Search results for: market strategies

Authors: Talar Agopian

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Teaching English as a Second Language (ESL) is a common practice in many Lebanese schools. However, ESL teaching is done in traditional ways. Methods such as constructivism are seldom used, especially in villages. Here lies the significance of this research which joins constructivism and Piaget’s theory of cognitive development in ESL classes in Lebanese villages. The purpose of the present study is to explore the effects of applying constructivist student-centered strategies in teaching grammar, reading comprehension, and poetry on students in elementary ESL classes in two villages in Lebanon, Zefta in South Lebanon and Boqaata in Mount Lebanon. 20 English teachers participated in a training titled “Teaching English with Fun”, which focused on strategies that create a student-centered class where active learning takes place and there is increased learner engagement and autonomy. The training covered three main areas in teaching English: grammar, reading comprehension, and poetry. After participating in the training, the teachers applied the new strategies and methods in their ESL classes. The methodology comprised two phases: in phase one, practice-based research was conducted as the teachers attended the training and applied the constructivist strategies in their respective ESL classes. Phase two included the reflections of the teachers on the effects of the application of constructivist strategies. The results revealed the educational benefits of constructivist student-centered strategies; the students of teachers who applied these strategies showed improved engagement, positive attitudes towards poetry, increased motivation, and a better sense of autonomy. Future research is required in applying constructivist methods in the areas of writing, spelling, and vocabulary in ESL classrooms of Lebanese villages.

Keywords: Active learning, constructivism, learner engagement, student-centered strategies.

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Authors: Chin Wen Cheong

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This study employs a bivariate asymmetric GARCH model to reveal the hidden dynamics price changes and volatility among the emerging markets of Thailand and Malaysian after the Asian financial crisis from January 2001 to December 2008. Our results indicated that the equity markets are sharing the common information (shock) that transmitted among each others. These empirical findings are used to demonstrate the importance of shock and volatility dynamic transmissions in the cross-market hedging and market risk.

Keywords: multivariate ARCH, structural change, value at risk.

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Authors: Yananda Siraphatthada

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The current study was the succession of a previous study on value added of recycling business management. Its aims are to 1) explore conditions on how to increasing value add of Thai recycling business, and 2) exam the implementation of the 3-staged plan (short, medium, and long term), suggested by the former study, to increase value added of the recycling business as immediate mechanisms to accelerate government operation. Quantitative and qualitative methods were utilized in this research. A qualitative research consisted of in-depth interviews and focus group discussions. Responses were obtained from owners of the waste separation plants, and recycle shops, as well as officers in relevant governmental agencies. They were randomly selected via Quota Sampling. Data was analyzed via content analysis. The sample used for quantitative method consisted of 1,274 licensed recycling operators in eight provinces. The operators were randomly stratified via sampling method. Data were analyzed via descriptive statistics frequency, percentage, average (Mean) and standard deviation.The study recommended three-staged plan: short, medium, and long terms. The plan included the development of logistics, the provision of quality market/plants, the amendment of recycling rules/regulation, the restructuring recycling business, the establishment of green-purchasing recycling center, support for the campaigns run by the International Green Purchasing Network (IGPN), conferences/workshops as a public forum to share insights among experts/concern people.

Keywords: Strategies, Value Added, Recycle Business.

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Authors: Perumal Nallagownden, Ravindra N. Mukerjee, Syafrudin Masri

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In a competitive energy market, system reliability should be maintained at all times. Power system operation being of online in nature, the energy balance requirements must be satisfied to ensure reliable operation the system. To achieve this, information regarding the expected status of the system, the scheduled transactions and the relevant inputs necessary to make either a transaction contract or a transmission contract operational, have to be made available in real time. The real time procedure proposed, facilitates this. This paper proposes a quadratic curve learning procedure, which enables a generator-s contribution to the retailer demand, power loss of transaction in a line at the retail end and its associated losses for an oncoming operating scenario to be predicted. Matlab program was used to test in on a 24-bus IEE Reliability Test System, and the results are found to be acceptable.

