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Share Centralization, Investor Sentiment and Firm Performance
Issue:
Volume 8, Issue 3, June 2019
Pages:
78-84
Received:
16 March 2019
Accepted:
6 May 2019
Published:
29 May 2019
Abstract: The purpose of this paper is to identify how internal corporate governance and external investor sentiment impacts the operating performance of the firm. The corporate governance mechanism affects the firm’s operating activities, and transfers its results to outside investors by public financial reports. Since the universal uninformed investors could only identify the firm’s net income instead of accrual earnings, this paper reflects the “visible” accounting number to represent investors’ received information differently from literatures. Sampling the Taiwanese listed companies from 2007 to 2014, I demonstrate variable definition, build regression models and examine them by full sample analysis and by grouping analysis. The results show three points contributed to professional and business field. The first is that both the higher investor sentiment and the larger shareholding percentage of the board are relevant to reported performance. In addition, because the investor sentiment is encouraged by firm’s net income, the managers should devote to better earnings for borrowing equity capital when the firm’s debt ratio is high. Finally, only in the situation that the enterprise faces low investor sentiment and little shareholding of the board is the shareholding percentage negative relationship to the operating performance. It infers that instead of informing the firm’s prospect to the outside investors, the board might hold on its share right inside of the firm.
Abstract: The purpose of this paper is to identify how internal corporate governance and external investor sentiment impacts the operating performance of the firm. The corporate governance mechanism affects the firm’s operating activities, and transfers its results to outside investors by public financial reports. Since the universal uninformed investors cou...
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Role of Tax Towards Government Revenue of Nepal
Issue:
Volume 8, Issue 3, June 2019
Pages:
85-96
Received:
25 March 2019
Accepted:
6 May 2019
Published:
29 May 2019
Abstract: A modern government collects required funds through different sources; mainly from revenue and debt. Among different sources, taxation is the most important sources of government revenue and Gross Domestic Product (GDP) of a nation. In this paper, an attempt has been made to examine the contribution of tax revenue to GDP and government revenue of Nepal. The main questions addressed for the study were to find the proportion of tax in government revenue collection and to know whether the resource gap of Nepal is in increasing or decreasing trend. This study is mainly based on secondary data collected from government sources. Nationwide data of both direct and indirect taxes, total government revenue and GDP for the period of last fifteen years from F/Y 2002/03 to F/Y 2016/17 have been taken for the study. In order to assess the contribution of tax revenue on government revenue and GDP, co-relation and multiple regression analysis have been done separately and the results have been verified by using test statistics (t-test and f-tests). Similarly, to observe the long-term growth of tax revenue, time series analysis has been done by using straight line trend method. The study has concluded that GDP and government revenue have been strongly related with direct and indirect tax revenues of Nepal.
Abstract: A modern government collects required funds through different sources; mainly from revenue and debt. Among different sources, taxation is the most important sources of government revenue and Gross Domestic Product (GDP) of a nation. In this paper, an attempt has been made to examine the contribution of tax revenue to GDP and government revenue of N...
