Search results for: Collective action and social capital

Authors: Suzanne Yaganeh, Janni Nielsen, Leif Bloch Rasmussen

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This paper invites to dialogue and reflections on innovation and entrepreneurship by presenting concepts of innovation leading to the introduction of a complex theoretical framework; Cooperative Innovation (CO-IN). CO-IN is a didactic model enhancing and scaffolding processes of cooperation creating innovation drawing on a Scandinavian tradition. CO-IN is based on a cross-sectorial and multidisciplinary approach. We introduce the concept of complementarity to help capture the validity of diversity and we suggest the concept of “the space in between" to understand the creation of identity as a collective mind. We see dialogue and the use of multi modal techniques as essential tools for conceptualizations giving possibility for clarification of the complexity and diversity leading to decision making based on knowledge as commons. We introduce the didactic design and present our empirical findings from an innovation workshop in Argentina. In a final paragraph we reflect on the design as a support of the development of common ground, collective mind and collective action and the creation of knowledge as commons to facilitate innovation and entrepreneurship.

Keywords: CO-operative Innovation, didactic design, dialogue and ICT.

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Authors: Mirjana Radman-Funarić, Katarina Potnik Galić

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The paper presents an analysis of linkages and structures of co-operation and their intensity like the potential for the establishment of clusters in the Central and Eastern (Pannonian) Croatian. Starting from the theoretical elaboration of the need for entrepreneurs to organize through the cluster model and the terms of their self-actualization, related to the importance of traditional values in terms of benefits, social capital and assess where the company now is, in order to prove the need to create their own identity in terms of clustering. The institutional dimensions of social capital where the public sector has the best role in creating the social structure of clusters, and social dimensions of social capital in terms of trust, cooperation and networking will be analyzed to what extent the trust and coherency are present between companies in the Brod posavina and Pozega slavonia County, expressed through the readiness of inclusion in clusters in the NUTS II region - Central and Eastern (Pannonian) Croatia, as a homogeneous economic entity, with emphasis on limiting factors that stand in the way of greater competitiveness.

Keywords: Analysis of linkages, structures of co-operation, Cluster, Region

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Authors: Aelita Skarzauskiene, Monika Maciuliene

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In this paper, we conduct a systematic survey of urban communities in Lithuania to evaluate their potential to co-create collective intelligence or “civic intelligence” applying Digital Co-creation Index methodology that includes different socio-technological indicators. Civic intelligence is a form of collective intelligence that refers to the group’s capacity to perceive societal problems and to address them effectively. The research focuses on evaluation of diverse organizational designs that increase efficient collective performance. The current scientific project advanced the state of the art by evaluating the basic preconditions in the urban communities through which the collective intelligence is being co-created under the systemic manner. The research subject is the “bottom up” digital enabled urban platforms, initiated by Lithuanian public organizations, civic movements or business entities. The web-based monitoring results obtained by applying a social indices calculation methodology and Pearson correlation analysis provided the information about the potential and limits of the urban communities and what possible changes need to be implemented to overcome the limitations.

Keywords: Computer supported collaboration, co-creation, collective intelligence, socio-technological system, networked society.

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Authors: Chih Chin Yang

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The paper proposed a new theory of intellectual capital (so called IC) and a value approach in associated with production and market. After an in-depth review and research analysis of leading firms in this field, a holistic intellectual capital model is discussed, which involves transport, delivery supporting, and interface and systems of on intellectual capital. Through a quantity study, it is found that there is a significant relationship between the product value and infrastructure in a company. The product values are transferred from intellectual capital elements which includes three elements of content and the enterprise includes three elements of infrastructure in its market and product values of enterprise. 

Keywords: Enterprise, product value, intellectual capital.

