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Progress in Tirana, but in nearby Serbia, another unsolved murder continues to cloud the country’s relations with the United States.
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Host country left the tournament after unexpectedly successful performance, while its victorious opponent, Croatia, found itself surrounded by a number of controversies.
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Purpose: The purpose of this paper is to define and measure the effects of service quality on customer satisfaction and customer loyalty of four and five star hotels in Ho Chi Minh City, Vietnam Methodology: This study has used qualitative and quantitative researches: (i) qualitative research carried out through focus group discussions with 10 customers, and (ii) quantitative research conducted through direct interviews with 322 customers in Ho Chi Minh city (Viet Nam). Result and conclusion: The results show that: (i) customers’ loyalty is affected by four dimensions of service quality (reliability, responsiveness, website utility, and tangibles) and customer satisfaction; and (ii) customer satisfaction is affected by five dimensions of service quality (reliability, responsiveness, website utility, tangibles, and sympathy). However, the research subject has certain limitations: (i) due to limited resources in conducting research, the sample size consisted of 322 customers, (ii) This study conducted the sampling technique of using direct interview methods from respondents using service at 4- and 5-star hotels in HCM city, Viet Nam.
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This study attempts to investigate the influence of accounting expertise in the AC on the level of accrual earnings management (AEM) in Malaysian firms by using two proxies, the Modified Jones Models by Dechow et al. (1995) and Kasznik (1999). A sample of 143 firms with slight positive earnings were selected from the Bursa Malaysia Main Market for 2013, 2014 and 2015. Using panel data regression, this study shows that accounting expertise in the AC does not mitigate AEM. The accounting expertise of the AC directors and chairman and the AC’s balanced accounting expertise have a positive relationship with attitude for AEM. In line with prior studies, this paper concludes that AC directors are either not truly independent or do not have time or energy to mitigate earnings management practices. Thus, more policies are needed to strengthen the independence of the AC and ensure the members carry out their duties more responsibly.
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The management theories of no practical value are known as management fads. One of those management fads - which is the focus of this research – is learning organization. There is sufficient evidence in English literature to conclude that learning organization is a management fad. The aim of this paper is to present the ample evidence that learning organization is a management fad. The maximum number of the research paper with the subject of learning organization was made in the late 1995 and the typical bell-shaped curve of the management fad is evident. In contrast to the world trend, a content analysis of Serbian journals discovered that a typical pick of a bell-shaped curve of papers covering the topic of learning organization was 17 years later. It is argued in this paper that the learning organization phenomenon, as a normative or prescriptive theory, should be abandoned in the academic world altogether. The learning organization fad is a phenomenon with low practical applicability, a phenomenon of a little value for further development in the management research.
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Over the last decades, foreign direct investment flows to Latin America have grown dramatically. Yet, there is no consensus on whether the region has actually benefited from such trend or not. Specifically, regarding the expected positive effect of foreign direct investment on poverty reduction, empirical evidence is scant and ambiguous. In this context, this paper examines the effect of foreign direct investment on Latin America’s poverty incidence. For doing so, a panel data analysis was conducted, considering 13 economies from the region during the 2000-2014 period. We found that FDI is not significantly associated with the reduction of poverty in Latin America, in contrast with macroeconomic stability, infrastructure, human capital development and financial development which are significantly associated with the reduction of poverty in the region.
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Tourism sector in Malaysia has always been one of its focal service industries not only in the past, but in the future as well in which Malaysian government has been focusing on diverting its economic activities from a resource-based to a service-based economy in its new economic model. China, a strongly emerging economy has been ranked as the third main tourist generating country for Malaysia since 2012. Hence, this study empirically identifies the macroeconomic determinants affecting the tourism demand from China to Malaysia. These determinants include real income, travel cost, exchange rate and trade openness. Particularly, real income and trade openness are evident to positively affect Chinese tourism demand while travel cost and exchange rate are found to adversely influence Chinese tourists’ decision to travel to Malaysia.
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The aim of this study is to investigate the bank-specific, industry-specific, and macroeconomic determinants of the financial performance of banks in Central and Eastern European Countries. For this purpose, first we determined the factors affecting performance, based on findings in the literature. We constructed a financial performance index (FPI) based on CAMEL ratios and then ran the computed index on the aforementioned determinants. In the analysis, we used unbalanced panel data covering the period 2009–2014, which were collected from from the Bankscope database, World Development Indicators, and the Financial Structure and Development Dataset. We conducted an empirical analysis using fixed-effect panel regression. Our results suggest that the asset quality and earnings of banks are negatively affected by size, and positively affected by business mix and inflation. Capital adequacy and liquidity were found to be negatively affected by size and positively affected by bank concentration and economic growth.