Keywords: Deregulation, learning coefficients, reliability, prediction, competitive energy market.

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Authors: Masahiro Ohmura, Koh Kakusho, Takeshi Okadome

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This paper presents a regression model with autocorrelated errors in which the inputs are social moods obtained by analyzing the adjectives in Twitter posts using a document topic model, where document topics are extracted using LDA. The regression model predicts Dow Jones Industrial Average (DJIA) more precisely than autoregressive moving-average models.

Keywords: Regression model, social mood, stock market prediction, Twitter.

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Authors: Subramaniam Chandran

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This paper analyses the structural changes in education sector since the introduction of liberalization policy in India. This paper explains how the so-called non-profit trusts and societies appropriated the liberalization policy and enhanced themselves as new capitalist class in higher education sector. Over the decades, the policy witnessed the role of private sector in terms of maintaining market equilibrium. The state also witnessed the incompatibility of the private sector in inculcating the values of social justice. The most important consequence of the policy is to witness the rise of new capitalist class and academic capitalism. When the state came to realize that it no longer cope up with market demands, it opens the entry of private sector in higher education. Concessions and tax exemptions were provided to the trusts and societies to establish higher education institutions. There is a basic difference between western countries and India in providing higher education by the trusts and societies. In western countries the big business houses contributed their surplus revenues to promote higher education and research as a complementary service to society and nation. In India, several entrepreneurs came up with business motive using education sector. Over the period, they accumulated wealth at the cost of students and concessions from the government. Four major results can now be identified: production of manpower in view of market demands; reduction of standards in higher education; bypassing the values of social justice; and the rise of new capitalist class from the business of education. This paper tries to substantiate these issues with the inputs from case studies.

Keywords: New capitalism, market, social justice, higher education

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Authors: Beata Wentura-Dudek

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In the United States in 2007-2010 before the crisis, the US labour market policy focused mainly on providing residents with unemployment insurance, after the recession this policy changed. The aim of the article was to present quantitative research presenting the most effective labor market instruments contributing to reducing unemployment during the crisis in the USA. The article presents research based on the analysis of available documents and statistical data. The results of the conducted research show that the most effective forms of counteracting unemployment at that time were: direct job creation, job search assistance, subsidized employment, training and employment promotion using new technologies, including social media.

Keywords: United States, financial crisis, unemployment, employment promotion, social media, job creation, training, labour market, employment agencies, lifelong learning, job search assistance, subsidized employment, companies, tax.

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Authors: Linh Thi Truc Doan, Yousef Amer, Sang-Heon Lee, Phan Nguyen Ky Phuc

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During the last few decades, with the high-speed upgrade of electronic products, electronic waste (e-waste) has become one of the fastest growing wastes of the waste stream. In this context, more efforts and concerns have already been placed on the treatment and management of this waste. To mitigate their negative influences on the environment and society, it is necessary to establish appropriate strategies for e-waste management. Hence, this paper aims to review and analysis some useful strategies which have been applied in several countries to handle e-waste. Future perspectives on e-waste management are also suggested. The key findings found that, to manage e-waste successfully, it is necessary to establish effective reverse supply chains for e-waste, and raise public awareness towards the detrimental impacts of e-waste. The result of the research provides valuable insights to governments, policymakers in establishing e-waste management in a safe and sustainable manner.

Keywords: E-waste, e-waste management, life cycle assessment, recycling regulations.