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Authors: Yanqun Li, Hong Geng

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The occurrence of Wenchuan earthquake in 2008 has led to severe damage to the rural areas of Chengdu city, such as the rupture of the social network, the stagnation of economic production and the rupture of living space. The post-disaster reconstruction has become a sustainable issue. As an important link to maintain the order of rural social development, social network should be an important content of post-disaster reconstruction. Therefore, this paper takes rural reconstruction communities in earthquake-stricken areas of Chengdu as the research object and adopts sociological research methods such as field survey, observation and interview to try to understand the transformation of rural social relations network under the influence of earthquake and its impact on rural space. It has found that rural societies under the earthquake generally experienced three phases: the break of stable social relations, the transition of temporary non-normal state, and the reorganization of social networks. The connotation of phased rural social relations also changed accordingly: turn to a new division of labor on the social orientation, turn to a capital flow and redistribution in new production mode on the capital orientation, and turn to relative decentralization after concentration on the spatial dimension. Along with such changes, rural areas have emerged some social issues such as the alienation of competition in the new industry division, the low social connection, the significant redistribution of capital, and the lack of public space. Based on a comprehensive review of these issues, this paper proposes the corresponding response mechanism. First of all, a reasonable division of labor should be established within the villages to realize diversified commodity supply. Secondly, the villages should adjust the industrial type to promote the equitable participation of capital allocation groups. Finally, external public spaces should be added to strengthen the field of social interaction within the communities.

Keywords: Social relations, social support networks, industrial division, capital allocation, public space.

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Authors: Yousef Daneshvar Rouyandozagh, Ece. K. Açikgöz

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Conservation of historical urban patterns in the traditional neighborhoods is a part of creating integrated urban environments that are socially more sustainable. Urbanization reflects on life conditions and social, physical, economical characteristics of the society. In this regard, historical zones and traditional regions are affected by dramatic interventions on these characteristics. This article focuses on the Uch Dukkan neighborhood located in Ardabil City in Azarbaijani region of Iran, which has been up to such interventions that leaded its transformation from the past to the present. After introducing a brief inventory of the main elements of the historical zone and the neighborhood; this study explores the changes and transformations in different periods; and their impacts on the quality of the environment and its social sustainability. The survey conducted in the neighborhood as part of this research study revealed that the Uch Dukkan neighborhood and the unique architectural heritage that it possesses have become more inactive physically and functionally in a decade. This condition requires an exploration and comparison of the present and the expected transformations of the meaning of social space from the most private unit to the urban scale. From this token, it is argued that an architectural point of view that is based on space order; use and meaning of space as a social and cultural image, should not be ignored. Based on the interplay between social sustainability, collective memory, and the urban environment, study aims to make the invisible portion of ignorance clear, that ends up with a weakness in defining the collective meaning of the neighborhood as a historic urban district. It reveals that the spatial possessions of the neighborhood are valuable not only for their historical and physical characteristics, but also for their social memory that is to be remembered and constructed further.

Keywords: Urban integrity, social sustainability, collective memory, social decay.

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Authors: Hamid Alalwany, Nabeel A. Koshak, Mohammad K. Ibrahim

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Both knowledge economy and sustainable development are considered key dimensions in the policy action lines of many developed and developing countries. In this context, universities and other higher education institutes have a vital role in developing and sustaining wellbeing communities.

In this paper, the authors’ aim is to address the links between the concepts of innovation and entrepreneurial capacity and knowledge economy, and to utilize the approach of intellectual capital development in building a sustainable knowledge economy.

The paper will contribute to two discourses:

1. Developing a common understanding of the intersection aspects between the three concepts: Knowledge economy, Innovation and entrepreneurial system, and sustainable development.
2. Paving the road towards developing an integrated multidimensional framework for sustainable knowledge economy.

Keywords: Innovation and Entrepreneurial Capacity, Intellectual Capital Development, Sustainable Development, Sustainable Knowledge Economy.

