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ESOPs, CEO Entrenchment and Corporate Social Performance
Issue:
Volume 2, Issue 6, December 2013
Pages:
116-129
Received:
29 August 2013
Published:
20 October 2013
Abstract: The purpose of this study is to examine whether employee stock ownership plans (ESOPs) and CEO entrenchment affect social performance. Our central question: does employees’ participation in the system of corporate governance (shareholding and presence in the boards of directors and supervisory boards) influence social performance in the context of manager’s active behavior? One important result of the multi-varied analyses (logistic regression) is that on the whole employees, if they exert an influence on the determination of social performance in the context of non-financial French firms, are relatively powerless, on their own to explain this complex phenomenon. The findings contribute to explain the social performance and they have implications for firms that decide to engage in ESOP plans in French context.
Abstract: The purpose of this study is to examine whether employee stock ownership plans (ESOPs) and CEO entrenchment affect social performance. Our central question: does employees’ participation in the system of corporate governance (shareholding and presence in the boards of directors and supervisory boards) influence social performance in the context of ...
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Working Capital Management, Investment and Financing Constraints in Companies Listed on the Tehran, Iran Stock Exchange
Issue:
Volume 2, Issue 6, December 2013
Pages:
130-133
Received:
15 September 2013
Published:
20 October 2013
Abstract: Since the level of fixed investment is costly for industries, they always search for ways to maintain it; however, financing constraints prevent the realization of this goal. A panel of over 134 stock firms over the period 2005-2011 was used to study the linkages between financing constraints and investment in fixed and working capital. To this end we have analyzed the relation between tangible fixed assets, investment, cash flow, tangible fixed assets, working capital and fixed investment. In this studies we changes variables and hypotheses. The results obtained indicate that an active management of working capital may help firms alleviate the effects of financing constraints on fixed investment [9].
Abstract: Since the level of fixed investment is costly for industries, they always search for ways to maintain it; however, financing constraints prevent the realization of this goal. A panel of over 134 stock firms over the period 2005-2011 was used to study the linkages between financing constraints and investment in fixed and working capital. To this end...
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Analysis of the Determinants of Trade Balance: Case Study of Tanzania
Moses Joseph Shawa,
Yao Shen
Issue:
Volume 2, Issue 6, December 2013
Pages:
134-141
Received:
17 September 2013
Published:
20 November 2013
Abstract: The study focuses on the Analysis of the Main determinants that have an impact on trade balance. Specifically this study focus on the main cause of Trade deficit in Tanzania by analyzing the impact of Foreign Direct Investment(FDI),Human Capital Development(HCD),Household Consumption Expenditure(HCEXP), Government Expenditure (GEXP),Inflation (INF),Natural Resources Availability (NRA),Real Exchange Rate (REX) and Foreign Income(WY) and Trade Liberization (TLB) etc.In this study The Ordinary Least Square method (OLS) under the E-View 7.1 software has been used for the econometric analysis with a sample period spanning from 1980-2012. The literature reviews of the previous researchers have the mixed results on the factors in questions. However this study tried to use more variables that have rarely been explored specifically in Tanzania and found out that the main influencing factors for the case of Tanzania are Foreign Direct Investment(FDI),Human Capital Development (HCD),Household Consumption Expenditure(HCEXP), Government Expenditure (GEXP),Inflation (INF),Natural Resources Availability (NRA),Foreign Income(WY) and Trade Liberization(TLB) so suggested policy measures should focus on them to reduce the trade deficit in the Tanzanian economy.
Abstract: The study focuses on the Analysis of the Main determinants that have an impact on trade balance. Specifically this study focus on the main cause of Trade deficit in Tanzania by analyzing the impact of Foreign Direct Investment(FDI),Human Capital Development(HCD),Household Consumption Expenditure(HCEXP), Government Expenditure (GEXP),Inflation (INF)...
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Impact of Micro Finance: Perceptions of Direct Stakeholders of Self Help Groups
Sanjay Kanti Das,
Amalesh Bhowal
Issue:
Volume 2, Issue 6, December 2013
Pages:
142-157
Received:
2 November 2013
Published:
20 November 2013
Abstract: Self Help Group is a unique innovation of credit delivery technique and has produced positive impacts on two vital areas of national development, alleviation of poverty and women’s empowerment. Sixty five variables relating to impact of SHGs on members are identified from survey of literature and relevant perception of direct stakeholders whether the aspects like impact on members of SHG and its involvement in larger social issues should be peripheral or core components of quality indicators of SHG is perceived in this study. The study is conducted by using multi-stage random sampling method to collect primary data from the selected Development Blocks of Nagaon districts of Assam (India). It is observed that there was no significant effect of stakeholders on overall score on impact on members of SHG as Peripheral or Core issue. It is observed that different stakeholders believed that the impact on members of SHG and its involvement in larger social issues should be ‘somewhat core component’ as the mean value lies in between the scale range of 1 & 0 which represents the range of ‘somewhat core component’. It is further observed that Financial Institutions are less concerned about the social issues while Donor’s are more concerned about the social issues.