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Authors: Abdullah M. Alodhaiani, Yasir A. Alturki, Mohamed A. Elkady

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Complex power flow distribution factors, which relate line complex power flows to the bus injected complex powers, have been widely used in various power system planning and analysis studies. In particular, AC distribution factors have been used extensively in the recent power and energy pricing studies in free electricity market field. As was demonstrated in the existing literature, many of the electricity market related costing studies rely on the use of the distribution factors. These known distribution factors, whether the injection shift factors (ISF’s) or power transfer distribution factors (PTDF’s), are linear approximations of the first order sensitivities of the active power flows with respect to various variables. This paper presents a novel model for evaluating the universal distribution factors (UDF’s), which are appropriate for an extensive range of power systems analysis and free electricity market studies. These distribution factors are used for the calculations of lines complex power flows and its independent of bus power injections, they are compact matrix-form expressions with total flexibility in determining the position on the line at which line flows are measured. The proposed approach was tested on IEEE 9-Bus system. Numerical results demonstrate that the proposed approach is very accurate compared with exact method.

Keywords: Distribution Factors, Power System, Sensitivity Factors, Electricity Market.

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Authors: Benazeer Md. Shahzada, Verelst Jan, Van Grembergen Wim, Mannaert Herwig

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This article is an extension and a practical application approach of Wheeler-s NEBIC theory (Net Enabled Business Innovation Cycle). NEBIC theory is a new approach in IS research and can be used for dynamic environment related to new technology. Firms can follow the market changes rapidly with support of the IT resources. Flexible firms adapt their market strategies, and respond more quickly to customers changing behaviors. When every leading firm in an industry has access to the same IT resources, the way that these IT resources are managed will determine the competitive advantages or disadvantages of firm. From Dynamic Capabilities Perspective and from newly introduced NEBIC theory by Wheeler, we know that only IT resources cannot deliver customer value but good configuration of those resources can guarantee customer value by choosing the right emerging technology, grasping the right economic opportunities through business innovation and growth. We found evidences in literature that SOA (Service Oriented Architecture) is a promising emerging technology which can deliver the desired economic opportunity through modularity, flexibility and loose-coupling. SOA can also help firms to connect in network which can open a new window of opportunity to collaborate in innovation and right kind of outsourcing. There are many articles and research reports indicates that failure rate in outsourcing is very high but at the same time research indicates that successful outsourcing projects adds tangible and intangible benefits to the service consumer. Business executives and policy makers in the west should not afraid of outsourcing but they should choose the right strategy through the use of emerging technology to significantly reduce the failure rate in outsourcing.

Keywords: Absorptive capacity, Dynamic Capability, Netenabled business innovation cycle, Service oriented architecture.

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Authors: Mei-Fang Wu, Shu-Li Wang, Feng-Tsung Cheng

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Highly developed technology and highly competitive global market highlight the important role of competitive advantages and operation performances in sustainable company operation. Activity-Based Costing (ABC) provides accurate operation cost and operation performance information. Rich literatures provide relevant research with cases study on Activity-Based Costing application, but the research on cause relationship between key success factors and its specific outcome, such as profitability or share market are few. These relationships provide the ways to handle the key success factors to achieve the specific outcomes for ensuring to promote the competitive advantages and operation performances. The main purposes of this research are exploring the key success paths by Key Success Paths approach which will lead the ways to apply Activity-Base Costing. The Key Success Paths is the innovative method which is exploring the cause relationships and explaining what are the effects of key success factors to specific outcomes of Activity-Based Costing implementation. The cause relationships between key success factors and successful specific outcomes are Key Success Paths (KSPs). KSPs are the guidelines to lead the cost management strategies to achieve the goals of competitive advantages and operation performances. The research findings indicate that good management system design may affect the well outcomes of Activity-Based Costing application and achieve to outstanding competitive advantage, operating performance and profitability as well by KSPs exploration.

Keywords: Activity-Based Costing, Key success factors, Key success paths approach, Key success paths, Key failure paths.