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Authors: I. Martins, A. Martins

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The European Union supports social and civil competencies as being a core element to develop sustainability of organizations, people and regions. These competencies are fundamental for the well-being of the community because they include interpersonal, intrapersonal as well as their civil, active and democratic participation in organizations. The combination of these competencies reveals the organizational socio-emotional maturity and allows relevant levels of performance. It also allows the development of various capitals, namely, human, structural, relational and social, with direct influence on performance. But along this path, the emotional aspect has not been valued as a capital, given that contemporary society is based on knowledge capital and is flooded with information viewed as a capital. The present study, based on the importance of these socio-emotional capitals, aims to show that the competencies of cooperation, interpersonal understanding, empathy, kindness, ability to listen, and tolerance, to mention a few, are strategic in consolidating knowledge within organizations. This implies that the humanizing processes, both inside and outside the organizations, are revitalized. The question is how to go about doing this and its implementation; as well as, where to begin and which guidelines to take on. These are the foci that guide the present study, bearing in mind the directions of the knowledge economy.

Keywords: Social competencies, civil competencies, humanizing, performance.

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Authors: K. Nirmala Devi, V. Murali Bhaskaran

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Traditional document representation for classification follows Bag of Words (BoW) approach to represent the term weights. The conventional method uses the Vector Space Model (VSM) to exploit the statistical information of terms in the documents and they fail to address the semantic information as well as order of the terms present in the documents. Although, the phrase based approach follows the order of the terms present in the documents rather than semantics behind the word. Therefore, a semantic concept based approach is used in this paper for enhancing the semantics by incorporating the ontology information. In this paper a novel method is proposed to forecast the intraday stock market price directional movement based on the sentiments from Twitter and money control news articles. The stock market forecasting is a very difficult and highly complicated task because it is affected by many factors such as economic conditions, political events and investor’s sentiment etc. The stock market series are generally dynamic, nonparametric, noisy and chaotic by nature. The sentiment analysis along with wisdom of crowds can automatically compute the collective intelligence of future performance in many areas like stock market, box office sales and election outcomes. The proposed method utilizes collective sentiments for stock market to predict the stock price directional movements. The collective sentiments in the above social media have powerful prediction on the stock price directional movements as up/down by using Granger Causality test.

Keywords: Bag of Words, Collective Sentiments, Ontology, Semantic relations, Sentiments, Social media, Stock Prediction, Twitter, Vector Space Model and wisdom of crowds.

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Authors: I. Ionascu, M. Ionascu, D.-A. Calu, L. Olimid

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This paper investigates several factors affecting the cost of capital for listed Romanian companies. Although there is a large amount of literature investigating the drivers of the cost of capital internationally, there is currently little evidence from emergent markets. Based on a sample of 19 Romanian listed companies followed by financial analysts for the years 2008-2010, according to Thomson Reuters- I/B/E/S data base, the paper confirms the international trends, showing that size, corporate governance policies, and growth are negatively correlated with the cost of capital.

Keywords: Corporate governance, determinants of the cost of capital, emergent markets.

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Authors: R. Ferdous

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Power, responsibility sharing, and democratic decision-making are the central ethos to co-management. It is assumed that involving local community in the decision-making process can create a sense of ownership and responsibility of that community and motivate the community towards collective action. But this paper demonstrated that the process to involve local community is not simple and straightforward as it is influenced by structural aspects, power relations among the actors, and social embedded institutions. These factors shape the process in that way who will participate, how they will participate and how the local community maneuvers their agency in the decision-making process. To grasp the complexities that materialize in the process of participation and to understand the inclusionary and exclusionary nature of participation, this paper examines the subjective understanding of different stakeholders concerning participation and furthermore observes the enabling or constraining factors that affect the community to exercise their agency.

Keywords: Participation, social embeddedness, power, structure.

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Authors: D. Bąk-Grabowska, A. Jagoda

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Managing a capital group is a complex and specific process. It creates special conditions for the introduction of team work organization of managers. The selection of a manager employment form is a problem which gets complicated in case of management teams. The considered possibilities are an employment-based and non-employment managerial contract, which can be based on a thorough action or on formulating definite expectations regarding the results of a manager’s work. The problem of selection between individual and collegiate settlement of managers’ work has been pointed out. The deliberations were based on the assumptions of chosen company management theories, including transactional cost, agency theory, nexus of contracts theory, stewardship theory and theories referring directly to management teams, i.e. Upper echelons theory. 

Keywords: Capital group, employment forms, management teams, managers.

