Journal of Business Economics and Management

Published by Taylor & Francis
Print ISSN: 1611-1699
This paper aims to examine the Indonesian experiences with the 1997/98 Asian financial crisis and the 2008/09 global economic crisis. It has three main parts. The first part gives a theoretical explanation of the main transmission channels through which the two crises have affected the Indonesian economy. It also provides a list of key indicators of these types of economic crises. The second part is the empirical part about the impacts of the crises on economic growth, employment, remittances and poverty in Indonesia. One important finding from this study is that the Indonesian economy was much more resilient to the last crisis as compared to the first crisis. During the first crisis, Indonesian economic growth was negative and poverty increased significantly; whereas during the second one, Indonesia managed to keep a positive economic growth rate (though declined), and poverty kept declining. The third part provides a list of main reasons for the difference, and sound banking sector after the first crisis is among the list.
Operating Financing Options 
Capacity Utilisation
This paper analyses financial strategies for Zimbabwean companies in the retail sector industry in an economy characterized by recession from 2000 to 2010. The paper sought to meet the following objectives among others; to identify the various operating financial strategies available for companies operating in recession; assess the applicability of various short and medium term financial strategies for Zimbabwean companies and; provide a prescription to various stakeholders in the retail sector on evidence based operating financial strategies. Research findings showed that many companies ceased operations voluntarily and in most cases involuntarily. Others adopted a variety of financial strategies ranging from scaling down operations, streamlining business operations, being selective in service delivery to putting plants and machinery under care and maintenance. There was liquidity crunch in the market and as a result, companies failed to get funding; banks failed to attract meaningful deposits to provide companies with funding. Lack of operating finance was the chief cause why companies failed to reach pre-2000 operating levels. The study recommended companies to taking advantage of priority option in making payments as well as adopting a thorough recession management approach. Ignoring the impact of recession and its repercussions with the view that it would go away proved to exacerbate the problem. Key words: Recession Management, Capacity Utilization, Depression, Multi-Currency, Working Capital
The ability to retain customers in the face of stiff competition guarantees the success of a bank. In this study the authors sought to evaluate customer retention using the customer retention determinants: customer satisfaction, switching costs and future usage in the commercial banks from the customers’ point of view during the cash shortage period of 2008 in Bindura. A structured questionnaire was used for data collection with a sample size of 120 customers. The commercial banks used in the study were Agribank, Barclays and Standard Chartered. From each bank 40 respondents were interviewed. Judgemental sampling was used in selecting the respondents. The study found that majority of male and older customers were satisfied and they also regarded banks as having higher switching costs and for these reasons were less likely to change banks. The study recommends that banks should improve on communication, machines reliability and customer care. It also recommends that banks should improve customer satisfaction and switching costs amongst female and younger clientele.
Binary Logistic Model Summary
Estimates of Parameters of Variables in the Equation
Access to financial services is key to Micro and Small Enterprises’ (MSEs) operation and growth in Zimbabwe. A survey was done in a small town (Bindura), medium size city (Kadoma) and the city of Harare (large city) to determine major factors influencing MSEs’ access to finance since the adoption of the multi-currency system in Zimbabwe. A pilot study was done in the city of Gweru to 10 MSEs’. Structured questionnaires were administered to MSEs that have been operating for at least one year as well as registered with the respective town councils and a total of 115 responses were obtained in all the 3 urban areas. The model used was the Binary Logistic model. The best model selected was based on the Omnibus Tests of model coefficients, the Chi-Square tests, the Cox and Snell R-Sqaure and the Nagelkerke R-Squared values. The importance of each factor was determined using the Wald statistic value. The results showed that formality, value of assets, business sector, operating period, financial performance and size are all important factors in determining access to finance.
Study Population and Sampling
The objective of this study was to investigate the impact of the prevailing organizational culture on the adoption of green marketing in chemical-industry companies in three countries: Syria, Kuwait and Jordan. The research used a survey methodology. A questionnaire was designed and administered simultaneously in the three countries using three different samples consisting of 220 respondents, 12 respondents, and 132 respondents, respectively. The questionnaires collected from the three samples were coded and analyzed. The study concluded that the organizational culture in the samples from the three countries has positive attitudes towards the adoption of green marketing. The Kuwaiti sample has the highest level of positive attitudes in comparison with the other two samples. The task-oriented culture is the dominant prevailing organizational culture in the chemical-industry companies located in Syria and Jordan, but a fulfillment-oriented culture is the dominant prevailing organizational culture in chemical-industry companies located in Kuwait. Our analysis shows that the impact of the prevailing organizational culture differs in accordance with differences in employee education level, country, and years of experience.
In this paper we propose an artificial stock market model based on interaction of heterogeneous agents whose forward‐looking behaviour is driven by the reinforcement‐learning algorithm combined with some evolutionary selection mechanism. We use the model for the analysis of market self‐regulation abilities, market efficiency and determinants of emergent properties of the financial market. Distinctive and novel features of the model include strong emphasis on the economic content of individual decision‐making, application of the Q‐learning algorithm for driving individual behaviour, and rich market setup. Along with that a parallel version of the model is presented, which is mainly based on research of current changes in the market, as well as on search of newly emerged consistent patterns, and which has been repeatedly used for optimal decisions’ search experiments in various capital markets. First Publish Online: 14 Oct 2010
Tourism is an important economic activity in Botswana and it has the potential to alleviate poverty in the country. Many people living in rural areas of Botswana including areas in which tourism activities are taking place live in poverty. People living in poverty are often vulnerable to HIV/AIDS and Botswana is one of the countries reported to have the highest prevalence of HIV/AIDS in the world. Tourism has the potential to combat poverty because it creates employment, earns foreign exchange, attracts foreign investment and contributes to Gross Domestic Product (GDP). This research is based on both primary and secondary information. The primary information is obtained from survey conducted in Maun, whereas the secondary information is obtained from literature review of published journal papers. This paper analyses the potential of tourism in contributing towards poverty alleviation from a collaborative approach. Tourism is a viable sector in minimising the spread of HIV/AIDS and in combating poverty. This paper concludes that tourism has the potential to alleviate poverty among people living in poverty in rural areas of Botswana. This paper also concludes that poverty alleviation is imperative in the fight against HIV/AIDS. Key words: Tourism, prevalence, impact, poverty, HIV/AIDS.