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Participation in training has been claimed to have various effects on individuals, teams and organizations. In the context of higher education, continuous professional development (CPD) training programs is of utmost importance to improve academicians’ competencies, teaching effectiveness and eventually students’ performance. However, majority of studies on CPD training programs in Malaysia have been exploratory and descriptive in nature and none has investigated the relationship between participation in CPD training programs and perceived teaching performance. Thus, thus study aimed to bridge the empirical gap using quantitative secondary data from year 2015 to 2017. University’s CPD training program participation records and the teaching assessment ratings by students on eighty academicians were included in this study based on the data accessibility from both sources. Descriptive analyses showed that majority of respondents who were rated excellent by students attended CPD training programs. Linear regression analysis showed that 11% of variance in teaching performance was explained by participation in CPD training programs. This finding substantiates the importance of CPD training programs. More importantly, this result shows that compulsory CPD training programs during the initial teaching years is not sufficient to maintain teaching performance. Consequently, academicians need to participate in CPD trainings to upgrade their teaching know-hows.
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Our paper revisits the determinants of company cash holding. It attempts to explain the cash holding behavior of firms’ managers by investigating non-financial companies listed on the London Stock Exchange from 2011 to 2016. Our results indicate that firm size, leverage, cash flow, cash flow volatility, and investment opportunity exert influence on such cash holding behavior. It can be explained by the trade-off theory, the pecking-order theory and free cash flow theory. Our results may shed light on the decrease in the cash holding level for the post-crisis period.
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This paper investigates the relationship between exchange rate volatility and export performance of the Egyptian economy for the period (1980-2016). Moving average standard deviation and conditional standard deviation from GARCH model are used to generate two different measures of exchange rate volatility. The co-integration results indicate the existence of a unique long-run relationship between the real value of non-petroleum exports (as well as the volume of total exports) and the GARCH measure of exchange rate volatility. Using a Vector Error Correction Model, it is found that the volatility of the real effective exchange rate has a significant negative effect on real exports, whereas the effect of the level of real effective exchange rate itself, is not found to be statistically significant. Relevant policy implications are derived from these results.
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In countries with high susceptibility to corruption, internal government auditors play an important role in combating and mitigating the corruption problem. Since corruption is unethical behavior, government internal auditors must have ethical standards if they are to be effective. Research surrounding the processes of ethical decision making has had mixed outcomes. This article examines the effect of corruption awareness in Indonesian society as a whole, and Indonesian organizations in general. Ethical intensity issues are examined, as are the organizational factors that impact on ethical decision-making. Results are mediated by ethical sensitivity and professional skepticism, with the theoretical framework of ethical decision-making being supported. Additional analysis examining the effect of gender, education level and experience on ethical decision-making process is provided.
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The purpose of this research was to study potential differences in the formation of brand loyalty for domestic and global brands in Thai consumer groups through brand equity, consumer satisfaction, and country of origin effects. The study compared two well-known brands of a consumer product (shower gel), one of which presented as a local brand and the other of which had global branding. (Both brands are in fact manufactured by the same company and have similar functional and quality characteristics.) A convenience sample of Thai consumers (n = 400) was selected from shopping centers in and around Bangkok for a consumer survey about brand image and perceptions of the two brands. Factors in the formation of brand loyalty were then explored using structural equation modelling. The analysis showed that the effects of brand awareness and brand associations were similar for domestic and global brands. However, domestic brands had higher effects from customer satisfaction than perceived quality, while this relationship was reversed for global brands. The implication of this study is that domestic and global brands may be evaluated differently by consumers in some contexts, even if they are functional substitutes for each other. Consumers placed more emphasis on perceived quality than the brand experience for global brands. This could create problems for domestic brand marketers and those developing new domestic brands. However, this study only included a single product category. These results cannot be generalized across all consumer categories.
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This study examined the moderating role of competitive strategy in the relationship between financial leverage and performance of firms based on a sample of industrial firms in Jordan between 2007 and 2016. The interaction between competitive strategy and financial leverage was revealed to influence the effects of financial leverage towards the performance of firms in terms of return on assets (accounting-based measure) and market-to-book ratio (market-based measure). Conclusively, obtained results are in line with the notion that firms that employ cost leadership strategy experience tax advantages and increased efficiency through debt financing and/or debt covenants. This study extends the overall understanding on the effects of financial leverage towards performance of firms and how this relationship is moderated by competitive strategy among firms in an emerging market such as Jordan.