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Authors: Szu-Yuan Sun, Teresa L. Ju, Hao-Fan Chumg, Chang-Yao Wu, Pei-Ju Chao

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Despite the fact that Knowledge Sharing (KS) is very important, we found only little discussion about the reasons why people have the willingness to share knowledge at such platform even though there is no immediate benefit to the persons who contribute knowledge in it. The aim of this study is to develop an integrative understanding of the factors that support or inhibit individuals- knowledge sharing intentions in virtual communities and to find whether habit would generate people-s willingness to be involved. We apply Social Capital Theory (SCT), and we also add two dimensions for discussion: member incentive and habitual domain (HD). This research assembles the questionnaire from individuals who have experienced knowledge sharing in virtual communities, and applies survey and Structural Equation Model (SEM) to analyze the results from the questionnaires. Finally, results confirm that individuals are willing to share knowledge in virtual communities: (1) if they consider reciprocity, centrality, and have longer tenure in their field, and enjoy helping. (2) if they have the habit of sharing knowledge. This study is useful for the developers of virtual communities to insight into knowledge sharing in cyberspace.

Keywords: Habitual domains, knowledge sharing, social capital theory, virtual community.

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Authors: Ketevan Kokrashvili, Rusudan Kutateladze, Nino Pailodze

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Importance of management of legal entities under private law of which especially corporate management, as well as looking for ways of its improvement and perfection has become especially relevant in the twenty-first century, which was greatly contributed to by the global economic crisis. Some states have adopted Corporate Governance Codes; the European Union has set to work on a series of directives the main purpose of which is an improvement of corporate governance, provision of greater transparency and implementation of an effective control mechanism. This process is not yet completed, and various problematic issues associated with management of legal persons are still being debated among practitioner experts and scholars. Georgia is not an exception in this regard. The article discusses the legislative gaps, and in some cases, discrepancies having arisen in legal relationships under private law and having caused many practical problems. This especially applies to the management of capital companies.

Keywords: Business entities, corporate management, public capital management, collective norms, existing problems, legal discrepancies.

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Authors: Yolanda Ramírez, Ángel Tejada, Agustín Baidez

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In recent years, the intellectual capital reporting in higher education institutions has been acquiring progressive importance worldwide. Intellectual capital approaches becomes critical at universities, mainly due to the fact that knowledge is the main output as well as input in these institutions. Universities produce knowledge, either through scientific and technical research (the results of investigation, publications, etc.) or through teaching (students trained and productive relationships with their stakeholders). The purpose of the present paper is to identify the intangible elements about which university stakeholders demand most information. The results of a study done at Spanish universities are used to see which groups of universities have stakeholders who are more proactive to the disclosure of intellectual capital.

Keywords: Intellectual capital, universities, Spain, cluster analysis.

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Authors: Petr Teply, Ondrej Vejdovec

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There are three main ways of categorizing capital in banking operations: accounting, regulatory and economic capital. However, the 2008-2009 global crisis has shown that none of these categories adequately reflects the real risks of bank operations, especially in light of the failures Bear Stearns, Lehman Brothers or Northern Rock. This paper deals with the economic capital allocation of global banks. In theory, economic capital should reflect the real risks of a bank and should be publicly available. Yet, as discovered during the global financial crisis, even when economic capital information was publicly disclosed, the underlying assumptions rendered the information useless. Specifically, some global banks that reported relatively high levels of economic capital before the crisis went bankrupt or had to be bailed-out by their government. And, only 15 out of 50 global banks reported their economic capital during the 2007-2010 period. In this paper, we analyze the changes in reported bank economic capital disclosure during this period. We conclude that relative shares of credit and business risks increased in 2010 compared to 2007, while both operational and market risks decreased their shares on the total economic capital of top-rated global banks. Generally speaking, higher levels of disclosure and transparency of bank operations are required to obtain more confidence from stakeholders. Moreover, additional risks such as liquidity risks should be included in these disclosures.

