possible to get to the basic causes of the problem and include the established facts into the company information system. At the same time they emphasize that developing of a quality indicator is a prerequisite for the utilization of the system of measurement in management.

Keywords: performance, measurement, firm, indicator

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Authors: Richard C.M. Yam, William Lo, Esther P.Y. Tang, Antonio, K.W. Lau

Abstract:

Technological innovation capability (TIC) is defined as a comprehensive set of characteristics of a firm that facilities and supports its technological innovation strategies. An audit to evaluate the TICs of a firm may trigger improvement in its future practices. Such an audit can be used by the firm for self assessment or third-party independent assessment to identify problems of its capability status. This paper attempts to develop such an auditing framework that can help to determine the subtle links between innovation capabilities and business performance; and to enable the auditor to determine whether good practice is in place. The seven TICs in this study include learning, R&D, resources allocation, manufacturing, marketing, organization and strategic planning capabilities. Empirical data was acquired through a survey study of 200 manufacturing firms in the Hong Kong/Pearl River Delta (HK/PRD) region. Structural equation modelling was employed to examine the relationships among TICs and various performance indicators: sales performance, innovation performance, product performance, and sales growth. The results revealed that different TICs have different impacts on different performance measures. Organization capability was found to have the most influential impact. Hong Kong manufacturers are now facing the challenge of high-mix-low-volume customer orders. In order to cope with this change, good capability in organizing different activities among various departments is critical to the success of a company.

Keywords: Hong Kong/Pearl River Delta, Innovationaudit, Manufacturing, Technological innovation capability

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Authors: F. Rahnamay Roodposhti, S. A. Nabavi Chashmi

Abstract:

The role of corporate governance is to reduce the divergence of interests between shareholders and managers. The role of corporate governance is more useful when managers have an incentive to deviate from shareholders- interests. One example of management-s deviation from shareholders- interests is the management of earnings through the use of accounting accruals. This paper examines the association between corporate governance internal mechanisms ownership concentration, board independence, the existence of CEO-Chairman duality and earnings management. Firm size and leverage are control variables. The population used in this study comprises firms listed on the Tehran Stock Exchange (TSE) between 2004 and 2008, the sample comprises 196 firms. Panel Data method is employed as technique to estimate the model. We find that there is negative significant association between ownership concentration and board independence manage earnings with earnings management, there is negative significant association between the existence of CEO-Chairman duality and earnings management. This study also found a positive significant association between control variable (firm size and leverage) and earnings management.

Keywords: Earnings management, board independence, ownership concentration, corporate governance.

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Authors: Kai-Ying A. Chan, Leon A.G. Oerlemans, Marthinus W. Pretorius

Abstract:

Science parks are often established to drive regional economic growth, especially in countries with emerging economies. However, mixed findings regarding the performances of science park firms are found in the literature. This study tries to explain these mixed findings by taking a relational approach and exploring (un)intended knowledge transfers between new technology-based firms (NTBFs) in the emerging South African economy. Moreover, the innovation outcomes of these NTBFs are examined by using a multi-dimensional construct. Results show that science park location plays a significant role in explaining innovative sales, but is insignificant when a different indicator of innovation outcomes is used. Furthermore, only for innovations that are new to the firms, both science park location and intended knowledge transfer via informal business relationships have a positive impact; whereas social relationships have a negative impact.

Keywords: knowledge flows, innovative performances, science parks, new technology-based firms

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Authors: Ioan Popa, Cristiana Tudor, Radu Lupu

Abstract:

The interdependences among stock market indices were studied for a long while by academics in the entire world. The current financial crisis opened the door to a wide range of opinions concerning the understanding and measurement of the connections considered to provide the controversial phenomenon of market integration. Using data on the log-returns of 17 stock market indices that include most of the CEE markets, from 2005 until 2009, our paper studies the problem of these dependences using a new methodological tool that takes into account both the volatility clustering effect and the stochastic properties of these linkages through a Dynamic Conditional System of Simultaneous Equations. We find that the crisis is well captured by our model as it provides evidence for the high volatility – high dependence effect.

Keywords: Stock market interdependences, Dynamic System ofSimultaneous Equations, financial crisis

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Authors: H. S. Hassan, E. Shehab, J. Peppard

Abstract:

Changing technology and increased constituent demand for government services derive the need for governmental responsiveness. The government organisations in the developing countries will be under increased pressure to change their bureaucratic systems to be able to respond rapidly to changing and increasing requirements and rapid technology advancements. This paper aims to present a conceptual framework for explaining the main barriers and drivers of public e-service development. Therefore, the framework provides a basic context within which the process and practice of E-Service can be implemented successfully in the public sector organisations. The framework is flexible enough to be adopted by governments at different levels; national or local by developing countries around the world.

Keywords: Developing countries, E-service, Governmentservices, Public administration.

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