Title: THE PROFITABILITY OF USING PEGGED CURRENCIES IN CARRY TRADE A CASE OF SAUDI RIYAL.pdf
Author: MUSAED S. ALALI AND FATEMA K. ALKHALIFA
Abstract: This paper examines the profitability of using pegged currencies in carry trade. Conducting this exercise on Saudi riyal against six floating currencies has proven to be very rewarding especially when enhanced with forecasting methods. Carry trade is a very popular currency speculation strategy among traders, where they borrow low-interest currencies and invest in high-interest currencies. It is a strategy that takes advantage of interest rate differentials between two currencies. Such strategy should not work under uncovered interest parity (UIP), since according to UIP high interest rate currencies should depreciate against low interest rate currencies by the interest rate differential itself. But studies have shown that UIP does not stand and carry traders are profiting from it. As a result of its failure, carry traders are making returns matching the returns of the S&P 500 and outperforming it in terms of the Sharpe ratio.
Keywords: Carry Trade, Random Walk, Uncovered Interest Parity (UIP), Saudi Riyal (SAR). View
Title: AN ANALYSIS OF ROI OF TAIWAN’S STOCK MARKET A CASE STUDY IN LIGHT OF THE CHINESE TRADITION OF STORE IN WINTER.pdf
Author: TZU-YI YANG, YU-TAI YANG & JAU-RONG CHEN
Abstract: There is a Chinese saying that goes “plough in spring, hoe in summer, harvest in autumn, and store in winter”, which reflects the traditional farming practice of Taiwanese in response to the change of seasons and the ancient annual work-rest pattern of Chinese farmers. This lifestyle of Chinese, however, might be different from that of foreigners. In light of this, this study is carried out based on “Are there any regular variations in the Taiwan stock market: a case study of Taiwan stock exchange capitalization weighted stock Index (TAIEX)”, a study by Yang and Yang (2015), in order to determine whether this Chinese idea has rendered Taiwan’s stock market any underlying characteristic which is different from other countries’ stock markets in terms of investment activities. The results do reveal a regular variation pattern of Taiwan’s stock market. In the study, the seasonal change of traditional Chinese farming work-rest schedule is investigated in conjunction with the seasonal variation of Taiwan’s stock market. The results reveal that the ROI of Taiwan’s stock market tends to be most significant in winter, i.e. there is a Winter Effect. The study also tries to determine whether this effect fits the January Effect in foreign countries. The results suggest the existence of a December Effect in ROI of Taiwan’s stock market.
Keywords: Effect, Stock market, Taiwan, and OLS View
Title: COMPETITIVE STRATEGY MARKET ENTRY MODE AND INTERNATIONAL PERFORMANCE THE CASE OF CONSTRUCTION FIRMS IN CHINA.pdf
Author: YAN SHIGANG
Abstract: As an important participant in the international construction market, Chinese construction firms (CCFs) are confronted with the tasks of keeping themselves competitive. To help CCFs maintain and improve their competitiveness, this research builds a conceptual model to investigate the relationship between competitive strategy, market entry mode and performance within CCFs. Based on data collected from CCFs, this research has confirmed the importance of cost leadership strategy, differentiation strategy and business scope diversification, to achieve their superior performance. Moreover, there are positive relationships among entry mode strategies with CCFs’ international performance.
Keywords: construction firms, China, competitive strategy, market entry, international performance View
Title: THE RESPONSIVENESS OF EMPLOYMENT AND POVERTY RATE TO ECONOMIC DEVELOPMENT PROCESS IN NIGERIA.pdf
Author: EBELE, P. IFIONU, MONOGBE, G. TUNDE AND BOUFINI THEOPHILUS
Abstract: The main aim of the study is to investigate the responsiveness of poverty rate, employment rate and government capital investment on economic development in Nigeria between the periods 1981 to 2015. Finding reveals that all explanatory variables under investigation exhibit a negative co-efficient to economic development in Nigeria except for poverty rate. Poverty rate exhibit a significant P-value of 0.0023 with a corresponding positive coefficient of 0.002829. This suggest that the development strength of the economy is not intensive enough in stimulating job creation which will further help to reduce poverty rate in Nigeria. Employment rate exhibit a significant P-value of 0.0055 with a negative coefficient of -0.07783 which implies the existence of negative and significant relationship between employment rate and economic development in Nigeria. By implication this suggest that for employment rate to respond in a positive manner to economic development, such development must be an intensive one as unemployment rate appear to be a lagged indicator which respond to economic development in a gradual pace. Government capital expenditure exhibit a significant P-value of 0.0000 with a corresponding negative coefficient value of -0.00002 which suggest an inverse relationship between government capital expenditure and economic development in Nigeria. On this note, the responsiveness of this macroeconomic variables under investigation to economic development are dynamic and Asymmetry. This then calls for normalisation and asymptotic distribution of the government policy as it maintain a vast effect on the economy and thus determine the direction of flows on the macro-economic variables and investment strength of the nation.