Keywords: global crisis, economic capital, risk management, risk allocation, bank

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Authors: Muñoz-Sanchez, Victor Manuel, Perez-Flores, Antonio Manuel

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The main objective of this paper is to establish the relationship between models of state organization and the various types of collective identity expressed by the Spanish. The question of nationalism and identity ascription in Spain has always been a topic of special importance due to the presence in that country of territories where the population emits very different opinions of nationalist sentiment than the rest of Spain. The current situation of sovereignty challenge of Catalonia to the central government exemplifies the importance of the subject matter. In order to analyze this process of interrelation, we use a secondary data mining by applying the multiple correspondence analysis technique (MCA). As a main result a typology of four types of expression of collective identity based on models of State organization are shown, which are connected with the party position on this issue.

Keywords: Models of organization of the state, nationalism, collective identity, Spain, political parties.

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Authors: Michele Grimaldi, Livio Cricelli, Francesco Rogo, Alessia Iannarelli

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The objective of this paper is to support the application of Open Innovation practices in firms and organizations by the assessment and management of Intellectual Capital. Intellectual Capital constituents are analyzed in order to verify their capability of acting as key drivers of Open Innovation processes and, therefore, of creating value. A methodology is defined to settle a procedure which helps to select the most relevant Intellectual Capital value drivers and to provide Communities of Innovation with strategic and managerial guidelines in sustaining Open Innovation paradigm. An application of the methodology is developed within a specifically addressed project and its results are hereafter examined.

Keywords: Assessment, Community of Innovation, Intellectual Capital, Management, Open Innovation.

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Authors: Serin Lee, Takashi Kubota, Ichiro Nakatani

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The approaches to make an agent generate intelligent actions in the AI field might be roughly categorized into two ways–the classical planning and situated action system. It is well known that each system have its own strength and weakness. However, each system also has its own application field. In particular, most of situated action systems do not directly deal with the logical problem. This paper first briefly mentions the novel action generator to situatedly extract a set of actions, which is likely to help to achieve the goal at the current situation in the relaxed logical space. After performing the action set, the agent should recognize the situation for deciding the next likely action set. However, since the extracted action is an approximation of the action which helps to achieve the goal, the agent could be caught into the deadlock of the problem. This paper proposes the newly developed hybrid architecture to solve the problem, which combines the novel situated action generator with the conventional planner. The empirical result in some planning domains shows that the quality of the resultant path to the goal is mostly acceptable as well as deriving the fast response time, and suggests the correlation between the structure of problems and the organization of each system which generates the action.

Keywords: Situated reasoning, situated action, planning, hybrid architecture

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Authors: R. A. Temah, L. A. Nkengla-Asi

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Planning for future disasters sets the stage for a variety of activities that may trigger multiple recurring operations and expose the community to opportunities to minimize risks. Local communities are increasingly embracing the necessity for planning based on local risks, but are also significantly challenged to effectively plan and response to disasters. This research examines basic risk-based disaster planning model and compares it with advanced risk-based planning that introduces the identification and alignment of varieties of local capabilities within and out of the local community that can be pivotal to facilitate the management of local risks and cascading effects prior to a disaster. A critical review shows that the identification and alignment of capabilities can potentially enhance risk-based disaster planning. A tailored holistic approach to risk based disaster planning is pivotal to enhance collective action and a reduction in disaster collective cost.

Keywords: Capabilities, disaster planning, hazards, local community, risk-based.

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Authors: Manu Krishnan, Phil Jacoby

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In this paper, we discuss the paradigm shift in bank capital from the “gone concern" to the “going concern" mindset. We then propose a methodology for pricing a product of this shift called Contingent Capital Notes (“CoCos"). The Merton Model can determine a price for credit risk by using the firm-s equity value as a call option on those assets. Our pricing methodology for CoCos also uses the credit spread implied by the Merton Model in a subsequent derivative form created by John Hull et al . Here, a market implied asset volatility is calculated by using observed market CDS spreads. This implied asset volatility is then used to estimate the probability of triggering a predetermined “contingency event" given the distanceto- trigger (DTT). The paper then investigates the effect of varying DTTs and recovery assumptions on the CoCo yield. We conclude with an investment rationale.