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Study of Biases in the Prescription of SSRIs with Respect to Pharmacokinetic, Applicative, Demographic, and Commercial Aspects
Stuti Mittal,
Haresh Raulgaonkar
Issue:
Volume 8, Issue 3, June 2019
Pages:
97-107
Received:
3 March 2019
Accepted:
31 May 2019
Published:
12 June 2019
Abstract: Objective: To study the biases in the prescription of Selective Serotonin Reuptake Inhibitors and the variation between the literature and the perception of doctors prescribing SSRIs. Methodology: The five drugs under study were sertraline, fluoxetine, fluvoxamine, paroxetine, escitalopram. The factors influencing the psychiatrist’s perceptions/ practice considered in this study are: A) Pharmacokinetic factors of the drug (Contra indications, Drug efficacy, Onset of action, Duration of action and the Bioavailability) B) Uses of the drug (for Social Anxiety Disorder, Generalized Anxiety Disorder, Major Depressive Disorder, Obsessive Compulsive Disorder and Post-Traumatic Stress Disorder) C) Side effects (Somnolence, Anxiety, Tremors, Anorexia and sexual dysfunction) D) Patient’s Demographics (Gender, Age group, Special Groups- Geriatrics and Adolescents) E) Commercial aspects (Retail Price, Availability, Brand Value of the Parent Brand and Interpersonal Skills of the Medical Representative). Discussion: Contra-Indications: Theoretically, all SSRIs have the same number of contra-indications, since they have the same mechanism of action, though fluoxetine and paroxetine have a relatively higher potential of drug-drug interactions. Nonetheless, escitalopram was perceived to have the lowest, while fluvoxamine was perceived to have the highest number of contra-indications. Duration of action: There is no set difference between the duration of action of the 5 drugs under study, although, according to secondary research, 1/3rd of the total therapeutic effect at six weeks was apparent by the 1st week of treatment. Also, fluoxetine has the highest half-life at 2-4 days, while that of paroxetine is the least, at 16 hours. Yet, based on the study, Sertraline was perceived to have the highest duration of action. Demographics: Although there was no literature found to back this bias, Sertraline was the most preferred drug for us in geriatric patients, while Paroxetine was the least preferred. For adolescent populations, Paroxetine was the most preferred and Fluoxetine was the least preferred. Conclusion: There exists a gap between the theoretical evidence and the practical observations about the pharmacokinetics, uses and side effects of the 5 SSRIs under study. For example, sertraline, a drug proven to be useful in the treatment of depression, has an incorrect bias of causing anxiety as a side effect. This results in psychiatrists not prescribing an effective drug due to a bias with no theoretical basis, thus resulting in poorer treatment outcomes for the patient. For healthcare organizations, it means that they are losing out on almost half the potential patient population. Therefore, it would be useful for them to undertake communication campaigns that revolved around thwarting such biases, thus resulting in better treatment choices for patients and improved health outcomes.
Abstract: Objective: To study the biases in the prescription of Selective Serotonin Reuptake Inhibitors and the variation between the literature and the perception of doctors prescribing SSRIs. Methodology: The five drugs under study were sertraline, fluoxetine, fluvoxamine, paroxetine, escitalopram. The factors influencing the psychiatrist’s perceptions/ pr...
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Effect of Brand Equity on the Performance of Distributors in Flour Mills of Nigeria PLC
Solomon Abba Boman,
Tijjani Bashir Musa,
Agbo Onu,
Ismail Tijjani Idris
Issue:
Volume 8, Issue 3, June 2019
Pages:
108-117
Received:
16 April 2019
Accepted:
3 June 2019
Published:
17 June 2019
Abstract: The rapid growth of fast moving consumer goods market in Nigeria has brought competition, making firms to focus on the performance of distributors or loose to competitors. In order for fast moving consumer goods companies such as Flour Mills of Nigeria PLC to grow and ensure profitability, product distribution become critical. The objective of this study is to assess the effect of brand equity on the performance of distributors in Flour Mills of Nigeria PLC focusing on the north central region of Nigeria. The study is a survey research, data were collected using self-administered questionnaire, and the formulated hypotheses tested using multiple regressions with the help of SPSS IBM 23. The findings of the study revealed that the level of performance of distributors in Flour Mills of Nigeria PLC is greatly influenced by factors such as Product’s brand acceptance and product perceive quality which increases market share of the company. The study concluded that the positive effect of brand equity on performance of distributors in Flour Mills of Nigeria PLC is very high. And therefore recommended that creating intensive awareness about the Company activities will improve the Performance of distributors, requisite quality measures such as date of manufacture, expiry date, basic instruction on how to use the product and the production ingredients or contents that make up the product will create confidence in the mind of customers. Also, measures such as quantity and quality increase, effective distribution channels and affordability will increase customer’s satisfaction.
Abstract: The rapid growth of fast moving consumer goods market in Nigeria has brought competition, making firms to focus on the performance of distributors or loose to competitors. In order for fast moving consumer goods companies such as Flour Mills of Nigeria PLC to grow and ensure profitability, product distribution become critical. The objective of this...