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Authors: Jesus Orbe, Vicente Nunez-Anton

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This paper studies the duration or survival time of commercial banks active in the Moscovian three month Rouble deposits market, during the 1994-1997 period. The privatization process of the Russian commercial banking industry, after the 1988 banking reform, caused a massive entry of new banks followed by a period of high rates of exit. As a consequence, many firms went bankrupt without refunding their deposits. Therefore, both for the banks and for the banks- depositors, it is of interest to analyze which are the significant characteristics that motivate the exit or the closing of the bank. We propose a different methodology based on penalized weighted least squares which represents a very general, flexible and innovative approach for this type of analysis. The more relevant results are that smaller banks exit sooner, banks that enter the market in the last part of the study have shorter durations. As expected, the more experienced banks have a longer duration in the market. In addition, the mean survival time is lower for banks which offer extreme interest rates.

Keywords: Banking, censored, duration, Kaplan-Meier.

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Authors: Azaz Zaman, Imtiaz Uddin Chowdhury, Mohammad Shariful Islam

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Corporate governance has become a crucial issue in both the business and academic world as a result of world-wide financial scandals and lack of trust in corporate practices. There is no doubt that in order to thrive and attain growth in the market, a company must earn the trust of its stakeholders by consistently delivering on its commitments. Directors of the companies thus comprehend the importance of upfront communication with relevant stakeholders to increase their confidence. The authors of this article argue that practicing good corporate governance is not enough in this highly competitive market place; corporate leaders need to market their good corporate governance practices in order to make the company more attractive to investors. This article also contends that the strength of corporate governance relies wholly upon the extent to which it is communicated simply, effectively and unceasingly to its stakeholders. The main objective of this study, therefore, is to explore the importance of branding good corporate governance in order to increase corporate brand equity, attract investors, and capture market share. A structured questionnaire comprising three sections and a total of 34 questions was prepared and surveyed by the authors among respondents residing in Bangladesh and who also have an academic and corporate background, to investigate the potential impact of branding good corporate governance in the market place. High mean values for individual questions and overall section depict that communicating and branding good corporate governance to the stakeholders will not only boost the investors’ confidence but also increase the corporate brand equity, yielding both profitable and sustainable business environment.

Keywords: Brand equity, investors’ preference, good corporate governance, sustainable business environment.

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Authors: L. Bokopane, K. Kusakana, H. J. Vermaark

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The success of renewable powered electric vehicle charging station in isolated areas depends highly on the availability and sustainability of renewable resources all year round at a selected location. The main focus of this paper is to discuss the possible charging strategies that could be implemented to find the best possible configuration of an electric Tuk-Tuk charging station at a given location within South Africa. The charging station is designed, modeled and simulated to evaluate its performances. The technoeconomic analysis of different feasible supply configurations of the charging station using renewable energies is simulated using HOMER software and the results compared in order to select the best possible charging strategies in terms of cost of energy consumed.

Keywords: Electric Tuk-Tuk, Renewable energy, Energy Storage, Hybrid systems, HOMER.

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Authors: R. G. Ariyawansa, M. A. N. R. M. Perera

