Version-1 (Jan-Feb-2013)
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Abstract: In the context of Nigeria, the issue of Business social responsibility (BSR) has been highly relative
issue to stakeholders. In this paper we present a proposed framework for examining the relationship between
Trust of BSR and firms performance. However, virtually few studies have attempted to regards the relationship
between trust of BSR and firms performance, even if any they consider it in the perspective of consumers/individuals. Hence this study intends to make new contribution to literature by proposed causal relationships
between trust of BSR and firms performance in the perspective of organization.
Keywords: Business social responsibility (BSR), Trust of BSR, Firm performance, Nigeria.
[1] Amaeshi, K., Adi, B., Ogbechie, C. & Amao, O. (2006). Corporate Social Responsibility in Nigeria: Western Mimicry or
Indigenous influence? No 39-2006, ICCSR Research paper series-ISSN 1479-5124, The University Nottingham.
[2] Atkinson, S., & Butcher, D. (2003). Trust in Managerial Relationships, Journal of Managerial Psychology, 18, 282–304.
[3] Berrone, P., Surroca, J., Tribo, J. A., (2007), Corporate Ethical Identity as Determinant of Firm Performances: A Test of The
Mediating Role of Stakeholder Satisfaction, Journal of Business Ethics, 76, 35-53.
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practices. International Journal of Management Review, 12 (1), 85-105.
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Management Review, 23(2), 491–513.
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251–283.
[9] David, O. A. (2012). An assessment of the impact of corporate social responsibility on Nigeria society: The examples of banking and
communication industries. Universal Journal of Marketing and Business Research, 1(1), 017-043.
[10] Detomasi, D. A. (2008). The political roots of corporate social responsibility, Journal of Business Ethics, 82, 807-819.
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Paper Type | : | Research Paper |
Title | : | The perceived impact of corporate Social Responsibility on Credit Rating |
Country | : | Pakistan |
Authors | : | M. Numan Nasir Butt, Ms. Nadia Asghar |
: | 10.9790/487X-0730510 |
Abstract: This paper looks at the importance of corporate social responsibility and what corporate social
responsibilities have implications on the credit rating of a particular organization. The study will be focusing on
what credit ratings are and what determines them. This will largely be studied in context to the Pakistani
organization, both the national Pakistani companies and multinationals which are operating in Pakistan.
Keywords: Credit Rating, Corporate Social Responsibility, Pakistan
[1] Atkins, B., 2006. Commentary. Is Corporate Responsibility Responsible? Available at www.forbes.com/2006/11/16/leadership
philanthropy-
charity-lead-citizen-cs 11/28/06.
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Finance, Vo. 29 pp. 1751–1767
[3] Becker, B. and Milbourn, T. (2011). How did increased competition affect credit rating, Journal of Financial Economics, Vol. 101,
pp. 493 – 514
[4] Becchetti et al. (2012). Corporate social responsibility and shareholder's value, Journal of Business Research, Vol. 65 (11), pp. 1628
- 1635
[5] Chaney, P., Philipich, K. (2002). Shredded reputation: the cost of audit failure Journal of Accounting Research, Vol. 40 pp. 1221–
1245
[6] Christian, K. (2009). Credit Rating and impact on capital structure. Norderstedt, Germany: Druck und Bingdung
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selection, Managerial Finance , Vol. 23 pp. 29
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Accounting Review, Vol. 41 (3), pp. 141 – 153.
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2388 – 2406
[10] Goss, A. and Robert, G. (2010). The impact of corporate social responsibility on the cost of bank loans, The Journal of Banking and
Finance, Vol. 35 (7), pp. 1794 – 1810
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Abstract: This study aims to explore the investment understanding and to construct implementation the
investment meaning to investment behavior, as well as to construct the model design of investor decisionmaking
behavior in stock buying and selling for short-term investor in Surabaya. This study used a qualitative
interpretive paradigm, with phenomenology deontology method. Behavioral finance theory perspective was used
as a tool to analyze the results. The results showed that: (1) Compared with fundamental analysis and technical
analysis, well emotions management based on age, gender, education and personality of investor/trader was
central in determining the success, (2) Compared with other short term investor type, such as a swing trader,
position trader and historical investors, the day traders have greatest psychological burden in decision to buy
or to sell shares, (3) Short-term investors can manage emotions rightly to obtain greater benefit from short-term
investments than long-term investments, (4) experience was the best teacher for trader journey. Traders who
able to learn from experience would be better than the traders who understand the stock market science but lack of experience, because the decisions based on a combination of rational and intuitive.