Keywords: CoCo, Contingent capital, Bank Capital, Tier1 Capital

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

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

Keywords: Intellectual capital, intellectual capital measurement, property development, property investment, Skandia Navigator, VAIC.

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Authors: Bita Mashayekhi, Seyed Meisam Tabatabaie Nasab

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Intellectual capital is one of the most valuable and important parts of the intangible assets of enterprises especially in knowledge-based enterprises. With respect to increasing gap between the market value and the book value of the companies, intellectual capital is one of the components that can be placed in this gap. This paper uses the value added efficiency of the three components, capital employed, human capital and structural capital, to measure the intellectual capital efficiency of Iranian industries groups, listed in the Tehran Stock Exchange (TSE), using a 8 years period data set from 2005 to 2012. In order to analyze the effect of intellectual capital on the market-to-book value ratio of the companies, the data set was divided into 10 industries, Banking, Pharmaceutical, Metals & Mineral Nonmetallic, Food, Computer, Building, Investments, Chemical, Cement and Automotive, and the panel data method was applied to estimating pooled OLS. The results exhibited that value added of capital employed has a positive significant relation with increasing market value in the industries, Banking, Metals & Mineral Nonmetallic, Food, Computer, Chemical and Cement, and also, showed that value added efficiency of structural capital has a positive significant relation with increasing market value in the Banking, Pharmaceutical and Computer industries groups. The results of the value added showed a negative relation with the Banking and Pharmaceutical industries groups and a positive relation with computer and Automotive industries groups. Among the studied industries, computer industry has placed the widest gap between the market value and book value in its intellectual capital.

Keywords: Capital Employed, Human Capital, Intellectual Capital, Market-to-Book Value, Structural Capital, Value Added Efficiency.

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Authors: Khaled Ramadan Elbeydi

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This study is carried out to provide an insight into the analysis of the impact of selected macro-economic variables on gross fixed capital formation in Libya using annual data over the period (1970-2010). The importance of this study comes from the ability to show the relative important factors that impact the Libyan gross fixed capital formation. This understanding would give indications to decision makers on which policy they must focus to stimulate the economy. An Autoregressive Distributed Lag (ARDL) modeling process is employed to investigate the impact of the Gross Domestic Product, Monetary Base and Trade Openness on Gross Fixed Capital Formation in Libya. The results of this study reveal that there is an equilibrium relationship between capital formation and its determinants. The results also indicate that GDP and trade openness largely explain the pattern of capital formation in Libya. The findings and recommendations provide vital information relevant for policy formulation and implementation aimed to improve capital formation in Libya.

Keywords: ARDL, Bounds test, capital formation, Cointegration, Libya.

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Authors: Walaa Mohammed Metwally

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This case study used the action research concept as a tool to integrate the innovation in a learning experience on a design course. The action research was investigated at Prince Sultan University, College of Engineering in the Interior Design and Architecture Department in January 2015, through the Higher Education Academy program. The action research was presented first with the definition of the research, leading to how it was used and how solutions were found. It concluded by showing that once the action research application in interior design and architecture were studied it was an effective tool to improve student’s learning, develop their practice in design courses, and it discussed the negative and positive issues that were encountered.

Keywords: Action research, innovation, intervention, learning experience, peer review.

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Authors: Yujie Zhang

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There are debates around the legitimacy of capital punishment, i.e., whether death could serve as a proper execution in our legal system or not. Different arguments have been raised. However, none of them seem able to provide a determined answer to the issue; this results in a lack of instruction in the legal practice. This article, therefore, devotes itself to the effort to find such an answer. It takes the perspective of rights, through interpreting the concept of right to life, which capital punishment appears to be in confliction with in the two traditional approaches, to reveal a possibly best account of the right and its conclusion on capital punishment. However, this effort is not a normative one which focuses on what ought to be. It means the article does not try to work out which argument we should choose and solve the hot debate on whether capital punishment should be allowed or not. It, again, does not propose which perspective we should take to approach this issue or generally which account of right must be better; rather, it is more a thought experiment. It attempts to raise a new perspective to approach the issue of the legitimacy of capital punishment. Both its perspective and conclusion therefore are tentative: what if we view this issue in a way we have never tried before, for example the different accounts of right to life? In this sense, the perspective could be defied, while the conclusion could be rejected. Other perspectives and conclusions are also possible. Notwithstanding, this tentative perspective and account of the right still could not be denied from serving as a potential approach, since it does have the ability to provide us with a determined attitude toward capital punishment that is hard to achieve through existing arguments.