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The hypothesis about positive influence of lower tax rate was tested on the Russian small businesses of construction and manufacturing sectors. The period from 2006 to 2014 includes the three-year gap, during which the net income tax rate was the same for all Russian regions, and the six-year interval of regionally differentiated tax rates. Quantitative estimates of the consequences of tax change without time lag, with time lags 1 and 2 year were made on the basis of double logarithmic regressions with fixed effects. Positive effect of lower tax rate was documented. The number of enterprises was the indicator, which was influenced most. A regional tax rate decrease by 1 per cent results in an increase of the number of small enterprises by 0.1-0.2%. This effect becomes evident in the first year of regional tax rate change and remains on the same level during the following two years. 1% decrease in tax rate led to 0.1% increase in the turnover of the company. Tax stimulus led to an increase of employment in manufacturing industry (the coefficient of elasticity is 0.1), while the impact on employment in construction sector was not identified. There is a potential for expanding tax revenues to the Russian budget system by increasing the taxation base with the help of the positive effect from tax rate reduction.
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For adequate profitability management, it is important to identify all the factors that lead to its rise or fall, as well as to determine the intensity of correlation between relevant factors and profitability. This is to take timely and adequate measures to eliminate deviations arising from the expected profitability and improve it in the future period. The research subject is bank profitability in the Republic of Serbia in the period 2012-2015. The research objective is to outline the possible factors of bank profitability, with particular reference to internal factors of banking sector profitability in the Republic of Serbia. Research results show a high degree of correlation between the ROA and ROE profitability ratios, both statically and dynamically; dynamics of profitability ratios is in inverse correlation with capital adequacy ratio; there is a link between bank size and profitability and a link between the change of bank ownership and profitability, but it does not necessarily mean that foreign banks are more profitable than domestic banks.
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This paper analyzes the effects of fiscal and monetary policies on inflation rate in Indonesia. This research uses the error correction model for estimating the empirical model of inflation rate for annual data 1970-2017. The results present the significant effects of fiscal and monetary variables on the inflation rate. These findings reveal the inflationary effects of fiscal and monetary policies in the country. This research also finds the impact of output and exchange rate on inflation rate. Therefore, this paper supports the theory of demand-pull inflation as well as the proposition of imported inflation. The other uniqueness of this research is the inclusion of shock variables in the empirical model. This study asserts the significant role of inflation shock and unanticipated exchange rate on the domestic price level. It implies that domestic inflation is closely related to the international financial sector.
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As CEO turnover occurs, the company may select an insider or outsider as a successor. This study attempts to ascertain whether firm performance, female directors, board religiosity and blockholder ownership influence the decision to appoint an internal or external candidate. Results from logistic regression analysis on 72 succession events over a five-year period (2011 to 2015) reveal that firms which are controlled by blockholders and those with females on their boards tend to select an outsider as the successor. Meanwhile, firms that have Muslims on their boards are more likely to select insiders as successors. This study implies that poor firm performance does not necessarily lead to outside CEO selection choice. On the overall, the findings indicate that blockholder ownership and gender diversity in the boardroom matter in the Nigerian corporate landscape.
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Redenomination discourse has become a concern, again, in line with the instructions of the Indonesian President to the Finance Minister to re-socialize the program to the society. Socialization is important given the Indonesian society is geographical, demographical, and psychographic heterogeneous. The heterogeneous society is potential to have a low understanding level of what and how redenomination would be applied, while the ignorance would trigger rush and hyperinflation. Hence, a research is needed to acknowledge the people understanding about redenomination. This is a door knocking survey which involved 600 respondents in Semarang, Kudus, and Banjarnegara as representatives of Indonesian society with diverse backgrounds. The data were processed using Cramer's V Test and Crosstab. The results show that Indonesians' understanding of redenomination is low, especially the people living far from the government centers. In addition, educational factors and occupations are the main factors that determine the level of understanding on redenomination. There is an indication that the higher the education, the higher the public understanding of redenomination. Similarly, people with the Teachers/Lecturers profession, working in the formal sector, and have managerial positions, have a better understanding of redenomination, than people who are not working or working in the informal sector.
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This paper empirically analyzes the impact of liquidity risk on key financial performance aspects of Islamic banks in the UAE. To document the association between liquidity risk and other performance ratios, time series data are taken for full-fledged Islamic banks working in the UAE from 2000 to 2014. Liquidity ratios and capital adequacy ratios, profitability ratios, and tangibility ratios are determined. Correlation and regression analyses are used to test the study hypotheses using SPSS. The findings indicate that capital adequacy and tangibility ratios are the main factors to determine liquidity risk of UAE Islamic banks. Furthermore, the results showed that the size of Islamic banks’ assets and capital adequacy had a positive and significant association with liquidity risk. Policymakers and Islamic finance experts should devote more attention to enhancing the base of Islamic finance assets to manage liquidity issues.
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