International Journal of Academic Research in Accounting, Finance and Management Sciences

9-15

Authors: Slawomir CZARNIEWSKI

In recent years, new business solutions have appeared based on creative ideas and the ability to use multi-channel communication with clients. Social networks are now not only a necessary complement to communication, but also a source of specific value and inspiration for new methods of obtaining market information. Commercial companies are increasingly recognizing the importance of social networking sites. These companies use these sites for marketing and promotional purposes, as well as to build the image of the organization. This paper presents select aspects of creativity in the digital economy. The purpose of this article is to indicate the sources of creativity in social networks, the social impact of these creative solutions and how they affect the functioning of the economy.

27-43

Authors: Luyali Newton CHANZU, Mouni GEKARA

This study investigated the effects of use of derivatives on financial performance of companies listed in the Nairobi Securities Exchange (NSE). The objectives were; to determine how risk management, efficiency, price stabilization and price discovery in derivatives affect the financial performance of companies in NSE. This study targeted 11 companies that are listed in the NSE trading in the derivative market. Questionnaire was used to collect data from finance officers of the 11 companies listed and NSE officers. The data collected was analyzed by use of descriptive and inferential statistics. Qualitative responses were analyzed using content analysis. A correlation analysis was carried out to determine the performance of the companies listed in the NSE during the pre- and post- adoption of the financial derivatives by these companies. The findings indicated that apart from price stabilization other variables contributed positively to the financial performance of companies listed in NSE.

60-71

Authors: Nadia Sbei TRABELSI, Mohamed TRABELSI

The objective of this paper is to examine the value relevance of accounting information for the banks listed in the Dubai Financial Market (DFM) for the period 2008 - 2013. Empirical tests are based on the return and the price models. Overall, the results show that accounting information is associated with market valuation. The earnings are positive and significantly related to stock prices and stock returns. Moreover results indicate that value relevance of accounting information has changed since 2008 which might raise the effect of the Global Financial Crisis (GFC). Finally, the explanatory power of earnings and equity book value are found to decrease during the recovery period 2011-2013.

79-87

Authors: Slawomir CZARNIEWSKI

The purpose of this work is to show mechanisms shaping attitudes, opinions and behaviors of consumers. Paper shows the impact of the system of communicating specified value on the decision-making process of the consumer. Attention was drawn to system interaction and communication in the context of changes in consumer opinion. The communication process aims to create and strengthen attitudes among buyers, leading to a favorable reception of products / services as well as a change of attitude from neutral to positive – creative. The basis for the preparation of the paper was the conduction of an in-depth and comprehensive study on the effectiveness and efficiency of communicating customer value. This included the analysis of available secondary data from various institutions involved in marketing communications, both in scientific and commercial applications. Reflections contained in the paper do not have definite characteristics and should be treated as an opinion in the discussion.

95-103

Authors: Nizar El OUNI, Faouzi MILED, Manelle LAHDHIRI

Although several studies of theoretical and empirical ones converge on the financial dimension in economic growth, they do not actually provide real common response to the problem of the possible interaction between the real economy and the financial. In fact, the interrelationship between financial development and economic growth arises more acutely and becomes increasingly uncertain to know is that the financial activity that stimulates real or vice versa. Who rightly, Schumpeter argues that: "Financial institutions are required to technological innovation underlying growth" or Robinson says, "Where growth leads; finance follows. »The question posed in this article question then is at the intersection of two areas, namely finance and economics. We will be interested throughout this research to the Tunisian context by using a methodology that is first to apply the test cointegration between the rate of return on equity and the rate of growth in economic activity real. While in second place, we will adopt the technique of error correction (VECM) to be considered in order to understand the dynamics between the variables studied in the short and long term. Finally, the causality test will be the third step of our methodology to detect the direction and magnitude of the causal relationship between the two spheres studied.