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“House” is a powerful symbol of socio-economic background of individuals and families. In fact, housing provides all types of needs/wants from basic needs to self-actualization needs. This phenomenon can be realized only having analyzed hidden motives of buyers and sellers of the housing market. Hence, the aim of this study is to examine the socio-economic insight of the secondary housing market in Colombo suburbs. This broader aim was achieved via analyzing the general pattern of the secondary housing market, identifying socio-economic motives of sellers of the secondary housing market, and reviewing sellers’ experience of buyer behavior. A purposive sample of 50 sellers from popular residential areas in Colombo such as Maharagama, Kottawa, Piliyandala, Punnipitiya, and Nugegoda was used to collect primary data instead of relevant secondary data from published and unpublished reports. The sample was limited to selling price ranging from Rs15 million to Rs25 million, which apparently falls into middle and upper-middle income houses in the context. Participatory observation and semi-structured interviews were adopted as key data collection tools. Data were descriptively analyzed. This study found that the market is mainly handled by informal agents who are unqualified and unorganized. People such as taxi/tree-wheel drivers, boutique venders, security personals etc. are engaged in housing brokerage as a part time career. Few fulltime and formally organized agents were found but they were also not professionally qualified. As far as housing quality is concerned, it was observed that 90% of houses was poorly maintained and illegally modified. They are situated in poorly maintained neighborhoods as well. Among the observed houses, 2% was moderately maintained and 8% was well maintained and modified. Major socio-economic motives of sellers were “migrating foreign countries for education and employment” (80% and 10% respectively), “family problems” (4%), and “social status” (3%). Other motives were “health” and “environmental/neighborhood problems” (3%). This study further noted that the secondary middle income housing market in the area directly related with the migrants who motivated for education in foreign countries, mainly Australia, UK and USA. As per the literature, families motivated for education tend to migrate Colombo suburbs from remote areas of the country. They are seeking temporary accommodation in lower middle income housing. However, the secondary middle income housing market relates with the migration from Colombo to major global cities. Therefore, final transaction price of this market may depend on migration related dates such as university deadlines, visa and other agreements. Hence, it creates a buyers’ market lowering the selling price. Also it was revealed that the buyers tend to trust more on this market as far as the quality of construction of houses is concerned than brand new houses which are built for selling purpose.

Keywords: Informal housing market, hidden motives of buyers and sellers, secondary housing market, socio-economic insight.

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Authors: Ichihan Tai, Bill Olson, Paul Blessner

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Traditional early warning systems that alarm against crisis are generally based on structured or numerical data; therefore, a system that can make predictions based on unstructured textual data, an uncorrelated data source, is a great complement to the traditional early warning systems. The Chicago Board Options Exchange (CBOE) Volatility Index (VIX), commonly referred to as the fear index, measures the cost of insurance against market crash, and spikes in the event of crisis. In this study, news data is consumed for prediction of whether there will be a market-wide crisis by predicting the movement of the fear index, and the historical references to similar events are presented in an unsupervised manner. Topic modeling-based prediction and representation are made based on daily news data between 1990 and 2015 from The Wall Street Journal against VIX index data from CBOE.

Keywords: Early Warning System, Knowledge Management, Topic Modeling, Market Prediction.

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Authors: Mohammad Ali Tabarzad, Caro Lucas

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The daily growing use of agents in software environments, because of many reasons such as independence and intelligence is not a secret anymore. One of such environments in which there is a prominent job for the agents would be emarketplaces in which a user is able to give those agents the responsibility of buying and selling, instead of searching the emarketplace himself. Making up a framework which has sufficient attention to the required roles and their relations, is the first step of achieving such e-markets. In this paper, we suggest a framework in order to establish such e-markets and we will continue investigating the roles such as seller or buyer and the relations in JADE environment in details.

Keywords: Framework, software agents, e-commerce, e-market.

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Authors: Mat Isa, C. M., Mohd Saman, H., Mohd Nasir, S. R., Jaapar, A.

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International market expansion involves a strategic process of market entry decision through which a firm expands its operation from domestic to the international domain. Hence, entry timing choices require the needs to balance the early entry risks and the problems in losing opportunities as a result of late entry into a new market. Questionnaire surveys administered to 115 Malaysian construction firms operating in 51 countries worldwide have resulted in 39.1 percent response rate. Factor analysis was used to determine the most significant factors affecting entry timing choices of the firms to penetrate the international market. A logistic regression analysis used to examine the firms’ entry timing choices, indicates that the model has correctly classified 89.5 per cent of cases as late movers. The findings reveal that the most significant factor influencing the construction firms’ choices as late movers was the firm factor related to the firm’s international experience, resources, competencies and financing capacity. The study also offers valuable information to construction firms with intention to internationalize their businesses.

Keywords: Factors, early movers, entry timing choices, late movers, Logistic Regression Model, Principal Axis Factorial Analysis, Malaysian construction firms.