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Threshold Effect of Industrial Structure Change on Economic Growth
Issue:
Volume 8, Issue 3, June 2019
Pages:
118-124
Received:
16 April 2019
Accepted:
2 June 2019
Published:
17 June 2019
Abstract: Based on the framework of neoclassical growth theory, this paper constructs a time series threshold co-integration model to test and analyze the impact of ratio of the tertiary and the secondary industry, the tertiary and the primary industry, the productive service industry and the service industry on economic growth during 1979-2015 in China. The following conclusions are drawn: (1) there is a threshold effect of industrial structure change on economic growth. The time node of the threshold effect is about 2009-2010. (2) threshold effect of industrial structure on economic growth is mainly achieved by changing the output efficiency of labor factors. After 2009-2010, the labor output efficiency declines significantly, while the capital output efficiency remains basically unchanged. The conclusions of the study show that the premature development of service industry and the excessive non-productive tendency of service industry development are very detrimental to the sustained growth of China's economy in the middle and late stages of industrialization. This paper provides some policy suggestions, such as continuing to promote the mechanization and large-scale development of the agricultural industry, deepening the development of manufacturing industry, and focusing on the development of productive services, to maintain the high-speed economic growth of China.
Abstract: Based on the framework of neoclassical growth theory, this paper constructs a time series threshold co-integration model to test and analyze the impact of ratio of the tertiary and the secondary industry, the tertiary and the primary industry, the productive service industry and the service industry on economic growth during 1979-2015 in China. The...
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Determinants of Financial Sustainability of Small Scale Sunflower Oil Processing Firms in Tanzania
Anastasia Njiku,
Ganka Daniel Nyamsogoro
Issue:
Volume 8, Issue 3, June 2019
Pages:
125-132
Received:
3 April 2019
Accepted:
31 May 2019
Published:
19 June 2019
Abstract: Financial Sustainability of firms as a necessary condition for institutional permanence and long-lasting service has attracted scholarly attention in both developed and developing world over several decades. Little attention however, has been paid to small scale agro-processing firms’ context in developing economies like Tanzania. This study was set to investigate factors influencing financial sustainability of small scale sunflower oil processing firms in Tanzania. The study used 219 small scale sunflower oil processing firms randomly selected in central sunflower agricultural corridor of Dodoma and Singida regions in Tanzania. Data collected were analyzed by using Hieratical Multiple Linear Regression model, where a number of firm specific factors were considered as important determinants of financial sustainability while controlling for differences in technical efficiency levels. It was found that location of the firm, age of the owner and training of the employees are statistically significantly influencing financial sustainability in sunflower oil processing firms in Tanzania. In addition, technical efficiency contributes significantly on financial sustainability of small scale sunflower oil processing firms (SSSOPF). The findings imply the need for the government and other agencies in the sector to nurture entrepreneurial aspirations in tender age and consider clustering firms in the designed industrial areas for easy accessibility of inputs and support services. Moreover, improving technical efficiency is a pre-requisite for financial sustainability of SSSOPF in Tanzania.
Abstract: Financial Sustainability of firms as a necessary condition for institutional permanence and long-lasting service has attracted scholarly attention in both developed and developing world over several decades. Little attention however, has been paid to small scale agro-processing firms’ context in developing economies like Tanzania. This study was se...
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Combined Effect of Personality Factors and Cognitive Factors on Students’ Self-Employment Intentions in Technical, Vocational Education and Training in Kenya
Kahando David Maina,
Mungai Esther Nyambura
Issue:
Volume 8, Issue 3, June 2019
Pages:
133-141
Received:
8 May 2019
Accepted:
11 June 2019
Published:
19 June 2019
Abstract: Entrepreneurship has been acknowledged as a key driver of economic growth across many economies both in developed and developing countries. Entrepreneurial intention has been empirically proved to be the predictor of entrepreneurial behaviour. This study used personality factors (need for accomplishment and internal locus of control) and cognitive Factors (personal attraction and perceived social valuation) to assess their combined effect on self-employment intentions in Technical, Vocational Education and Training in Kenya. The study objective was to establish the combined effect on the relationship between personality factors and cognitive factors on students’ self-employment intentions. A cross-sectional survey research design was used to obtain quantitative data. A structured questionnaire was developed and administered to diploma engineering finalist students sampled from 41 public TVET Institutions in Kenya between 2016 and 2017. The data was analysed using both descriptive statistics and inferential statistics. Pearson’s Coefficient Correlation was used to examine the relationship between independent variables and the dependent variable. Factor analysis was conducted to investigate the internal structure among the set of variables. Multiple regressions analysis was used to examine the effect of independent variables on the dependent variable. The findings indicated that there was a positive and significant relationship between combined effect of personality factors and cognitive factors on self-employment intention. Consequently, the combined effect of independent variables strongly influences dependent variable. The study concluded that although personality factors and cognitive factors positively individually influenced self-employment intention, combined association enhanced this effect further among engineering students in TVET institutions in Kenya.