126-135

Authors: Slawomir CZARNIEWSKI

Lack of knowledge or skills is the cause of the gap of knowledge and skills, or the asymmetry of knowledge between client and vendor (service provider). That gap may be filled to a large extent through the process of communicating specified values and benefits to the customer and/or worker. This process should, however, be effective and efficient. The process of communicating customer value not only provides buyers with awareness of what products and services they can buy, but also of the benefits of the purchase for them. The goal of the study is to find out whether, in fact, the communication methods used by the Polish Post deliver a sufficient amount of information to workers, who are the most important element of the internal environment, respectfully. In this work, analysis was performed on the effectiveness of communication activities undertaken by the company in terms of services provided and image achieved. An important issue is the appropriate, effective process of communicating value for employees. The results of the research and analyses can be used by managers of the audited company, as well as by the management of other enterprises providing services of a similar nature.

143-152

Authors: Muhammad Naveed ASLAM

After 2008 world economic crises, banks and other financial institutes move towards Islamic financing not only in Muslims countries but also in non-Muslim countries of the world. In view of this, some micro financial institutions also introduce Islamic micro financing products in Pakistan. The present study was conducted to analyze the role of Islamic microfinance to alleviate poverty in Pakistan its impacts, people satisfaction level and assess the future of it in Pakistan. An Empirical approach has been adopted due to lack of knowledge to clients about products, technical terms, lack of time, and we come to know the changing improvement in the eyes of those people who directly involve in this system. Questionnaire was used as a tool for data collection. The qualitative data was quantified and chi-square test was applied to test the association of attributes by 5% level of significance. Our analysis concluded that Islamic microfinance playing an important role to improve the living standard, per capita income, awareness level (Educational level), ethical values, profitability, sustainability, infrastructure position, employment level in the society, helpful to control the inflation and unequal distribution of wealth. People are more interested due to religious prospective and prohibition of riba in Islam as well as in Christianity but there should be proper regularity authority to control over it in order to get fruitful results through an implementable model.

166-175

Authors: Ileana – Sorina RAKOS, Andreea ANTOHE

The present article intends to highlight the importance of the impact of the economic activities on the environment, and of its integration in the decisional and financial system of the national economic entities. During the last decade, a new challenge has appeared for the professional accountant, namely that of the environmental accounting, meant to maximize life quality. Environmental accounting is a global concept, and, from the perspective of the impact of the economic activity on the environment, the authors consider the environmental cost as the essential instrument providing the information volume and quality necessary to the managers on different hierarchic levels of an economic entity for the assessment, identification, analysis and recording of the impact produced by the economic activity on the environment, and the use of such information in the financial and decisional process of the economic entity. Within this context, we intend to show the effect of the activities carried out by the Romanian economic entities on the environment, by means of the environmental cost. Having as a starting point the stage of the researches carried out in the literature regarding the environmental cost, made by different experts, we intend to prove the opportunity of knowing the current, future and potential environmental costs which, actually, represent the starting point, both in the achievement of the objectives of reducing the environmental expenses, and in the intensification of the processes of recovery and improvement of the financial and environmental performances. Thus, the environmental cost may be considered as the essential instrument in the identification, recording, analysis and assessment of the impact produced by the economic activities on the environment. At the same time, the environmental cost is what warns the manager on the mode of generation of profit or loss from the activity carried out by the economic entity - resulted both from the current activity, and from that of the financial exercise. Also, the environmental cost is the instrument providing us with a clear and real picture on the mode in which the environmental factors influence the activity of the economic entity.

191-204

Authors: Widia ASTUTY

This study aims to test the effect of participatory budgeting and procedural fairness on the manager's commitment and performance either have simultaneous or partial effect. The method of the research used was a survey method that conducted at the pawnshop in North Sumatra with the respondents of the managers in branch offices. The data used is primary data by collecting data through questionnaires. The analysis method used is descriptive-analytical verification. The effect model analyzed by using a structural equation model to analyze the pattern of causal relationships between variables and determine the direct, indirect and total effect of some variables. The results showed that participatory budgeting and procedural fairness simultaneously have a significant and positive effect on the manager’s commitment; participatory budgeting has a significant and positive effect on the manager’s commitment; procedural fairness has a significant and positive effect on the manager’s commitment; participatory budgeting, procedural fairness and manager’s commitment simultaneously has a significant and positive effect on the manager’s performance; the effect of participatory budgeting has a significant and positive effect on the manager’s performance; the procedural fairness has a significant and positive effect on the manager’s performance; the manager’s commitment has a significant and positive effect on the manager’s performance.