Keywords: investor behavior, behavioral finance, qualitative, interpretive, phenomenology
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Abstract: Some theories explain the differences of capital structure for any company. As a result, it is
important to review capital structure to increase firm value, especially manufacturing companies in Indonesian
Stock Exchange (IDX), which is mostly labor intensive. The purpose of this study was to analyze the influence of
CEO ability, profitability, NDTS, cash flow and CEO ownership on capital structure (LTDE and LTDA), and
the impact of capital structure (LTDE and LTDA) on firm value. The study was conducted at manufacturing
companies in IDX. Observation period are 2006-2010. CEO ability and CEO ownership determines capital
structure (LTDE), while profitability and cash flow NDTS does not affect. Furthermore, CEO ability,
profitability, NDTS and CEO ownership determines capital structure (LTDA), but cash flow does not affect.
Capital structure (LTDE and LTDA) determines firm value. Enterprise value is more determined by companies
that use the overall assets in operational activities compared to companies that only rely their own capital. This
research uses pecking order, trade-off and asymmetric information theory.
Keywords: CEO ability, CEO ownership, capital structure, corporate value.
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International Review of Finance, 9 (1–2). p.1–26.
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Malang.
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Dampaknya terhadap Nilai Perusahaan. Disertasi, Program Pascasarjana Fakultas Ekonomi Universitas Brawijaya, Malang.
[5] Bhagat Sanjai, Bolton Brian and Ajay Subramanian, 2010. Manager Characteristics and Capital Structure : Theory and Evidence,
Journal of Financial dan Quantitative Analysis.
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[8] Datta Debabrata and Agarwal Babita, 2008. Determinants of Capital Structure of Indian Corporate Sector in the Period of Bull Run
2003-2007, An Econometric Study, p.1-17
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Economics. 8:p.3-29
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Pacific Region. Journal of Multinational Financial Management.14: p.387-405
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Abstract: The purpose of this research is to empirically test the influence of entrepreneurial characteristics
and competencies on business performance in small and medium enterprises (SMEs). This study was conducted
with 147 SMEs owner in Malang regency East Java Indonesia using survey instrument. Data analysis using the
Structural Equation Modelling. The results of this study indicate that the entrepreneurial characteristics have a
significant influence on business performance. Entrepreneurial competencies as mediating in the relationship
between entrepreneurial characteristics and business performance. It means the more powerful entrepreneurial
characteristics will lead to an increase in the competence of the SMEs owner, which will ultimately have an
effect on business performance.
Keywords: entreprenurial characteristics, competencies, business performance
[1] Ahmad, N.H., Ramayah, T., Wilson, C., and Kummerow, L. Is Entrepreneurial Competency and Business Success Relationship
Contingent Upon Business Environment? A Studi of Malaysian SMEs. International Journal of Entrepreneurial Behaviour& Research, 16(3), 2010, 182-203.
[2] Ahmad, N.H., Halim, H.A., and Zainal, S.R.M. Is Entrepreneurial Competency the Silver Bullet for SME Success in a Development
Nation? International Business Management, 4(2), 2010, 67-75.
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Manufacturing Firms, Journal of Small Business Management, 22, 2000, 27-45.
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performance. School of Business Department of Management Griffith University, Gold Coast Campus. (Submitted in fulfilment of the
requirements of the degree of Doctor of Philosophy), 2003.
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[6] Fagenson, E. Personal value systems of men and women entrepreneurs versus managers, Journal of Business Venturing, 8, 1993, 409-30.
[7] Ghozali, I. Model Persamaan Struktural: Konsep dan Aplikasi dengan Program Amos ver 5.0, Badan Penerbit Universitas
Diponegoro, Semarang, 2005.
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of Business Venturing, 8(3), 1993, 281-94.
[9] Hisrich, R.D., Peter, M.P., and Shepherd, D.A., Entrepreneurship. Chriswan Sungkono dan Diana Angelica (translation),
Kewirausahaan, Salemba Empat, Jakarta, 2008.
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Abstract: In this paper, the authors examine the relationship between the competitive priorities and competitive advantage among small scale industries in Coimbatore. The data set were randomly drawn from a sample of 22 top level executives of small scale industries in Coimbatore to draw valid conclusions. To measure the competitive advantage and competitive priorities of small scale industries, we considered 13 and 32 keys as determining variables, respectively .The ranking on a five point Likert scale regarding competitive priorities in small scale industries were measured based on the domains such as Quality ,Cost , Delivery, flexibility , Customer-focus and Know-how . Also, the same scale is used for competitive advantage; we employed Cronbach's alpha test and multiple regression analysis. The results suggest that there is a significant relationship between the competitive priorities and competitive priorities and competitive advantage among the small scale industries in Coimbatore.