Abstract: Self Help Group is a unique innovation of credit delivery technique and has produced positive impacts on two vital areas of national development, alleviation of poverty and women’s empowerment. Sixty five variables relating to impact of SHGs on members are identified from survey of literature and relevant perception of direct stakeholders whether t...
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Global Crisis and Credit Risk Management by Banks: A Comparative Study of Banks in Pakistan
Azam Ali,
Saghir Pervaiz Ghauri
Issue:
Volume 2, Issue 6, December 2013
Pages:
158-168
Received:
8 December 2013
Published:
30 December 2013
Abstract: The world trade environment has worsened significantly after August 2007. The rapid and dynamic changes in the global financial landscape pose various risks to banking institutions. Operating side by side with conventional banks, Islamic banks are equally vulnerable to risks. This paper examines the impact of global financial crisis on the credit risk management of banks operating in Pakistan during the period, 2007-2009. A comparison of the factors, affecting credit risk faced by these banks, is highlighted. Study finds that, whilst the Islamic banking industry has not been left unaffected by the global crisis, Islamic banks in Pakistan are in a relatively strong position. This is because of the industry's high levels of transparency and adherence to a strict code of business conduct and Management efficiency, which means that Islamic banks have the potential to emerge from the crisis in a stronger position than their conventional counterparts.
Abstract: The world trade environment has worsened significantly after August 2007. The rapid and dynamic changes in the global financial landscape pose various risks to banking institutions. Operating side by side with conventional banks, Islamic banks are equally vulnerable to risks. This paper examines the impact of global financial crisis on the credit r...
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The Criticality of the Rating Market Views through Greece
Issue:
Volume 2, Issue 6, December 2013
Pages:
169-173
Received:
2 October 2013
Published:
10 January 2014
Abstract: The article highlights the limits rating criteria, that after the crisis of 2007 is to influence more and more the operation of financial markets, but also the economic policies of national governments. The work indicates the critical market rating which presents itself as an oligopolistic market.After, in this paper we examine the determinants of credit rating in the Greece issued by agencies such as S&P. The objective of this paper is to analyze a statistic index which is actually the result of unknown algorithms. Therefore, taking a time series variables and choices appropriate to the model, we apply a GARCH model to estimate the economic result of the rating. Although the economic literature there are many contributions (Rowland and Torres 2004, Peter Rowland 2006), most uses of the panel in probit models. However, differences in economic variables from country to country choices in the model do not permit a more uniform result in order to capture the true rating of Greece.
Abstract: The article highlights the limits rating criteria, that after the crisis of 2007 is to influence more and more the operation of financial markets, but also the economic policies of national governments. The work indicates the critical market rating which presents itself as an oligopolistic market.After, in this paper we examine the determinants of ...
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Forecasting Inflation and Economic Growth of Pakistan by Using Two Time Series Methods
Kishwer Sultana,
Adila Rahim,
Nighat Moin,
Sajida Aman,
Saghir Pervaiz Ghauri
Issue:
Volume 2, Issue 6, December 2013
Pages:
174-178
Received:
30 December 2013
Published:
30 January 2014
Abstract: Forecasting of time series is important subject in macroeconomics. We use two time series methods. One of the most simple and basic method for forecasting time series is decomposition. Decomposing the time series means breaking the time series into four components, i.e., trend, cycle, seasonal and irregular. The second method is based on ARIMA model. In this paper we forecast the macroeconomic variables CPI, and LSM for period July 2013 to September 2013, based on decomposition of actual series of these variables and ARIMA model for monthly series from July 2008 to June 2013. We compare the out-of-sample forecast of two methods based on the mean absolute deviation (MAD) & sum of square of errors (SSE) and decide on which method provides the best forecasting accuracy which policy makers can rely on in forecasting inflation (CPI) and Economic growth (LSM).
Abstract: Forecasting of time series is important subject in macroeconomics. We use two time series methods. One of the most simple and basic method for forecasting time series is decomposition. Decomposing the time series means breaking the time series into four components, i.e., trend, cycle, seasonal and irregular. The second method is based on ARIMA mode...
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