210-220

Authors: Gehan A. MOUSA

This research examines the association between accounting conservatism and cash dividends of listed firms in the Kingdom of Bahrain. It has addressed two questions. First, does accounting conservatism actually work? Second, can accounting conservatism influence cash dividends of firms in the Kingdom of Bahrain? The findings of this study support the hypothesis that accounting conservatism plays an important role in reducing cash dividends and managing agency conflicts. It documents a significant negative association between accounting conservatism and cash dividends of Bahraini Firms.

228-248

Authors: Paul Munene MUIRURI

Capital Markets have become an integral part of the Kenyan economy. The manner in which securities are priced in the capital market has attracted the attention of many researchers for long. This study sought to investigate the effects of estimating of Systematic risk in equity stocks of the various sectors of the Nairobi Securities Exchange (NSE. The study will be of benefit to both policy makers and investors to identify the specific factors affecting stock prices. To the investors it will provide useful and adequate information an understanding on the relationship between risk and return as a key piece in building ones investment philosophy. To the market regulators to establish the NSE performance against investors’ perception of risks and returns and hence develop ways of building investors’ confidence, the policy makers to review and strengthening of the legal and regulatory framework. The paper examines the merged 12 sector equity securities of the companies listed at the market into 4sector namely Agricultural; Commercial and Services; Finance and Investment and Manufacturing and Allied sectors. This study Capital Asset Pricing Model (CAPM) of Sharpe (1964) to vis-à-vis the market returns. Monthly basis secondary data from the period January 2009 through December 2012 was used model the study from Stocks of the various sectors of the NSE. A simple regression model approach was used where stock was taken as dependent variable while systematic risk as independent variable and used. The study found out that there were effects market sector betas and returns. Second there is a relationship between systematic risk and stock market return in sectors because systematic risk and stock market return exhibits a strong negative autocorrelation, indicating that the stock market return is a function of more variable than systematic risk. The study rejects the first null hypothesis for all the four sectors and finds that beta is a statistically significant indicator of market risk for those sectors. The study also found out that agricultural sector was most risky sector with the highest volatility while the Finance and Investment sector is the least risky during the study period. Industrial and allied as well as the finance and investment sectors had less volatile returns than the overall NSE. From the findings of sectors studied it can be concluded that the various equity in NSE each of the have unique factors that influence market risk relative to the all the companies listed at the NSE.

263-271

Authors: Basil Senyo DAMANKAH, Olivia ANKU-TSEDE, Albert AMANKWAA

Banks in recent times have changed their focus from depending heavily on interest income to generating revenue from fee generating activities. This paper identifies and discusses some factors common with banks that engage in non-interest earning activities in Ghana. It was found that smaller banks are more involved in non-interest earning activities, relative to their larger counterparts. Higher interest income, customer deposits, exposure to risk and liquidity are also found to be common factors among banks in Ghana that concentrate more non-interest income generation. The Central Bank’s Prime rates also affect banking operations and is positively related to bank’s engagement in nontraditional activities. These results have implications for bank regulators, who must institute regulations toward harmonizing the various sources of bank income as against likely exposures to risk.

280-289

Authors: Shrikant Krupasindhu PANIGRAHI, Yuserrie ZAINUDDIN, Azzlina AZIZAN

This study investigates the importance of economic value added for the shareholders wealth maximization. Economic value added (EVA) is a value based performance measurement tool that inclines the agency conflict issues between managers and shareholders. Using a sample of 28 construction public listed companies in main board of Bursa Malaysia and using panel data with fixed effects during the period of 2003 to 2012, the findings of the study revealed that there is a positive and significant relationship between EVA and shareholder’s wealth maximization. The more the managers produce EVA, the more shareholders’ wealth maximization will be created. The finding shows significant support for EVA, but EVA was not reported by the companies and is not been used by investors for their investment decisions. Thus it is recommended for the managers to focus more attention to the criteria of EVA in evaluating shareholder’s value.