Keywords: Small Scale industries, Competitive Priorities, Competitive Advantage, Cronbach's Alpha Test, Multiple Regression Analysis.
[1] Porter's (1980) American International Journal of Contemporary Research Vol. 2 No. 1; January 2012 .
[2] Skinner (2011) "Trade-off? What trade-offs? Competence and competitiveness in manufacturing strategy", California Management
Review, summer, pp. 107-22.
[3] Alam, S.S. (2009), "Adoption of internet in Malaysian SMEs", Journal of Small Business and Enterprise Development, Vol.16 No. 2, pp. 240-55.
[4] Ahmad, S., Schroeder, R.G. (2002), "Dimensions of competitive priorities: are they clear, communicated and consistent?", Journal of
Applied Business Research, Vol. 18 No.1, pp.77-86.
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no. 3 (2004): 223–227.
[8] Powell, T.C.(1995)4 "Competitive priorities: Investigating the need for trade-offs in operations strategy", Production and Operations
Management, Vol. 11, No. 1, pp. 9-20..
[9] Porter (1991)5 Competitive Strategy: Techniques for Analyzing Industries and Competitors, is in its 63rd printing.
[10] Parnell, J.A. (2006), "Generic strategies after two decades: a reconceptualization of competitive strategy", Management Decision,
Vol. 44 No. 8, pp. 1139-154.
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Paper Type | : | Research Paper |
Title | : | Impact of Foreign Exchange rate on stock prices |
Country | : | Pakistan |
Authors | : | Maheen1 jamil , Mr Naeem Ullah |
: | 10.9790/487X-0734551 |
Abstract: Foreign exchange fluctuations have been found in the literature review to have an impact on the
stock market return and the fluctuations in the stock prices. This research uses the cointegration technique to
analyze the impact of USD to PKR exchange rate on the stock return market in Pakistan. The stock market
return has been studied by KSE 100 Index. The results show that a relationship between the two variables exists
in the short run in Pakistan.
Keywords: Exchange Markets, stock prices, Pakistan
[1] Bahmani-Oskooee, R. and Sohrabian, A. (1992). Stock prices and the effective exchange rate of the dollar. Applied Economics,
Vol. 24 (4), pp. 193-207
[2] Bremer, M. and Hiraki, T. (1999). Volume and individual security returns on the Tokyo Stock Exchange, Pacific Basin Finance
Journal, Vol. 7 (3-4) pp. 351 – 370.
[3] Chiang, T. and Doong, S. (1999). Empirical analysis of real and financial volatilities on stock excess returns: evidence from Taiwan
industrial data, Global Finance Journal, Vol. 10 (2), pp. 187 – 200.
[4] Cos, J., Ingersoll, J. and Ross, S. (2985). An intertemporal general equilibrium model of asset prices, Econometrica, Vol. 53, pp.
363 – 384.
[5] Ferriera, M. and Santa-Clara, P. (2011). Forecasting stock market returns: The sum of the parts is more than the whole, Journal of
Financial Economics, Vol. 100 (3), pp. 514 – 537.
[6] Kim, K. (2003). Dollar exchange rate and stock price: evidence from multivariate cointegration and error correction model, Review
of Financial Economics, Vol. 12 (3), pp. 301- 313.
[7] Lin, C. (2012). The comovement between exchange rates and stock prices in the Asian emerging market s, International Review of
Economics and Finance, Vol. 22 (1), pp. 161 – 172.
[8] Marey, P. (2004). Exchange rate expectations: controlled experiments with artificial traders, Journal of International Money and
Finance, Vol. 23 (2), pp. 283 – 304.
[9] Tsen, W. (2011). The real exchange rate determination: An empirical investigation, International Review of Economics and
Finance, Vol. 20 (4), pp. 800 – 811.
[10] Wu et al. (2012). Interrelationship between Philippine Stock Exchange Index and USD Exchange Rate, Pocedia, Vol. 40, pp. 786 –
782.