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Authors: Shanshan Qi, Rob Law, Dimitrios Buhalis

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The fast technology and economic growth in China has attracted global attention in its tourism development. This study makes an effort on investigating China-s online tourism market and the Chinese online travelers- perceptions of hotel websites. The findings are expected to better understand Chinese customers- online preference and identified the differences among online travelers from different regions in the country. Empirical findings showed online reservation information is the most important factor to Chinese customers, and tourists from different regions of China have perception difference on user-friendly factor. The findings benefit hoteliers from understanding their websites development and formulating more appropriate online strategies to meet the requirements of Chinese travelers.

Keywords: Chinese online travelers, Hotel websites, Regions of China, Website usefulness

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Authors: Tuti Haryati Jasimin, Hishamuddin Mohd Ali

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Malaysia’s green building development is gaining momentum and green buildings have become a key focus area, especially within the commercial sector with the encouragement of government legislation and policy. Due to the emerging awareness among the market players’ views of the benefits associated with the ownership of green buildings in Malaysia, there is a need for valuers to incorporate consideration of sustainability into their assessments of property market value to ensure the green buildings continue to increase in the market. This paper analyses the valuers’ current perception on the valuation practices with regard to the green issues in Malaysia. The study was based on a survey of registered real estate valuers and the experts whose work related to valuation in the Klang Valley area to rate their view regarding the perception on valuation of green building. The findings present evidence that even though Malaysian valuers have limited knowledge of green buildings, they recognise the importance of incorporating the green features in the valuation process. The inclusion of incorporating the green features in valuations in practice was hindered by the inadequacy of sufficient transaction data in the market. Furthermore, valuers experienced difficulty in identifying what are the various input parameters of green building and how to adjust it in order to reflect the benefit of sustainability features correctly in the valuation process. This paper focuses on the present challenges confronted by Malaysian valuers with regards to incorporating the green features in their valuation.

Keywords: Green commercial office building, Malaysia, valuers’ perception, valuation.

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Authors: Siddhant Sahu, P. James Daniel Paul

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Technical analysis comprised by various technical indicators is a holistic way of representing price movement of stocks in the market. Various forms of indicators have evolved from the primitive ones in the past decades. There have been many attempts to introduce volume as a major determinant to determine strong patterns in market forecasting. The law of demand defines the relationship between the volume and price. Most of the traders are familiar with the volume game. Including the time dimension to the law of demand provides a different visualization to the theory. While attempting the same, it was found that there are different thresholds in the market for different companies. These thresholds have a significant influence on the price. This article is an attempt in determining the thresholds for companies using the three dimensional graphs for optimizing the portfolios. It also emphasizes on the magnitude of importance of volumes as a key factor for determining of predicting strong price movements, bullish and bearish markets. It uses a comprehensive data set of major companies which form a major chunk of the Indian automotive sector and are thus used as an illustration.

Keywords: Technical Analysis, Expert System, Law of demand, Stocks, Portfolio Analysis, Indian Automotive Sector.

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Authors: Adel Aloraini

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Financial forecasting using machine learning techniques has received great efforts in the last decide . In this ongoing work, we show how machine learning of graphical models will be able to infer a visualized causal interactions between different banks in the Saudi equities market. One important discovery from such learned causal graphs is how companies influence each other and to what extend. In this work, a set of graphical models named Gaussian graphical models with developed ensemble penalized feature selection methods that combine ; filtering method, wrapper method and a regularizer will be shown. A comparison between these different developed ensemble combinations will also be shown. The best ensemble method will be used to infer the causal relationships between banks in Saudi equities market.

Keywords: Causal interactions , banks, feature selection, regularizere,

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Authors: Miho Tsukamoto

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Since “Hello Kitty” was manufactured in the market in 1974, the manufacturer, Sanrio Co., Ltd. gains high profits not only Kitty’s products but also Kitty license, which gives us a picture of Sanrio’s sales strategy in the global market. Kitty’s history, its products, and Sanrio’s sales strategy are researched in this paper. Comparing it to American Girl, and focusing on KITTYLAB, a type of attraction where you can enjoy games with Kitty, and choose its parts to build your own Kitty, the image of the cultural icon can be altered.