297-306

Authors: Zam Zuriyati MOHAMAD, Hatijah Mohamed SALLEH, Nur Diyana ISMAIL, Ibrahim Tamby CHEK

The purpose of this study is to determine the level of quality of Non-Financial Information disclosure in Malaysia. Non-Financial Information disclosure in this study refers to Corporate Social Responsibility disclosure, Intellectual Capital disclosure, Risk Management disclosure and Corporate Governance disclosure. This study also aims to examine the influence of quality of Non-Financial Information on firm’s profitability. It further identifies which Non Financial Information disclosure has the highest influence on firm’s profitability. Data was collected from 100 selected annual reports of Public Listed Companies by using random sampling technique and was analyzed by using Multiple Linear Regression. Two ratios have been used to measure the firms’ profitability. This study reveals mixed finding on the influence of Non-Financial and firms’ profitability. The results show that Corporate Governance disclosure has the highest influence on firm’s profitability. This study provides useful insight to the authorities on the level of quality of Non-Financial Information and this information enables them to focus on areas that need improvement. This study also gives a better understanding to the users of annual reports on the influence of Non-Financial Information disclosure on firm’s profitability.

317-325

Authors: Ghada ABBAS

The majority of empirical literature on random walk behavior has interested on developed and emerging markets. However, few studies have been carried out to test the randomness of returns series on less developed markets. Damascus securities exchange is a young and nascent market in the Middle Eastern, started its operations in 2009; therefore, there is no empirical evidence testing the validity of random walk process. This paper examines whether daily stock returns on Damascus Securities Exchange follow a random walk for the period of 2009 to 2014. This study applies two parametric tests namely serial-correlation test and variance ratio test, and two non -parametric tests, i.e. runs test and BDS test. It is found that daily returns do not confirm to a random walk during the period under examination. This result is consistent in both parametric and nonparametric tests. The broad conclusion emerging from this study is that price returns might be predictable; hence, it is possible for investors to earn higher return than average by using historical successive prices.

333-339

Authors: Bahman Nikkhah BOROUJENI, Mohsen ASGARI

One of the major goals of governments for improving economic conditions is to transfer the ownership of companies to the private sector. Applying Robins questionnaire, this research aimed to investigate the structure of National Iranian Copper Industries Company (NICICO) before and after privatization. The statistical population included directors of National Iranian Copper Company. Components of the company's structure were organizational centralization, formality, and complexity. Also, paired t-test was applied to analyze the data during the pre- and post-privatization periods. The results showed the significant change in the structure of NICICO before and after privatization; these changes had an incremental trend in terms of complexity and centralization; however, formality index was reduced after privatization.

21-27

Authors: Hamid Reza VAKILIFARD, Nassim SHAHMORADI

Given economical conditions being dominated in Iran and recent changes in domestic industries, the attention given by different groups, specifically by investors and financial analysts, to the status of enterprises and especially their efficiency has been multiplied. The managers, on the other hand, are also looking to improve their position in the competitive scene. The purpose of this study is to investigate the relationship between free cash flow, return on equity, and factors affecting it. A sample of 84 companies listed in Tehran Stock Exchange was selected through classified random sampling which were investigated for 8 years. Chow and Hausman test were used to specify the statistical methods; finally, results of the regression models indicated a strong relationship between free cash flow and return on equity. Although companies' stable or unstable profitability does not affect this relationship, it can adversely influence efficiency.

36-40

Authors: Jamshid Jafari DARABJERDI, Tahereh Kakoo JOYBARY

The purpose of this research is to study the effect of financing methods on profitability level of food industry companies quoted in Tehran stock exchange. Time period of this research is 2007-2011, and a number of 37 food industry companies were chosen as sample. Regression analysis and Pearson`s correlation have been used in SPSS 16 software, in order to test the research assumptions. In this research, dividend revenue has been considered as dependent variable, and financing methods inthree dimensions (retained earnings, long-term loan, and short term loan) have been considered as independent variables. The research findings indicate that using loan (long-term loan and short-term loan) leads to increase in dividend revenue in food industry. While, using retained earnings infinancing, has no effect on dividend revenue on mentioned industry.