Purpose of Using ICTs
Benefits of using ICTs tools 
Demographics of respondents
Information Communication Technologies (ICTs) play a great role in information search among university respondents. Respondents use ICT tools for searching information to aid them in doing their assignments and in searching other related information. However, not much has been written on ICT tools used especially by the students and behaviour aspect of browsing habits in Africa. Therefore, this paper sought to fill the information gap by investigating the usage of ICTs in information seeking amongst students. The study adopted a survey method where a sample of 200 respondents was selected for the study across the university. The major finding from the study indicated that there is high usage of ICT tools for information search which is related to their study. The implications of this study are that it will assist the policy makers to come up with best interventions to ensure that ICT tools are available to respondents for usage. In addition, it provokes management to come up with appropriate strategies to minimize constraints faced by respondents in using ICT tools for information search. Key words: Information communication technologies, respondents, constraints, role
Average national expenditure on education as percentage of total annual budget (2003-2005) 
Average national expenditure on health as percentage of total annual budget (2003-2005) 
A business firm’s ability to effectively take advantage of new business opportunities depends to a large extent on the quality of its human capital. For a firm to improve or increase its stock of human capital, it needs to continue to develop its human resources. This paper demonstrates theoretically that there is a strong connection between firms’ ability to identify and analyze business development needs, using their stock of human capital, and the achievement of economic survival and sustainable development of a nation. The paper makes a case for sufficient emphasis on the funding of the drivers of human capital development – education and health - if developing nations, like Nigeria, should transit into world class economies in the near future.
This paper analyses the effects of labour productivity, capital deepening and total factor productivity (TFP) intensity in ASEAN5 (Malaysia, Indonesia, Philippines, Singapore and Thailand) plus 3 (China, Japan and South Korea). The results of this study show that there was slight contribution of the TFP intensity to the economic growth of these countries during the periods of the study. The results also confirm that capital intensity had a strongly significant role in achieving light labour productivity contribution that had been produced by most of these economies through using huge inputs (such as physical, capital and labour) to produce outputs. The results show that the productivity growth of most of these countries is input driven, however, the South Korean model is moving to be a productivity driven; Japan is productivity driven as the only Asian nation that joined the industrial club which is dominated by Western nations.
Research background
Evaluation criteria used for assessing competitiveness of supermarket chains
Considering the strategic importance for supermarket chains and to understanding the critical elements affecting their competitiveness and their relative level of competitiveness, this study tries to assess competitiveness of foreign and local supermarket chains in Vietnam using the fuzzy TOPSIS method. The results show that, even smaller size Vietnamese supermarket chains, when compared to foreign chains, are still slightly higher in competitiveness.
The establishment of excellent customer satisfaction is paramount to the success of any business in today’s global village. This study aimed to establish gender effects on customer service expectations in commercial banks customers in Bindura. A sample size of 200 commercial banks customers was used. Results showed that female customers gave higher rating on staff and organization that was courteous gave personal attention, accurate information, helpful and had clean facilities while male customers gave higher rating on staff and organization that was professional, was respectful, gave realistic information, and had extended working hours and modern technology. The pearson’s chi-square test, however, showed that gender and service expectations were independent. Key words: customer satisfaction, customer expectations and gender
Incessant bank failure in the face of several banking policies calls for appropriate prophylactic measures capable of stemming the tide because the pain of bank failure touches the banker, customer, government and the general public as well. Thus, when the global financial crisis came, it destabilized the expected return of the consolidation exercise of 2005 which seriously affected the operation of Nigerian banks. This study evaluates the causes and implications of the global financial crisis on the performance of Nigerian banks with a view to determine the extent of this impact and determining various options that could cushion the impact as well as avoiding future reoccurrence. The secondary data used in this study are those relating to loans and advances, customers deposit and investment in securities (independent variable), while the dependent variable is bank performance. Ordinary Least Square method of Multiple Regression Analysis was used to manipulate the time series data into Econometric model of inflation, while F test was used to test the formulated hypotheses. This study reveals that global financial crisis has a negative impact on the performance of Nigerian banks despite in defiance of high liquidity possessed by these banks immediately after the consolidation exercise of 2005. It was recommended that banks should desist from financing other banks’ investment in securities to avoid multiplier effect syndrome while the Nigerian government should find alternative ways to fund their budget deficit
TThe purpose of this research is to understand the views of different employees in small and medium enterprises about what can be done to improve the health and safety in work places. In order to carry out this research, questionnaires were used to collect the views of different employees concerning this topic in these organizations, and literature was also reviewed. From the findings ,it shows that when good health and safety practices are not put in place, accidents ,major and minor injuries can happen, and it is what most of the employees in other companies have so far experienced. This implies that if health and safety is not managed effectively, both the two parties being employees and the organization would suffer because for the organization to function effectively, it needs employees and for the people to survive, they need to work.