Keywords: American Girl, Change, Kitty, Popularity.

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Authors: Olga Novikova, Timo Vuori

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This paper describes topology of business models in market ecosystem of the emerging electric mobility industry. The business model topology shows that firm-s participation in the ecosystem is associated with different requirements on resources and capabilities, and different levels of risk. Business model concept is used together with concepts of networked value creation and shows that firms can achieve higher levels of sustainable advantage by cooperation, not competition. Hybrid business models provide companies a viable alternative possibility for participation in the market ecosystem.

Keywords: Business model, ecosystem, topology.

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Authors: K. Matušínská, H. Starzyczná, M. Stoklasa

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The paper deals with finding and describing of the effective marketing communication forms relating to the segment 50+ in the financial market in the Czech Republic. The segment 50+ can be seen as a great marketing potential in the future but unfortunately the Czech financial institutions haven´t still reacted enough to this fact and they haven´t prepared appropriate marketing programs for this customers´ segment. Demographic aging is a fundamental characteristic of the current European population evolution but the perspective of further population aging is more noticeable in the Czech Republic. This paper is based on data from one part of primary marketing research. Paper determinates the basic problem areas as well as definition of marketing communication in the financial market, defining the primary research problem, hypothesis and primary research methodology. Finally suitable marketing communication approach to selected sub-segment at age of 50-60 years is proposed according to marketing research findings.

Keywords: Population aging in the Czech Republic, segment 50+, financial services, marketing communication, marketing research, marketing communication approach.

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Authors: A. Sohrabi

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The importance of local food products and their promotion are drivers for economic growth. Entrepreneurship is one of the most important tools for development, which puts its most important effect on the way of increasing business in society. The purpose of this paper is to assess the breadth of food strategies in Italy toward to promoting local Italian foods in order to present useful food policies for developing countries. The methodology of this paper is based on qualitative analysis. In order to achieve such objectives, a literature review is carried out by employing documenting study. In this research, at first, we seek to present compliance’s concepts and definitions. Then, after examining the dimensions of the three strategies, we access to the indicators and compare their effects in order to present some useful policies and guidelines for developing countries. Despite of the limitations like inaccessibility, performance of companies in exporting local foods and lacking perception of awareness and experience of people, the study offers possible ways for future, as an example for Middle East countries to promote Italian local foods. The finding of this paper evaluates the three strategies in order to promote local food entrepreneurship in Italy and developing countries.

Keywords: Local food, Italian food, Italian strategy, food policy.

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Authors: Azaz Zaman, Mirazur Rahman

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Capital market is a crucial financial market place where companies and the government can raise long-term funds and, at the same time, investors get the opportunity to invest in the listed companies. Capital markets play a vital role not only in shifting the funds from surplus entity to deficit for investment, but also in the overall economic development of any developing country like Bangladesh. Being the first and biggest capital market of Bangladesh, Dhaka Stock Exchange (DSE) is the prime bourse of the country. The differences in the investment preference— among three broad categories of investors in DSE including individual investors, institutional investors, and government— are easily observed. Authors of this article have used five categories of investors such as sponsors or directors of the company, institutional investors, foreign investors, government, and the general public in order to present a comparative analysis of their investment patterns. Obtaining data on the percentage of investment by these five types of investors in different sectors from the DSE website, this study aims to analyze the sector-wise investment preference of these investors using August 2018 data. The study has found that the sponsors or directors of the company have the highest percentage of investment in the textile industry which is close to 16%. The Bangladesh government, as an investor, has the highest percentage of investment in the fuel & power sector, approximately 32%. It has also found that the mutual funds' sector is mostly financed by institutional investors, nearly 28%. Foreign investors have their most investments in the banking sector, which is close to 22%. It has also revealed that the textile sector is mostly financed by the general public, close to 17%. Nevertheless, general public, surprisingly, has the lowest percentage of investment in the telecommunication sector, which is 0.10%.