49-62

Authors: Samuel Nduati KARIUKI, Charles Guandaru KAMAU

The purpose of this study was to investigate factors influencing corporate capital structure in private firms in Kenya. Although the capital structure issue has received substantial attention, it is noteworthy that most of the empirical work done focuses on data derived from developed economies that have many institutional similarities and their applicability in developing markets such as Kenya is not documented. Yet, the maintenance of an optimal capital structure is considered as one area where decision makers can influence the company’s value and risk. Specifically, the objectives of the study were to establish whether growth opportunities, firm size, firm profitability, and asset tangibility influence corporate capital structure. The study adopted a descriptive survey research design. The study population comprised 121 Food and Beverage private manufacturing firms registered with the KAM that are located in Nairobi and surrounding area. A sample of 36 firms was selected for the survey using stratified random sampling technique from which 30 questionnaires were returned. Primary data was sourced through personally administered questionnaires to the CFOs. Data was analyzed using descriptive statistics and inferential statistics. Multiple regression analysis was used to determine the interplay between the independent variables and dependent variable. Based on the findings, the study concludes that growth opportunities positively influence capital structure; firm size negatively influences the capital structure, there is an insignificant negative relationship between firm profitability and the capital structure, and there is insignificant positive interaction between asset tangibility and the capital structure of private firms in Kenya.

80-88

Authors: Edwin QUINN Jr.

The purpose of this study is to exam the complexities of corporate governance and how it has changed as a result of Sarbanes Oxley. The convergence of agency theory, stewardship theory, and stakeholder’s theory are discussed to determine their influence on corporate governance. Best practices are identified for challenges of compensation committees.

97-108

Authors: Eliasu NUHU, Al-Hassan INUSAH, Gasu Rose AMA, Zakaria Mohammed SANO

Agriculture is the major means of livelihood for the rural people of Ghana. It is also the backbone of national economies, the main source of foreign exchange and the most important source of employment. It is not surprising that in the 1980’s the paradigm shifted towards agricultural finance in developing countries. Microfinance became the alternative to the fall-out of government intervention to alleviate poverty through credit support to rural farmers. However, till now, no study has been conducted to ascertain the impact of microfinance on crop production in Ghana. This paper therefore investigates the impact of microfinance on crop production in Ghana with specific reference to the East Mamprusi District (EMD) of Ghana. The paper employed the quantitative method approach. The sample size that was used in the study was hundred (100) respondents who were drawn from the list of farmers in the district who have accessed microfinance. The results show that there is a significant relationship between microfinance and crop production. Also, consistent with the perceptive views of the respondents on the impact of microcredit on crop production, the regression result showed that a GH¢1 increase in microcredit to the farmers would increase crop production by more than one-third (0.314) of a bag. This shows that microcredit has significant impact on crop production.

119-129

Authors: Dragos Stefan OPREA, Elena Valentina TILICA

This study examines the day-of-the-week effect in 18 Post-Communist East European stock markets: Bosnia, Bulgaria, Croatia, Czech Republic, Estonia, Former Yugoslav Republic of Macedonia, Hungary, Kazakhstan, Latvia, Lithuania, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia and Ukraine, over the period January 2005 to March 2014. The results indicate the presence of day-of-the-week effect in Bosnia, Bulgaria, Croatia, Latvia, Serbia and Slovenia even after we incorporate in the analysis the market risk, proxied by the return on the Dow Jones Global Total Stock Market Index.

138-143

Authors: Gabriel - Cristian CONSTANTINESCU

The mediator can play an active role in creating the ethical framework in the conflict mediation. A pyramidal hierarchy of ethics principles in mediation is proposed: mediator’s ethics/legality and morality of the negotiation subject/ethics in the communication between negotiators/ethics of the procedures, techniques and tactics of negotiation. Exercising a triple role (personal example of ethics, generator of negotiation ethics rules, guarantor of minimal ethical framework), the mediators can become the creators of the mediation ethical framework. This ethical framework created by the mediator can be controlled through techniques systematized in a methodology for neutralizing unethical impulses of the negotiators involved in mediation. The proposed method selects a range of possible interventions depending on the orientation of negotiators identified by the mediator - to objective or to relationship. The mediator can use these techniques without exceeding its role of neutral and impartial person. The pro-active attitude of the mediator in the mediation ethical framework construction is identified as the key to reach equitable agreements and the future commitment of the parties.