This research cross-employs the Social Cognitive Theory (SCT) and three major labor theories comprised of Maslow’s theory, Alderfer’s theory and Herzberg’s theory with Multiple Criteria Decision Making (MCDM) consisting of Factor Analysis (FA), Analytical Network Process (“ANP”), Fuzzy Analytical Network Process (FANP) and Grey Relation Analysis (GRA) to evaluate the four types of innovative investment strategies in China after the Domino Effect of the China’s Labor Revolution. The most contributed conclusion is that the “change of original business at the raising compensation policy” (CBRCP) is the best choice for Taiwanese manufacturers operating in China because it is the highest scores of three assessed measurements in the CBRCP. This conclusion further indicates that manufacturing enterprises have little leverage, in the interim, but to increase employment compensation and benefits to satisfy the demands from the ongoing Chinese labor revolution even though it brings about an incremental expenditure in their manufacturing costs. Therefore, the next step beyond this research is to collect additional empirical macroeconomic data to develop a more comprehensive evaluation model that takes into consideration a more in-depth vertical measurement and horizontal assessment methodologies for developing added comprehensive and effective managerial strategies for surviving in this momentous, dynamically-changing and lower-profit Chinese manufacturing market.
ARCS model 
To survive into this Century, Leaders of organizations must offer a greater sense of meaning and purpose for their employees. In today’s highly competitive environment, this paper will help managements to get the best from their employees and will increase more commitment effectiveness and can also reflect their inner values and provide opportunities for development. Empower the employees to bring about a transformational change in their personal and professional lives in the organization. It will enable the Leaders to become Masters of Change and be active role models in organizations. Generally, this would create a competitive advantage for the organization by having a competent workforce and sound workplace. The methodology adopted was the review of literature based on past researches, on the motivational factors, organizational commitment and organizational effectiveness. This study is expected to help organizations and also academics towards having an insight on how to successfully run a business in an organization whether public or private. It’s now known as proven by research that motivated employees are satisfied and will increase their inputs to the highest level, and they will also contribute to the overall success of the organization.
The literature on the topic of risk management in insurance generally separately treat insurance risk and insurance company risk, however such a separate treatment of risk excludes a third type of risk which is defined here, that is the risk of incorrectly calculating insurance risk, which causes uncertainties and disruptions in the operations of an insurance company and its concept of risk management arising from its activities. This paper presents a Model developed for insurance risk management and its attempt to assess the calculation of insurance risk. Also, the Model has been applied to the 2005 to 2010 results of five insurance companies in the Serbian market.
The paper presents the results of a study of comparative analysis of marketing integration strategies in three different marketing environments. It is observed that one of the fundamental challenges facing the multinational enterprise in the contemporary world is the decision to standardize marketing programs and practices or to tailor them according to the local conditions of the host country. A vigorous comparative methodology of matched samples at the level of statistical analysis was utilized for the study. Japanese, South Korean and Indian MNEs in Nigeria affiliates were matched on the basis of product mix, industry age, size, market served and other environmental variables to obtain certain conditions. The sample size consisted of 121 firms of Asian MNEs in Nigeria vis-a-vis 41 Japanese, 44 Indian and 36 South Korean affiliates in Nigeria. The sample was selected on the basis of products, market served and other environmental variables. The study therefore examines the marketing integration strategies in low risk environment of western Europe and USA, moderate risk environment such as south Korea, Japan and other emerging industrialized countries in Asia and high risk environment such as Nigeria and other developing countries in Africa and Latin America. The result of the study shows that the integration of product decision is uniform in the three market environments while that of price is less uniform and less high. The communication and distribution strategies vary from high integration USA to average integration (South Korea) and low integration (Nigeria)
Growth in Franchise Concepts SA -2008
Franchisees life cycle process
Franchisees` often complain that franchisors do not meet their needs, and are generally viewed as being unhappy with their franchise agreements. The aim of the paper is to investigate the level of satisfaction of franchisees with regard to the elements of individual franchise concepts, managed by the franchise agreement. Including details of the standard franchise agreement: terms of the contract, rights and obligations, training programs, operational support provided by the franchisor, products, pricing, promotions, distribution, and franchise fees. Data was collected by means of a self-administrated questionnaire that was sent to the selected population. The data represents two groups of the same franchise, namely franchisees operating two years and less as franchisees and franchisees that operate longer than two years as franchisees and consider the extent to which selected contract elements are viewed differently. Findings indicate that both groups of franchisees had a high level of satisfaction with the elements of the franchise contract with the exception of identified opportunities that could be developed in order to increase the franchisees level of satisfaction with the franchise agreement. In general, the franchisor also had a high level of marketing orientation. Further research is needed to ensure that the franchisor’s current product ranges will be more competitive if compared with other franchise concepts. The franchisor should attend to the improvement of product research, new product development, pricing strategies, packaging and product planning. Key words: Franchisee satisfaction, marketing-orientation, franchisee and franchisor, franchise agreement, franchise legislation.
This study examined the crowding out effects of corruption and its destabilizing implications on the economic growth of Nigeria, using parsimonious error correction mechanism. The study employed experimental research design approach for the data analysis, which combined theoretical consideration (a priori criteria) with empirical observations and extracted maximum information from the available data. The Nigerian secondary and time series data were tested for stationary and co integration variables before they were used. The results of the regression showed that there is a negative relationship between corruption and output growth in Nigeria. These findings have some policy implications. The government should introduce a national reorientation program to educate people on the crucial need to eradicate corruption in all sectors of Nigeria’s economic and socio-political systems and strengthen the previous efforts in programs like Code of Conduct Bureau, WAI Brigade, ICPC, EFCC and NATPIP. The government must introduce an equitable wages and incentive system and improve other conditions of work so that the level of poverty could be reduced and the quality of life improved. This will inevitably reduce people’s vulnerability and susceptibility to corruption. She must also introduce transparency devices that can detect and prevent corruption in all areas.