Keywords: Stock market investment, Dhaka stock exchange, capital market, Bangladesh.

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Authors: A. Iqbal, N. Khalid, S. Rafiq

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The interrelationship between international stock markets has been a key study area among the financial market researchers for international portfolio management and risk measurement. The characteristics of security returns and their dynamics play a vital role in the financial market theory. This study is an attempt to find out the dynamic linkages among the equity market of USA and emerging markets of Pakistan and India using daily data covering the period of January 2003–December 2009. The study utilizes Johansen (Journal of Economic Dynamics and Control, 12, 1988) and Johansen and Juselius (Oxford Bulletin of Economics and Statistics, 52, 1990) cointegration procedure for long run relationship and Granger-causality tests based on Toda and Yamamoto (Journal of Econometrics, 66, 1995) methodology. No cointegration was found among stock markets of USA, Pakistan and India, while Granger-causality test showed the evidence of unidirectional causality running from New York stock exchange to Bombay and Karachi stock exchanges.

Keywords: Causality, Cointegration, India, Pakistan, Stock Markets, US.

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Authors: Sinee Sankrusme

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Boon Rawd Brewery is a beer company based in Thailand that has an exemplary image, both as a good employer and a well-managed company with a strong record of social responsibility. The most famous of the company’s products is Singha beer. To study the company’s marketing strategy, a case study analysis was conducted together with qualitative research methods. The study analyzed the marketing strategy of Boon Rawd Brewery before the liberalization of the liquor market in 2000. The company’s marketing strategies consisted of the following: product line strategy, product development strategy, block channel strategy, media strategy, trade strategy, and consumer incentive strategy. Additionally, the company employed marketing mix strategy based on the 4Ps: product, price, promotion and place (of distribution).

Keywords: Beer, Boon Rawd Brewery Company, Marketing Strategy.

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Authors: Ahmad Khoirul Umam

Abstract:

This paper investigates the role of vested interests and its impacts on anti-corruption agenda in Indonesia following the collapse of authoritarian regime in 1998. A pervasive and rampant corruption has been believed as the main cause of the state economy’s fragility. Hence, anti-corruption measures were implemented by applying democratization and market liberalization since the establishment of a consolidated democracy which go hand in hand with a liberal market economy is convinced to be an efficacious prescription for effective anti-corruption. The reform movement has also mandated the establishment of the independent, neutral and professional special anti-corruption agency namely Corruption Eradication Commission (KPK) to more intensify the fight against the systemic corruption. This paper will examine whether these anti-corruption measures have been effective to combat corruption, and investigate to what extend have the anti-corruption efforts, especially those conducted by KPK, been impeded by the emergence of a nexus of vested interests as the side-effect of democratization and market liberalization. Based on interviews with key stakeholders from KPK, other law enforcement agencies, government, prominent scholars, journalists and NGOs in Indonesia, it is found that since the overthrow of Soeharto, anti-corruption movement in the country have become more active and serious. After gradually winning the hearth of people, KPK successfully touched the untouchable corruption perpetrators who were previously protected by political immunity, legal protection and bureaucratic barriers. However, these changes have not necessarily reduced systemic and structural corruption practices. Ironically, intensive and devastating counterattacks were frequently posed by the alignment of business actors, elites of political parties, government, and also law enforcement agencies by hijacking state’s instruments to make KPK deflated, powerless, and surrender. This paper concludes that attempts of democratization, market liberalization and the establishment of anti-corruption agency may have helped Indonesia to reduce corruption. However, it is still difficult to imply that such anti-corruption measures have fostered the more effective anti-corruption works in the newly democratized and weakly regulated liberal economic system.

Keywords: Vested interests, democratization, market liberalization, anti-corruption, leadership.

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