155-160

Authors: Ioana DORIN, Cristina DIACONESCU, Dan Ioan TOPOR

Dual perspective on the industry makes the approach of industrial activities be different at the world countries level, depending on the ability of each system to accept, to take necessary measures and solve the problems caused by industry. Under pressure triggered by different types of actions, the industry has managed to maintain and even to impose itself in certain areas, despite the fact that the restriction or elimination of certain industries are dominant. The mining industry is a very important force in the global economy, occupying a primary position in the supply chain of resources. Despite this, its role varies and differs greatly, at national level from an economy to another, and it is not properly documented and sometimes even incomprehensible.

173-181

Authors: Masoud JALALIAN, Vahid SAYADI, Nasrollah SHABANKAREH

This study has been applied with the objective of analyzing the factors that may reduce the employees’ motivation in the sample population consisted of employees of Keshavarzi Bank branches in great Tehran. This research is an applied study with the descriptive correlative nature and has been implemented as a field study (survey) and using questionnaire. In this study, stratified random proportional sampling was used for choosing the employees of Keshavarzi Bank in Tehran. Population consists of all employees of Keshavarzi bank, employed in management branch and branches of great Tehran including 1040 persons. Out of them 233 employees were selected by sampling method and based on Cochrane formula. SPSS was used for analysis of data. Results obtained from individual effect of independent variables on dependent variable from the viewpoint of Keshavarzi Bank employees indicates that among organizational factors, psychological factors, knowledge, specialty and job skills, social inductions and organizational judgments, educational factors, managerial factors and organizational experiences have positive and significant association with employees’ demotivation. Summary of the collective effect of independent variables on dependent variable according to multivariate regression indicates that social inspirations and organizational judgments, psychological, managerial, organizational factors, knowledge, specialty and job skills have significant effect on employees’ demotivation. This study is probably the first to propose a reduction in staff motivation is to explore the causes. This study is somewhat different from previous works. Because, most studies have focused increase staff motivation. Some of the findings can be applied in a number of other financial institutions. Today, understanding the factors influencing employee motivation decreasing Is the new way to understand the reason for not reaching the organization's goals.

187-192

Authors: Asrin KARIMI

The aim of this paper is to examine the efficiency of two credit risk modeling (CRM) to predict the credit risk of commercial Iranian banks: (1) Logistic regression model (LRM); (2) Artificial neural networks (ANNs). The calculations have been done by using SPSS and MATLAB software. Number of samples was 316 and 5 dependent variables. The results showed that, artificial neural network is more proper to identify bad customers in commercial bank. The major contribution of this paper is specifying the most important determinants for rating of customers in Iran’s banking sector.

199-205

Authors: Slawomir CZARNIEWSKI

The main task of the modern enterprise is to build strong, sustainable relationships with clients and business partners. Currently, the final version of the company's offer is the result of cooperation across a network of companies forming one set of values for the customer. This applies not only to suppliers and intermediaries, but also to partners of strategic alliances or joint ventures. The value of the offer to the customer depends on the "quality" of these partnerships. A good reputation makes the company attractive to potential partners and facilitates the establishment of cooperation, which allows companies to offer customers a wider range of values than the competition. The aim of this work is to present models and concepts that shape the market and customer relationships. In addition, the advantages and disadvantages of different theoretical concepts are shown by linking them to economic reality.