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Abstract: Bangladesh is a labor rich country and an ideal place for the Readymade Garment (RMG) industry
that uses labor intensive technology for its production. Labor is an important factor for industrial production
and it is truer in garment industry of Bangladesh. Human resource is taken to be an important factor to increase
productivity and to improve quality as well as to reduce the costs of the production that is necessary to survive
in the competition. There are several issues related to increases the labor productivities and among those, labor
incentives is one of the major factor point. This study surveyed almost 36 medium and large scale RMG
factories in Bangladesh with a focus on the improvement of productivity of RMG industries. This study finds
that, the labor incentive programs increase firm performance and result in reduced delivery delay. Also, this
study finds the level of education of the top level managements have an impact on the incentive programs of
RMG industries.
Keywords: Productivity, labor incentive, firm performance, RMG industry and development.
[1] Abdullah, Md. Abu Yousuf, 1997, ―International Trade Implications and Future of Ready-Made Garments Sector of Bangladesh‖,
Journal of Business Administration, Vol.23, No.3&4, page41-69.
[2] Alec L., Cindy Z., Michael Gibbs and George Benson, 2011, Optimizing Incentive Plan Design: A Case Study, p.1-24.
[3] Azim, M. Tahlil, and Nasir Uddin, 2003, ―Challenges for Garments Sector in Bangladesh after 2004: Avenues for Survival and
Growth‖, Bangladesh Institute of International and Strategic Studies Journal, Vol.24, No. 1, page 49-82.
[4] Bangladesh Export Promotion Bureau (EPB), Bangladesh knitwear Manufacturers Association, Information Division of EPB, 2008.
[5] Bangladesh Export Promotion Bureau, Bangladesh Export Statistics 2003-2004, Information Division of EPB, 2005.
[6] Bangladesh Garment Manufactures and Exports Association Garments &Textile Directory (2007-08), Printers Division of EPB,
2009.
[7] Bhattacharya, D., M. Rahman, and A. Raihan, 2002, ―Contribution of the RMG sector to the Bangladesh Economy‖, CPD
Occasional Paper Series, Paper 50. Dhaka, Bangladesh.
[8] Bhattacharya, D., and M. Rahman, 1999, ―Female Employment Under Export-propelled Industrialization: Prospects for
Internalizing Global Opportunities in Bangladesh's Apparel Sector‖, UNRISD Occasional Paper. Dhaka, Bangladesh.
[9] Bhattacharya, D., and M. Rahman, 2000, ―Experience with Implementation of WTO-ATC and Implication for Bangladesh‖, CPD
Occasional Paper Series, Paper 7.Dhaka, Bangladesh.
[10] Billikopf, G. E. 1992, Establishing and Trouble Shooting Incentive Pay Programs (Chapter 83, pp.793-802). Large Dairy Herd
Management,(Van Horn, H. H. & Wilcox, Editors), Champaign, IL: American Dairy Science Association.
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Paper Type | : | Research Paper |
Title | : | Financing Leverage Analysis: A Conceptual Framework |
Country | : | India |
Authors | : | Sandip Sinha |
: | 10.9790/487X-0736491 |
Abstract: conceptual framework for intra - firm financing leverage analysis { based on the mechanical
analysis of physical leverage ( the genesis of the concept of financing leverage ) } of a corporate
firm under condition of future business risk considering a short - term planning horizon , composed
of ( a ) an ex - ante analysis conducted at the beginning of the period for choosing a ' Financing
Account Structural Plan ' ( FASP ) from alternative FASPs based on the principle of maximization
of expected utility { or principle of minimization of absolute value of expected disutility ( negative
utility ) } of the ' elasticity coefficient measure ' of the ' Degree of Financing Leverage ' ( DFL )
considering the degrees of ' Downside Financing Leverage Risk ( DFLR ) averseness' and ' Upside
Financing Leverage Risk ( UFLR ) affinity' subjectively assigned by the DFLR averse or UFLR affine
decision - maker [ noting that a decision - maker with an iota of rationality can never be ' DFLR affine '
or ' UFLR averse' to any degree , and utilizing concave utility function and convex utility function for
risk aversion and risk affinity respectively ] ; and ( b ) an ex - post analysis conducted at the end of
the period for the performance appraisal of the decision-maker based on ' financing leverage efficiency' ,
is formulated and illustrated in this research paper.
Keywords: Physical Leverage , Financing Leverage , Financing Account Structural Plan , Degree of
Financing Leverage , Financing Leverage Risk , Downside Financing Leverage Risk , Upside Financing
Leverage Risk , Coefficient of Variation , Mean Absolute Deviation , Financing Leverage Efficiency.
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