Abstract: Entrepreneurship has been acknowledged as a key driver of economic growth across many economies both in developed and developing countries. Entrepreneurial intention has been empirically proved to be the predictor of entrepreneurial behaviour. This study used personality factors (need for accomplishment and internal locus of control) and cognitive ...
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The Economic and Non-Economic Determinants of Economic Growth in Oil-Exporting Arab Countries
Elham Mohammad Alhaj Yousef,
Taleb Awad Warrad
Issue:
Volume 8, Issue 3, June 2019
Pages:
142-152
Received:
8 May 2019
Accepted:
10 June 2019
Published:
26 June 2019
Abstract: This paper aims at exploring the main determinants of economic growth in Oil-Exporting Arab countries (OEAC) by shedding light on the most effective determinants. It is then wished that governments and policy makers would concentrate on and take them into consideration when they are designing and applying their public policies. The study used panel data for six OEAC over the period of 1998-2017. Some study variables were not stationary at level but they became stationary after taking the first difference for them. The result of applying panel Pedroni cointegration test revealed that the model was cointegrated. Therefore, FMOLS model was applied for estimation showing that gross fixed capital formation, labor force growth rate, economic freedom, rule of law, regulatory quality and government effectiveness have statistically significant positive impact on the economic growth of OEAC, while trade openness, control of corruption, political stability and voice and accountability have insignificant effects on their economic growth during the study period. Moreover, the Global Financial Crisis of 2008 with its slow recovery has a significant negative impact on the economic growth of such countries. Therefore, the study recommends OEACs’ governments to make “real” institutional reforms and adopt the appropriate polices that eliminate corruption and rent seeking behaviour and enhance the rule of law. They also need to improve the quality of education and to develop the skills and expertise of their labour force. In addition, they have to establish specialization in the production of goods in which they have comparative advantages and diversify their production and sources of national income, and not to depend only on exporting natural raw materials, which altogether eventually ensure resources are efficiently and effectively utilized in pursuit of their economic growth and social development.
Abstract: This paper aims at exploring the main determinants of economic growth in Oil-Exporting Arab countries (OEAC) by shedding light on the most effective determinants. It is then wished that governments and policy makers would concentrate on and take them into consideration when they are designing and applying their public policies. The study used panel...
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Effect of Lean Accounting on the Effectiveness of Internal Control in Jordanian Industrial Companies
Atallah Ahmad Alhosban,
Mohammed Alsharairi
Issue:
Volume 8, Issue 3, June 2019
Pages:
153-160
Received:
25 April 2019
Accepted:
4 June 2019
Published:
27 June 2019
Abstract: The study aimed at explaining the effect of the use of lean accounting on the internal control components, namely accounting control and administrative control. A questionnaire was designed to achieve the objectives of the study. The study community shall be the internal auditors of the Jordanian industrial companies, which shall participate in the primary market only. The most important results of the study The industrial companies are based on the restructuring of their products from time to time based on customer requests, and this contributes to the achievement of financial control and accounting for production costs, and The industrial companies shift the reduction of production costs by reducing the cost of inventory to the lowest levels in order to control the assets and safety of the company and maintain a certain level of quality in the financial statements. the most important recommendations of the study: The need to achieve self-control of manufacturing processes by taking the target price and target cost, and the necessity of achieving the best product for the customers in terms of quality and the appropriate price, which affects positively on the achievement of cost control through the work of planning budgets.
Abstract: The study aimed at explaining the effect of the use of lean accounting on the internal control components, namely accounting control and administrative control. A questionnaire was designed to achieve the objectives of the study. The study community shall be the internal auditors of the Jordanian industrial companies, which shall participate in the...
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