212-221

Authors: Ali SANAYEI, Hoseyn Rezaei DOLATABAD, Mahboobe Zarei Shams ABADI

Regarding the wave of globalization many concepts and definitions associated with social-economic life of today human have changed. Changes caused by the advent of the internet or generally ICT (Information and Communications Technology) in the lives of individual people in different communities led to the significantly increased rapid dissemination of concepts, modern technologies and new services, among them electronic commerce is an issue of much importance. In the present study the impact of selected internet motives on the success of online shops has been addressed. The self-made survey questionnaire was applied included Likert-scale multiple-choice questions and next to the validity and reliability test 360 numbers of them was distributed between directors of online shops. Among them 348 acceptable responds were returned. According to the research findings, Smartphones, according to, 2nd and 3rd generation of the Internet, search engine optimization, banner advertising, email advertising, advertising through search engines found to have effect on the success of online shops. However, the impact of advertising motives through the Games and RSS reader on the success of Internet shops was not confirmed.

9-18

Authors: Farouq Rafiq ALTAHTAMOUNI, Zaher Abdelfattah ALSLEHAT

This study aims to investigate the impact of accounting indicators which are the return on assets, return on equity and earnings per share in addition to growth which is measured by sustainable growth rate on the market value which is measured by market share price, stock return and by market value to book value. By the application on the Jordanian Banks from 2002 to 2011, by using the simple regression test, and by using the least squares method, it was clear that all current accounting indicators and the current growth have a positive impact on the market share price and the market value to book value, and there is no effect of the current accounting indicators and the current growth on the stock market return. It also clear that there is a positive impact of future accounting indicators and the future growth on the market value depending on all of market value measurements, and that the best explanatory accounting indicators for the changes in the market value of the Jordanian banks is earnings per share.

26-37

Authors: Rihab GUIDARA, Younes BOUJELBENE

The aim of this paper is to investigate the impact of research and development investment (R&D) on managers’ behaviour. Specifically, considering that R&D is a specific investment, inherently exposed to a high level of uncertainty and high information asymmetry and that R&D accounting choices are a controversial issue, the current study tries to evaluate R&D effect on earnings management. The study is conducted on a sample of French companies investing heavily in R&D and accounting data are collected from the Worldscope database. The earning management is estimated through the discretionary accruals. Results indicate that R&D favours both incentive and ability for managers’ earnings management.

51–61

Authors: Olajide Solomon FADUN

Well formulated and implemented strategies are critical to firms’ performance. Strategic management is beneficial to a business as it operates in a dynamic and uncertain business environment. The study views strategic management as organisational risk management framework that promotes identification and evaluation of organisational risks and opportunities to enhance a firm’s performance. The study examines components of strategic management process, using Guaranty Trust Bank Plc (GTBank) as case study. It highlights background of study; undertakes internal analysis - SWOT; considers external environment, using PESTLE analytical tool; highlights strategic analysis and choice; appraises long-term objectives, generic and grand strategies; explains short-term objectives; and explores strategic control and continuous improvement. The findings indicate that GTBank has built its strategy around its brand image and its major competitors have not been able to displace her in the banking sector. This suggests that strategic management is beneficial to a firm, as it operates in a dynamic and uncertain business environment. The implication for practice is that effective strategic management - evaluation, formulation and implementation of organisational objectives - is critical for survival and relevance of a firm in the global business environment.

72–80

Authors: Zaher Abdelfattah ALSLEHAT, Farouq Rafiq ALTAHTAMOUNI

This study aimed to find a causal relationship between financial decisions (investment decision, Financing decision, and the dividend decision) and the causal relationship between those decisions and the financial performance of the Jordan commercial banking sector as measured by return on assets and return on equity for the period from 2002 to 2011. Where the study sample consisted of all commercial banks operating in the Jordanian's banking sector reached to thirteen banks. Among the most important findings of the study have a causal relationship in one direction between investment decision and financing decision, and the absence of a causal relationship between the distribution of profits and resolutions investment and financing. And the rate of return on assets is causing in both investment and financing decision, and there is no causal relationship between the decision of the distribution of profits and the entire rate of return on assets and return on equity.

94–104

Authors: Rim Ben HASSEN, Omri ABDELWAHED

The purpose of this paper is to examine corporate governance mechanisms applied to a particular form of ownership structure: the privatization. Using, a series of statistical and econometric analysis, we show that privatization is likely to occur in an environment that validates supports and promotes the conditions for atomicity, free exercise, flexibility and transparency. This environment is characterised by the existence of foreign investors and the independence of their boards. These findings suggest that a successful privatization should be accompanied by structural changes after which it would be possible to formulate the principles of governance.