Keywords: Employment Rate, Poverty Rate, Economic Development. View
Title: ACCEPTANCE OF INTERNET BANKING AMONG CONSUMERS IN KOTA.pdf
Author: LAWRENSE LANINI
Abstract: The main objective of the study is to identify and analyse on the factors affecting adoption of Internet banking by bank consumers. The factors being analysed in this study are security, subjective norms, perceived relative advantage, and perceived ease of use. The study was conducted to achieve the objectives which have been set in this research. The research findings indicate that there is a relationship between subjective norms and perceived relative advantage towards the adoption of Internet banking. Meanwhile, security and perceived ease of use shows not significant towards the adoption of Internet banking.
Keywords: internet banking, security, subjective norms, relative advantage, ease of use View
Title: DEVELOPING CIVIL SERVANTS’ AFFECTIVE COMMITMENT TO SHARE KNOWLEDGE A CASE OF PUBLIC ORGANIZATION COST REDUCTION.pdf
Author: MOHAMAD HISYAM SELAMAT And RAFEAH MAT SAAD
Abstract: The present study is designed to propose values for developing civil servants’ affective commitment to share knowledge in the workplace. The proposed values are faith, sincerity, trusting belief, trusting intention and emotional trust. The researchers have applied cross-sectional survey research to validate the framework. It is found that faith and sincerity influenced the development of civil servants’ affective commitment to share knowledge in the workplace significantly. The practical implications are the discovery of theoretical, personal, and workplace practical best practices for the establishment of strategies to reduce operational costs in the public organization.
Keywords: internal values, affective commitment, knowledge sharing, cost reduction, public organization View
Title: CORPORATE GOVERNANCE AND BANK FAILURE THE NIGERIAN PERSPECTIVE.pdf
Author: STANFAST SUOTONYE BARNABASA AND B. CHIMA ONUOHA, PhD.
Abstract: The import of corporate governance in the banking system has become a major source of discuss because of the financial intermediation role played by this sector in the economy of any nation and also the need for proper management of banking operations. Corporate governance fosters transparency and accountability in the governance of an organization by its management and board. The abuse of executive power more often than not brings about disrepute be it at the organizational or political space. This study seeks to examine the import of corporate governance in building public confidence in corporate reporting of the Nigerian banking industry. The study was limited to Rivers State, Nigeria and only the 21 licensed commercial banks in the state were used for the study. The study revealed that public confidence in the Nigerian banking industry has been eroded and Nigeria banks must practice effective corporate governance system as this can help build their reputation, increase their profitability and restore public confidence.
Keywords: Corporate governance, Nigerian banking industry, public confidence View
Title: QUALITY OF WORK LIFE AND ORGANISATIONAL COMMITMENT OF BANK EMPLOYEES EMPIRICAL EVIDENCE FROM NIGERIA.pdf
Author: EMECHETA, BARTHOLOMEW C.
Abstract: This study investigates relationships between quality of work life and organisational commitment of bank employees in Nigeria. The sample consisted of two hundred and fifteen (215) respondents from ten (10) purposively selected area offices of banks in Enugu State South-East Nigeria. The questionnaire was in 5 Likert type ordinal scales and Spearman’s Rank Order Correlation Coefficient Statistical Tool in (SPSS) was used for data analyses. It was revealed here that in spite of challenges faced by employees of banks, they consistently find emotional, financial and moral attachment to the organization especially when these dimensions of quality of work life are properly managed which correlated positively with organizations’ commitment in difference to the findings of other researchers that linked constructs of various antecedents and outcomes with organizational commitment other than quality of work life as affirmed here. This finding agrees with other researchers that found work environment to predict favourable conditions that promote employee satisfaction through rewards, job security, growth and intrinsic motivation making up for psychological and objectives of work life and drive employees to work harder to achieve set goals and objectives; similarly, career advancement opportunity, reduced job stress, job burnout, job satisfaction, equitable pay, membership of successful teams, and job security are provided through job content factors like independence, meaningful work, challenging job, task identity, task significance that promotes quality of work life. This quality of work life facets when properly managed, organizations’ commitment is assured and when bank managers identify with employees’ assets such as knowledge, competence and expectations consistent with firm values and objectives then their emotional bonding with organizations increased and commitment assured.