This research integrated the Social Cognition Theory and the Engel Kollat Blackwell customers’ purchasing model (EKB model) to synthetically discuss the three kinds of possible relations comprising “does negatively entice”, “does possibly entice” and “does positively entice” between green-marketing and customers’ purchasing and payment, with consideration given to environmental-protection issues. Based on the measured results, the most contributed contention of this research not only utilized three cross-analytical theories consisting of the social cognition theory (SCT) , the Fuzzy theory (FT) and the EKB model, and the novel F-ANP of the MCDM methodology to evaluate the collected data but it also manifested that Green-marketing does possibly entice customers to pay more (GMPECPM). These measured results have distinctly stunned the fundamental assumption in the traditional green-marketing research field that customers were supposed to be willing to pay more for green products and services because they were supporting green initiatives and helping environmental-protection. Further, major future research directions were also briefly demonstrated in this research as (1) the collection data have to be strengthened to gather more empirical customer feedback, corporate management comments, and professional scholars’ reports; (2) enterprises have to resoundingly establish a green-branding initiative after successfully executing green-marketing strategies.
This research integrated the Social Cognition Theory and the Engel Kollat Blackwell customers’ purchasing model (EKB model) to synthetically discuss the three kinds of possible relations comprising “does negatively entice”, “does possibly entice” and “does positively entice” between green-marketing and customers’ purchasing and payment, with consideration given to environmental-protection issues. Based on the measured results, the most contributed contention of this research not only utilized three cross-analytical theories consisting of the social cognition theory (SCT) , the Fuzzy theory (FT) and the EKB model, and the novel F-ANP of the MCDM methodology to evaluate the collected data but it also manifested that Green-marketing does possibly entice customers to pay more (GMPECPM). These measured results have distinctly stunned the fundamental assumption in the traditional green-marketing research field that customers were supposed to be willing to pay more for green products and services because they were supporting green initiatives and helping environmental-protection. Further, major future research directions were also briefly demonstrated in this research as (1) the collection data have to be strengthened to gather more empirical customer feedback, corporate management comments, and professional scholars’ reports; (2) enterprises have to resoundingly establish a green-branding initiative after successfully executing green-marketing strategies.
GB Successor Factors and Implementation Strategies
Difference between Grameen Bank social credit and conventional credit Grameen Bank credit Conventional Credit Targets the bottom poor Not focused on poor people
Purpose – The purpose of this paper is to examine microcredit and renewable energy programs for green development. Design/methodology/approach – This paper envisions a comparison and contrasting of Grameen Bank and credit systems (Bangladesh) with Alterna Savings credit programs (Canada) and its impact on Toronto's local living economics and environmental development. Findings – The findings are positive to environmental sustainable development. Originality/value – Green micro financing and green micro business development have been underserved, less attention to the subject has been given by various public, private and non‐governmental organizations (financial and non‐financial) agencies through policies, strategies, and programs. This research examines the possibility of introducing market‐based green business development in Canada that would model that of Grameen Bank and its sister organizations.
The purpose of this paper is to review the literature on strategic marketing management. This study adopted an expost facto research methodology to examine the strategic marketing management literature in an attempt to attain their desired level of performance. The overall findings suggest that strategic marketing is a driver of organizational positioning in a dynamic environment, and that it helps to enhance the development of new products/services for existing markets. These findings, along with other interesting findings of the study, are discussed. From the empirical and anecdotal managerial evidence as well as from the literature, implications are drawn for the efficient and effective strategic marketing practices in the Nigerian oil and gas industry. Based on the findings of the study, the concepts and principles of total quality management within a holistic framework it is recommended that (i) efforts should be made by organizational marketers towards understanding the relevant economic factors that affect both clients’ behaviour and the strategic options that may be adopted to cope with such behaviours; (ii) in a constantly changing business environment, firms can adopt different strategic marketing practices since the yardstick is the enhancement of business performance.
This paper proposed the optimal portfolio model maximizing returns and minimizing the risk expressed as CvaR under the assumption that the portfolio yield is subject to the multivariate t distribution. With linear weighted sum method, we solved the multi-objectives model, and compared the model results to the case under the assumption of normal distribution return, based on the portfolio VAR through empirical research. It is showed that our max return equals to and risk is higher than M-V model. It shows that CVaR predicts the potential risk of the portfolio, which is helpful for investor’s cautious investment.
In this study, we examine how a firm’s advertising and R&D affects the firm’s β-risk and idiosyncratic risk, which are metrics of interest to both finance executives and senior management. Due to the existence of non-normal finance data and heteroscedasticity, this study uses quantile regression to analyze the sample in order to avoid estimation bias. We generate six empirical generalizations. (1) Advertising is significantly associated with lower β-risk for firms with lower, median and higher β-risk. (2) R&D significantly increases β-risk for firms with median and higher β-risk firms. (3) Advertising is significantly associated with lower idiosyncratic risk for firms with higher idiosyncratic risk. (4) R&D is significantly associated with higher idiosyncratic risk for firms with median and higher idiosyncratic risk. (5) Our evidence shows that both advertising and R&D have a stronger effect on firms with higher β- and idiosyncratic risk than on those with lower β- and idiosyncratic risk, respectively. (6) Moreover, our evidence suggests that advertising and R&D tests resoundingly support our hypothesis that the coefficients vary across the quantiles
Supplier selection is a good strategy for firms that can reduce operating costs and improve competitiveness for computer, communication and consumer electronics (3C) industry. The major aim of this research is to build a systematic approach for establishing a supplier selection model, and then prioritize improvement criteria in order to best supply chain management. The study proposed a hybrid approach by using the interpretive structural modeling (ISM) method to deal with the interrelationship among criteria, and the analytic network process (ANP) method is employed to recognize the criteria of supplier selection and evaluate with respect to environmental competency for the case of Taiwan's 3C industry. The study shows that the proposed model could be an effective and efficient decision-making tool that can be easily extended to other contexts. Especially, it has provided decision-makers and researchers with better understanding of the differences in supplier selection activity needs and specific management interventions by examining these criteria.
