International Journal of Management, Economics and Social Sciences

233 – 251

Authors: Solabomi O. Ajibolade; Oboh Collins Sankay

Persuaded by the pecking order assumptions, where internal fund is preferred over debt and equity when financing investment projects, this study provided empirical evidence on the interaction between working capital management and corporate debt structure, and the effect of this on corporate profitability. The assumption on which the study was based is that, if internal funds become the preferred source of finance for investment projects, then working capital composition is interfered, making both decisions co-dependent. A pool of time-series and cross-sectional dataset was constructed from the annual audited financial results of 35 manufacturing companies listed on the Nigerian stock exchange for a two-year period (2011 - 2012). Panel exploration and Factorial-ANOVA estimation techniques were used to estimate the econometric models developed for the study. The results suggested a significant negative relationship between firm's working capital composition and their debt structure choice. Additionally, on individual basis, the study found a positive significant relationship between debt structure and profitability but no significant relationship between firm's working capital composition and profitability. The results, however, showed that as the firm's working capital composition synchronously interacts with the debt structure, corporate profitability is positively affected. The study therefore recommends that, for firms to optimize profitability and to maintain good liquidity position, corporate financing decision should be considered side by side with their working capital composition.

265 – 273

Authors: Chia-Hui Ko; Mei-Ju Chou

Music technology is a term commonly used to refer to electronic form of the musical arts, particularly devices and computer software that enable the facilitation, playback, recording, composition, storage, and performance of various musical compositions. There has been a growing awareness of the importance of aesthetics in early childhood education, especially for the music technology that offers young children benefits from the implementation of an appropriately complete music technology curriculum in the early childhood educational environment and instruments application. The findings in this paper demonstrate such music courses encourage creativity and foster a sense of cultural understanding and appreciation amongst children in an early education program. In short, with the progress of developmentally appropriated program, this study demonstrates that music technology curriculum is not only valuable, but essential to the early education program for young children.