Key words: Compensation, Work Environment, Career Growth, Social Recognition, Integration, Organisational commitment. View
Title: FACTORS INFLUENCING NON-PERFORMING LOANS IN COMMERCIAL BANKS THE CASE OF BANKS IN SELANGOR.pdf
Author: NAAIL MOHAMMED KAMIL, PAUL ANTHONY MARIADAS AND DILASHENYI DEVI
Abstract: Non-performing loans (NPLs) is a worldwide issue that affects financial markets stability in general and banking industry viability in particular. This study examines the factors influencing non-performing loans in commercial banks in Selangor state of Malaysia. Based on gaps in extant literature, four (4) independent variables comprising standard of living, economy of the country, consumers’ income and bank interest rates are hypothesized to exert statistically significant influences on the dependent variable, NPLs. A quantitative research approach was employed in this research. 200 respondents were sampled for this study employing stratified random sampling technique. Employing multiple regression analysis (MRA) using SPSS software, the findings showed that out of the four (4) hypothesized relationships of the research, three (3) were supported whilst one was not. In particular, it was shown that consumers’ income, economy of the country and bank interest rates statistically influence non-performing loans in commercial banks in Selangor state of Malaysia. However, there was no enough evidence to support the claim that standard of living can statistically influence non-performing loans in commercial banks in Selangor. Several implications from the research were further discussed.
Keywords: non-performing loans, commercial banks, Selangor View
Title: INTERNATIONAL FINANCIAL REPORTING STANDARD ADOPTION AND IMPLEMENTATION AMONG SMALL AND MEDIUM SCALE ENTERPRISES IN NIGERIA ISSUES CHALLENGES AND PROSPECTS..pdf
Author: OLAGUNJU ADEBAYO, PhD.
Abstract: The study investigated the financial and technical challenges facing small and medium scale enterprises in the adoption and implementation of IFRS in Nigeria. Survey method including the use of questionnaire and interview were adopted; population of the study consists of 275 stratified staff of 50 randomly selected small and medium scale enterprises in Nigeria. A sample of 250 staff was selected using purposive sampling technique. 250 copies of questionnaires were administered. Analysis was done using E-View. The result of findings revealed that there are financial challenges facing SMEs in the adoption and implementation of IFRS and that SMEs are also facing technical challenges in the adoption and implementation of IFRS for SMEs. The study concluded that adoption and implementation of IFRS among SMEs in Nigeria may negatively affect the profit of the SMEs as a result of high cost of maintaining such accounting system that requires professional accountant to operate. Furthermore there is a possibility of discouraging entrepreneurship activities that may result in reduction in both the numbers of registered entrepreneurial entities and growth aspirations
Key words: Financial challenges, Technical challenges, Small and medium scale enterprises, International Financial Reporting Standard, Entrepreneurship View
Title: STAKEHOLDER ENGAGEMENT BEYOND THE TENSION BETWEEN IDEALISM AND PRACTICAL CONCERNS.pdf
Author: SILVIA BIRAGHI
Abstract: This paper digs into the existing controversial literature on stakeholder engagement (SE) to understand and critically confront with ambivalence in the concept. This is done by exploring how SE is conceptually framed and pragmatically pursued in the representations of current business practices. The study is designed according to a qualitative interpretive approach based on depth interviews with a purposively selected theoretical sample of key informants with established expertise in stakeholder relationship management practices. According to our findings, SE appears torn between an idealistic impetus on the fringe of a utopian vision of the business, and its often trivial translation into practice urged by the pragmatic necessity to meet accountability requirements. This tension stems from corporate governance logics and organizational business models of firms, which are often not prone to guarantee the participatory and genuinely dialogic exchange between company and stakeholders advocated by the idealistic mandate of SE. In terms of contribution the paper provides a critical inductive reconstruction of current meanings and clashes embedded in enacting SE.
Keywords: business-society relations, moral engagement, stakeholder dialogue, stakeholder engagement, strategic engagement View