The article emphasizes the increasing importance of the 3rd pillar pension funds and necessity of their assessment in Lithuania. Identified private pension funds evaluation criteria and the expert survey carried out in this paper allowed to ascertain main parameters of evaluation and weigh them according to their importance. Moreover, there is used Delphi method together with Kendall's coefficient of concordance to assure that the attitude of experts and the results of survey are reconcilable and statistically significant. Finally, created model is tested using funds data analysis to assess its reliability. It is expected that scientific recommendations made based on the analysis of the theoretical studies and empiric research data will assist assessing the 3rd pillar pension funds. In addition, it is supposed that these results will help investors to make a right decision choosing a particular 3rd pillar pension fund and will be a useful tool to encourage investments into private pension funds in the future.
List of professional standards as the basis for evaluation of financial management  
The multiple-criteria expert system for personnel selection  
Aggregate weights 
Ranks of candidates  
Label set 
In the preceding decade, economic and social costs brought by financial statement fraud have shaken markets, devastated investment portfolios and reduced confidence in financial reporting. A financial department is special in the way it needs to conform to standards. Many individual attributes considered for the selection of a chief accounting officer, such as organisational skills, personality, leadership etc. This paper focuses on a fuzzy multi-criteria decision making (MCDM) algorithm, which integrates the principles of fusion of fuzzy information, additive ratio assessment method with fuzzy numbers (ARAS-F), fuzzy weighted-product model and analytic hierarchy process (AHP). The proposed method is apt to manage information assessed using both linguistic and numerical scales in a decision making problem with a group of information sources. The computational procedure is illustrated through the problem related to the selection of a chief accounting officer.
Considering the significance of small and micro firms for the European economy and increasing importance of financial reporting quality, surprisingly little discussion is related to minimum requirements for professionals preparing their financial reports. The purpose of the paper is to examine whether professional qualification increases the quality of accounting services as perceived by the customers. We advance the measurement of service quality by industry specific indicators and establish four dimensions of accounting service quality. We analyse the impact of professional qualification on separate dimensions of quality and their impact on customers’ retention decision. The analysis is based on the survey data among 237 small and micro firms that outsource accounting. We find that professional qualification is positively associated only with accountant’s competences. Perceived competences affect other dimensions of perceived service quality – assurance, reliability, responsiveness and empathy and only these latter dimensions are associated with customers’ retention decision. Limitations of the study are contributed to the measurement of service quality as perceived by the customers. Yet, this is the only factor of choice that ultimately counts in the competitive market for accounting services. The findings contribute to the debate whether it would be beneficial to enforce more formal requirements for the professional accountants.
Conceptual contingency model EO New Venture Performance
Effect of interaction of EO and ETA on performance of TBNV
Profile of responding organizations and respondents
Results of regression model a
This research investigates the effects of entrepreneurial orientation and external technology acquisition on the performance of technology-based new ventures in the context of a transitional economy. An analysis of the cross-sectional data from 123 Chinese technology-based new ventures was conducted. The results of the analysis support the contention that both the acquisition of external technology and entrepreneurial orientation improve new ventures’ performance. Additionally, the interaction of entrepreneurial orientation and external technology acquisition positively moderates the relationship between entrepreneurial orientation and performance of technology-based new ventures. Overall, this study contributes to our enhanced understanding of the complex relationship among entrepreneurial orientation, external technology acquisition and firm performance under transitional economic conditions. Firms from emerging economies, especially technologybased new ventures, may find the study findings useful in guiding their decision on external technology acquisition.
The offshoring of more advanced activities is increasing and a debate about the limits of offshoring has emerged. Companies are fine-slicing their value chains, and moving beyond the offshoring of peripheral and non-core activities to the offshoring of advanced and essential activities that are closer to their core (e.g. research, design and product development). The challenge is to understand the limits of offshoring and the most appropriate modes of offshoring. The purpose of this paper is to analyze what activities are offshorable and how best to govern offshored activities. We argue that companies are redefining their core activities and in this process, some essential activities previously viewed as core activities are being detached from the core, and they become more offshorable. The study uses a sample of 565 offshoring operations conducted by 263 multinational companies from 15 European countries. A logistic regression was used to analyze the relationship between the activities offshored (non-core versus essential activities) and the offshoring mode implemented (captive offshoring versus offshore outsourcing). We find that essential activities are typically offshored using the captive mode, while offshore outsourcing is commonly used to offshore non-core activities; and this trend is even more pronounced in knowledge-intensive companies where interfaces between the various activities are less standardized. This paper offers managers and CEOs an integrative tool that can make easier decisions regarding offshoring modes (captive versus offshore outsourcing) and serves as a reference point for further analyses of the implementation of offshoring strategies in multinational enterprises.