Keywords: Capital punishment, right to life, theories of rights, the choice theory.

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Authors: Fatma Didin Sonmez, Pinar Sener

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Technology transfer by international trade and foreign direct investment is the most important positive outcome of open economy. It is widely accepted that new technology and knowledge have an important role in enhancing economic growth. Human capital is the other important factor assisting economic growth. In this study, the role of human capital in the growth process is examined in a view of new endogenous growth theory emphasizing on the technology transfer resulting from international trade. Using the panel data of 10 developed and 10 developing countries, impact of human capital and openness on the rate of economic growth of different countries is analysed. Evidence suggests the view that human capital and openness contribute to the economic growth in both developing and developed countries, but with different rates.

Keywords: economic growth, human capital, openness, technology

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Authors: Mazila Md-Yusuf, Fauziah Mohamad Yunus, Nur Zahraatul Lail Md Supaat

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Capital structure is one of the most important financial decisions in corporate financing strategy. It involves the choice of debt and equity level in financing a company-s operations. This study aims to investigate whether the capital structure choice of Malaysian electrical and electronic manufacturing companies that are listed in the Bursa Malaysia can be explained by factors that have been found by most studies as dominant determinants of capital structure (company size, profitability, asset tangibility, liquidity and growth). Using debt ratio as the proxy for capital structure and applying pooled ordinary least square multiple regression estimation, the results showed that on average, Malaysian electrical and electronic manufacturing companies used less debt in funding their business operations. The findings also showed that size and asset tangibility has a significant positive relationship with debt level, while liquidity has a negative significant relationship with leverage.

Keywords: Capital structure, capital structure theories, leverage, manufacturing companies.

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Authors: Frederick Wedzerai Nyakudya

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In this paper, we examine the relationship between human capital, personal wealth and social capital to explain the differences in start-up rates between female and male entrepreneurs. Since our dependent variable is dichotomous, we examine the determinants of these using a maximum likelihood logit estimator. We used the Global Entrepreneurship Monitor database covering the period 2006 to 2009 with 421 usable cases drawn from the Lower Layer Super Output Areas in East Midlands in the United Kingdom. We found evidence indicating that a female positively moderates the positive relationships between indicators of human capital and personal wealth with start-up activity. The findings have implications for programs, policies, and practices to encourage more females to engage in start-up activity.

Keywords: Entrepreneurship, Global Entrepreneurship Monitor, gender gap, women's entrepreneurship.

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Authors: Humayun Murshed, Shibly Abdullah

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The research conducted in early seventies apparently assumed the existence of a universal decision model for union negotiators and furthermore tended to regard financial information as a ‘neutral’ input into a rational decision making process. However, research in the eighties began to question the neutrality of financial information as an input in collective bargaining rather viewing it as a potentially effective means for controlling the labour force. Furthermore, this later research also started challenging the simplistic assumptions relating particularly to union objectives which have underpinned the earlier search for universal union decision models. Despite the above developments there seems to be a dearth of studies in developing countries concerning the use of financial information in collective bargaining. This paper seeks to begin to remedy this deficiency. Utilising a case study approach based on two enterprises, one in the public sector and the other a multinational, the universal decision model is rejected and it is argued that the decision whether or not to use financial information is a contingent one and such a contingency is largely defined by the context and environment in which both union and management negotiators work. An attempt is also made to identify the factors constraining as well as promoting the use of financial information in collective bargaining, these being regarded as unique to the organisations within which the case studies are conducted.

Keywords: Collective Bargaining, Developing Countries, Disclosures, Financial Information.

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