The aim of this paper is to investigate whether and how multinational status and foreign ownership affect the survival of Italian manufacturing and service firms. To this end, we analyze firm survival by distinguishing Italian firms as foreign multinationals (FMNEs) domestic multinationals (DMNEs) or domestic non-multinational firms (NMNEs). The empirical analysis is based on the Kaplan-Meier survival estimator and on the Cox proportional hazard model, in which we look for the impact of ownership dummies on firm survival, controlling for several firm and industry specific covariates. Our findings reveal that manufacturing and service firms owned by foreign multinationals are more likely to exit the market than either DMNEs or NMNEs. Moreover, DMNEs show a higher chance of survival in services. By decomposing firm activities into different technological classes, we also find that foreign ownership still exerts a negative influence on firm survival in both static and dynamic industries, while domestic multinationals in less-knowledge-intensive services appear more persistent.
Results of the regression analysis for CEO bonus (N = 658)
There has been growing interest in green management practices among practitioners, researchers and regulators in recent years. However, there is limited research that examines the connection between natural environments and human resource management practices. The current study examined the relationship between Chief Executive Officer (CEO) compensation and green management practices within the agency theory and institutional theory frameworks. Results revealed a significant negative relationship between green management practices and CEO base pay, however, there was not a significant relationship between green management practices and CEO bonuses. In line with previous agency theory research, findings suggest a negative relationship between state regulation and CEO compensation in green states. An important implication for practice is that the negative relationship may strengthen negative perceptions about green management practices among CEOs and reduce willingness to implement green management practices.
Strategic dimensions and indicators
Typical commercial establishment of travel agency franchises in Spain.
Statistics summary of strategic indicators
Composite indicator with geometric aggregation: final values
Common weighting system associated to global composite indicator
This paper highlights the complexity of the franchise partner selection process from a franchisee's perspective. The purpose of this article is, firstly, to propose the definition of a system of indicators which include all the relevant information which the potential franchisee should take into consideration when choosing a chain secondly, to obtain a global composite indicator for the construction of a ranking of franchisors. In order to illustrate the procedure, a sample of travel agency franchisors in Spain and a suitable database to quantify the indicators are considered. The paper concludes constructing a complete order of the franchisors in the travel agency industry. In addition, the results show the most important characteristics of franchisors that potential franchisees must take into account. The value of the paper is significant as it provides a practical frame – work for potential franchisees in the selection of franchisors. First published online: 12 Sep 2012
Real foreign direct investment inflows and domestic direct investment, 1985-2005 Sources: MDP (2006); DOS (2006).
Sources of foreign direct investment for year 2000 and 2005
Summary of results using Method I
Key sectors, Method III
Key sectors, Method IV
Within a process of modeling exercise, this study aimed to understand appropriate selection criteria to identify key industries. There are many key sector identification linkage measures in the subject matter and sensitivity issue among them can be tricky because many of these measures differ only slightly but can result in outcomes that are quite dissimilar. With this background, we proposed an alternate approach that helps to resolve this issue. The proposed approach utilizes in this study by five sub-methods and high degree of the frequency of their occurrences in sub-methods to determine the key sectors. The study approach is applied to Malaysia as the public sector investment remains a large share in the national economy, like other developing countries, and the correct identification is still a challenge for sectoral planning. The experiences from this study can be used to guide appropriate public investment in Malaysia and elsewhere with similar economic forms.
Results of the measurement model
PLS inner model results -overall model
In this study, we develop and examine the network of relationships explaining perceived conflict in franchise relationships from a franchisee perspective. Our research contributes to the current knowledge of asymmetric exchange relationships through demonstrating the importance of a franchisee's expectations confirmation, relational trust and relationship satisfaction in franchisee assessments of network conflict. The goal of this paper is to empirically examine (1) the relationship between franchisee perceptions of information quality (information dissemination and information search) and the confirmation of franchisee performance expectations, (2) franchisee characterizations of their relationships with their franchisors in terms of relational sentiments such as trust and relational satisfaction, communication and conflict management, (3) the relationship between franchisee satisfaction and perceived conflict, and (4) the moderating effect of franchisee experience on the relationship between franchisee satisfaction and franchisee perceptions of conflict. Empirical results, utilizing a sample of 345 franchisees in Australia, present strong evidence for the support of nine of the ten hypotheses drawn from the conceptual model. Specifically, data reveal that in an effort to cultivate a network of cooperative and satisfied franchisees, franchisors should adopt strategies that promote the timely dissemination of relevant and meaningful pre- and post-entry information, open communication exchange, transparent conflict management systems and personalized support in accommodating individual franchisee needs.
Cronbach's alphas of the SERVQUAL dimensions
The SERVQUAL dimensions scores for segments of students
Education service quality, even though it has become a major issue in higher education worldwide, in Greece it has gained attention only in the last few years. The paper analyzes how students and staff shape opinion about quality of education in a HE institute in Greece. This is one of the few analyses of the perceptions about quality of educational services, viewed both by students and staff of Higher Education Institute in Greece. The study uses the SERVQUAL instrument, adjusted in the educational context. It finds the gaps within students’ and staff's attitudes and reveals possible differences between students’ and staff's views. Gaps exist among some students’ attitudes regarding perceived and expected quality. Staff presents greater gaps than students in every SERVQUAL dimension. Although staff's scores about perceived and expected quality differentiate significantly from students’ scores, no statistically significant difference exists regarding the final SERVQUAL scores. The SERVQUAL instrument presents high reliability indices, however its validity is questioned. The issue has important strategic and managerial implications because it relates to the ability of the institution to bridge staff's and student's attitudes. Although SERVQUAL presents some limitations regarding applicability it still may be used as a complementary research instrument for assessing service quality. In the educational context SERVQUAL can be used to reveal differentiation among views of the key stakeholders, such as students and staff. Managers should take steps to ensure that both parts form a realistic view of the educational process. First published online: 14 Oct 2010
Benchmarking of dominant elements
Priority vectors for BPMM elements
Average marks for BPMM elements' significance, weighed coefficients and priority vector
Business process management is a comprehensive, holistic management approach, aligned with the context that proceeds from globalized economy. The extent to which this approach is present in an organization represents its process management maturity. Process management maturity has drawn attention of authors and, consequently, a lot of maturity models have appeared. These models incorporate elements, which determine the level of organizations’ maturity. Earlier research results indicate that those elements are mutually related and responsible for organizations’ performances. Since those results mostly refer to developed countries, the question is whether conclusions that proceed from them are valid for developing countries too. In order to answer this question, research has been conducted in Serbia. The aim of the research is to discover which maturity model elements represent the weak points of business process management in Serbian organizations, but also to evaluate the dependence of organizations’ performances on process management maturity level. The analysis is based on statistics tools and Simple Additive Weight (SAW) method. Research results indicate that the maturity level of the Serbian economy is not enviable. In addition, results suggest that business performances might be connected to process management maturity, in the sense that higher maturity level means higher performances.
Results of the survey questionnaire
Results of Delphi Round Three (Ceric 2011)
Communication risk is of crucial importance in construction projects. The situation in which one of the project parties is better informed than another is known as information asymmetry. This problem is addressed by the principal-agent theory. According to this theory, information asymmetries cause three problems: adverse selection, moral hazard, and hold up. The focus here is on strategies for minimizing information asymmetries in the construction phase. A survey of project managers was conducted to establish an understanding of the relative importance of risk-minimization strategies established in the literature: bureaucratic control (contracts), information systems, incentives (bonuses), corporate culture, reputation, and trust. The multi-attribute utility theory was used to analyze the responses. According to the project managers who participated in the survey, trust is the most important strategy in the construction phase, followed by bureaucratic control (contracts) and information systems.
Inducing variables
In this paper, we investigate the multiple attribute decision making problems with fuzzy number intuitionistic fuzzy information. Firstly, some operational laws of fuzzy number intuitionistic fuzzy values, score function and accuracy function of fuzzy number intuitionistic fuzzy values are introduced. Then, we have developed two fuzzy number intuitionistic fuzzy Choquet integral aggregation operators: induced fuzzy number intuitionistic fuzzy choquet ordered averaging (IFNIFCOA) operator and induced fuzzy number intuitionistic fuzzy choquet ordered geometric (IFNIFCOG) operator. The prominent characteristic of the operators is that they can not only consider the importance of the elements or their ordered positions, but also reflect the correlation among the elements or their ordered positions. We have studied some desirable properties of the IFNIFCOA and IFNIFCOG operators, such as commutativity, idempotency and monotonicity, and applied the IFNIFCOA and IFNIFCOGM operators to multiple attribute decision making with fuzzy number intuitionistic fuzzy information. Finally an illustrative example has been given to show the developed method.
Country risk and economic sustainability become more and more important in the contemporary economic world. This paper proposes the analysis on relationship between country risk and economic sustainability in EU Baltic Sea region countries, based on statistical data of the year 2012. Investigations and calculations of rankings for country risk and sustainability were made and the results were optimized by implementing MOORA (Multi-Objective Optimization by Ratio analysis) and MULTIMOORA (MOORA plus Full Multiplicative Form) methods. Furthermore, correlation analysis was prepared and the informative results were obtained. Starting with a system of 8 alternative responses on 21 objectives (indicators), from several approaches the unambiguous results were obtained, which could be engaged in the process of creating new model for country risk assessment and its dependent sustainability indicators for EU Baltic Sea region countries.
This empirical paper analyzes the effect of trademark activity on the market value and performance of U.S. commercial banks from two perspectives. First, a long-term perspective considers the effect of such activity on banks’ Tobin’s q. Second, with a short-term perspective, the authors analyze the effect of trademark activity on banks’ abnormal returns. An older portfolio of trademarks diminishes the ratio of market value to firm assets, but this ratio can be improved in the long term by abandoning old trademarks. Portfolios of trademarks with wide diversification do not help increase Tobin’s q. Furthermore, according to an event study, the creation of a trademark has a positive effect on cumulative abnormal returns compared with no event, whereas a cancellation event has a negative impact.
Effective tax burden when changing characteristics of model firm, large company (fiscal year 2011)
In March 2011, the European Commission launched a proposal for a Common Consolidated Corporate Tax Base (CCCTB). However, a Common Corporate Tax Base (CCTB), leaving consolidation and apportionment out of consideration, appears to be a more realistic proposition for corporate tax harmonization in Europe. Using the European Tax Analyzer (ETA), we simulate the impact of the CCTB on the effective tax burden in Belgium. The results show that the adoption of the CCTB increases the Belgian effective tax burden by 16%. This remarkable increase is mainly driven by the fact that national tax deductions are not allowed under CCTB. This study allows policymakers to gain insight into the size effects of certain corporate tax measures and contributes to the current discussion on corporate tax harmonization in Europe.
Inventory cycle
Inventory cycle: change of inventory Notes: Data (billions of chained (2005) dollars) has been detrended by the Hodrick-Prescott filter. The change in output is the current cyclical real GDP minus the previous cyclical GDP. The change in inventory is the cyclical change in real private inventories. Source: Bureau of Economic Analysis.
Sensitivity analysis Notes: In each case, the figure depicts the impulse response of output to the demand prediction shock, in which we consider the case of s = 2. Case (1): g 1 = 1, g 2 = 2; case (2): g 1 = 5, g 2 = 5; case (3): g 1 = 10, g 2 = 10; case (4): g 1 = 20, g 2 = 20; case (5): g 1 = 5, g 2 = 10 and case (6): g 1 = 10, g 2 = 5.
Standard deviation and correlation coefficients U.S. Data
This paper introduces demand uncertainty and inventory into a dynamic stochastic general equilibrium model. We assume that firms must predict demand before production. The purpose of this study is to investigate the effects of several exogenous shocks on the model economy in our settings. A numerical simulation using our model shows the following results. When shocks that raise expected demand are given, inventory stocks increase because output exceeds demand. In the next period, firms release the inventory stock, reducing excess stock and decreasing output. Thus, inventory adjustment causes recession. This result implies that cyclical movement (economic boom and bust) continues until variables return to the steady state. Furthermore, we confirm that our model can reproduce stylized facts for inventory movements and enhance empirical fit relative to the model without inventory.
Leader–Member Exchange Theory Source: Based on Robbins (2005)  
Proposed research model  
The main purpose of this study was to diagnose the effects of leader-member exchange (LMX) quality on performance in the context of organizational and Turkish culture. The study was conducted in two family-owned businesses (FOBs), as they are very important structures in which in-group and out-group formations can be seen. Firm A (33 employees representing 41 dyads) and Firm B (61 employees representing 60 dyads) were especially chosen as they enabled us to apply the coding system leading to effective evaluation of surveys as the unit of analysis is “dyads”. In this framework, this study offers an important contribution to the international management literature as positive effects of LMX quality on firm performance, subordinate performance, intention to leave and job satisfaction were found within the context of organizational and Turkish culture. As the proportion of FOBs is almost 95% in Turkey, they represent Turkish economy and business culture well, leading to more generalizable results. Thus, firms can lead to increase in both subordinate and firm performance by creating an organizational culture in which high quality leader-member relationships are emphasized, finally leading to positive organizational outcomes.
Innovation's effects on the performance of capital projects
Plots of the actual versus fitted values of Model 4 for the 60 out-of-sample projects
Optimal innovation effect models created with robust regression analysis using a maximum R-squared improvement
Multicollinearity diagnostics, Kolmogorov-Smirnov, and Mann-Whitney tests of Model 4 a
Identifying the critical determinants of innovation performance is crucial. However, few studies explore and quantify systematically the relationships between innovation factors and the performance of capital projects. This study of 121 capital projects shows that the relationships among project innovation stimulants, innovation capacity, and project performance are indeed significant. Hierarchical robust regression analyses using a maximum R-square improvement procedure show that technology management has the highest effect on the variation in our project performance data. Validating out-of-sample data demonstrates that our optimal model explains 34.42% of the variation in the performance of capital projects. Ultimately, our findings suggest that project human factors are essential stimulants in innovation performance, which in turn affect the performance of capital projects. Our findings also reveal that the stimulant factors do not have a direct impact on capital project performance, but rather have an indirect impact via project innovation capacity.
Quantile regression results 
Descriptive statistics 
Quantile regression results for debt to assets ratio 
The current study aims to empirically explore the relationship between firm characteristics, corporate governance and capital structure in New Zealand’s large listed companies. Eight years of data for 40 firms listed on the NZX50 Stock Exchange, are collected and observations are analysed using a conditional quantile regression. This study finds firm-specific characteristics rather than corporate governance variables play a significant role in determining firm leverage levels. The results indicate that finance policies need to vary across firm type and firm characteristics, and should match with the different borrowing requirements of listed firms.
Descriptive statistics and correlation matrix
This study draws on upper echelons theory, the resource based view, and Penrose's theory of firm growth to show that slack resources, specifically financial and human slack, are essential to the research and development (R&D) strategies of organizations. We also suggest that both Chief Executive Officer (CEO) tenure and CEO compensation positively moderate the slack-innovation relationship. The empirical design compromised of panel regression analysis. We tested our hypotheses using all US publicly traded firms between 1993 and 2011. The research results show that firms with excess financial resources are more likely to have higher R&D investments, and to completely understand this relationship we must study CEO tenure and compensation. This study sheds light on central antecedents of firm innovation, it further extends our understanding by investigating the impact of CEO tenure and compensation on the slackinnovation relationship, and it applies a longitudinal design which answers previous calls to investigate this topic in more depth by offering enhanced stability to the results while allowing for different economic scenarios.
Descriptive statistics 
CEO turnover and corporate performance
CEO turnover, corporate performance, and accounting regimes: historical cost sub-sample
CEO turnover, corporate performance, and accounting regimes: IFRS sub-sample 
This study investigates CEO turnover and corporate performance relationship as a measure of the effectiveness of a corporate governance system. The impact of different financial accounting regimes on the turnover/performance relationship is also analyzed. If systems replace poorly performing managers, they are considered as not ineffective. The results provide evidence that corporate governance systems with poor governance characteristics may not be ineffective, due to the existence of alternative governance mechanisms. The disciplinary CEO turnover is found to be more strongly associated with corporate performance compared to voluntary CEO turnover, whereas in the IFRS sub-sample the relationship is stronger with contemporaneous performance measures.
Top-cited authors
Edmundas Kazimieras Zavadskas
  • Vilnius Gediminas Technical University
Zenonas Turskis
  • Vilnius Gediminas Technical University
Romualdas Ginevičius
  • Vilnius Gediminas Technical University
Violeta Keršulienė
  • Vilnius Gediminas Technical University
Manuela Tvaronaviciene
  • Vilnius Gediminas Technical University