117–126

Authors: Hassan SABERI, Abbas Rezazadeh KARSALARI

The purpose of this research is to investigate the kind of relationship between Cause Related Marketing (CRM) campaigns, brand perceptual dimensions and cultural traits as possible antecedents of consumer purchase intentions in the country of Iran. An initial conceptualization was developed from mainstream literature to be validated through empirical research. The conceptualization was then tested with quantitative survey data collected from about 384 consumers studying in different purchase centers in Esfahan. Structural Equation Modeling was used to test the hypothesis derived from literature. The findings indicate that consumer purchase intentions are influenced by the cause related marketing campaigns. Furthermore it was observed that the perceptual brand equity dimensions and cultural values partially mediate the impact of CRM campaigns on consumer purchase intentions. The data was gathered from purchase centers in Esfahan only. Hence, future research could extend these findings to other cities in Iran to test their generalizing ability. This research has key implications for companies, charities and academic to effective use of cause related marketing campaigns in Iran. The study contributes to cause related marketing literature by indicating a mediating role of perceptual brand equity and cultural values on CRM campaigns and consumer purchase intentions. The mediating role of culture and perceived quality was ignored in previous studies. Moreover, it contributes to close the gap of empirical research in this field in Iran.

136–143

Authors: Paluku KAZIMOTO

Ever since the re-introduction of the Eastern Africa Community (EAC), there has been a clamor for the introduction of a single currency. This is because the effect of multiple currencies in cross-border transaction has led to the increase of the value of goods and services. Just like some countries within the European Union have some. In as much as it may be the ideal, there is a need to make a critical feasibility study so as to determine the role of single currency to drive economic development of EAC. Single currency will serve as means of payment for cross border trade and payments, familiarize the public with the benefits of monetary integration, and would encourage coordination of EAC monetary policies. The study was centered around one research question; what is the role of single currency for economic development in EAC? The study was based in Arusha city the headquarter of EAC. The study revealed that majority of respondents have high knowledge of the factors that encourage the EAC member countries to seek for the adoption for single currency for economic development These factors include and not exhaustive: enhancing currency stability, reduction of financial risks, reduction of transaction cost, reduction of exchange rate fluctuation, enhancing price transparency and reduction of inflation that impact on trade within the region. The study shows that for the effective integration to take place: there is a need to explore several monetary union models, make a design of the integration process, and put into place a mechanism of implementing the monetary integration in a gradual manner.

152–158

Authors: Ioana-Laura ŢIBULCĂ

Fiscal convergence among the EU Member States has constantly been one of the most important objectives of the European Union. Consequently, debates regarding new tax directives and discussions on common tax policies are always in the limelight. In the current study, the overall tax burden was considered as a descriptor of the fiscal systems of the EU Member States and used to analyze the convergence trend of taxation in the European Union. After using both statistical analysis and sigma-convergence, the conclusion is that the global financial crisis has affected fiscal convergence in the European Union by reversing the tax convergence tendency which existed among Member States until 2008.

176–184

Authors: Moses Ochieng GWEYI, John KARANJA

The aim of this study was an attempt to investigate the effect of financial leverage on financial performance of deposit taking Saccos in Kenya. The sample data was extracted from 40 Savings and Credit Co-operative Societies (Saccos) registered by Sacco Society Regulatory Authority (SASRA) extended from the period 2010 to 2012. The secondary data used for analysis was collected from the financial statements of the various deposit taking Saccos. Two basic approaches descriptive and analytical design were adopted. The results show perfect positive correlation between debt equity ratio with return on equity and profit after tax at 99% confidence interval and a weak positive correlation between debt equity ratio with return on assets and income growth. As the scope of study is limited to the deposit taking Saccos and the sample size is small, the findings of the study must be interpreted with caution and the results may not be generalized to the Sacco sector. This is the first study that examines the relationship between financial leverage on financial performance of deposit taking savings and credit co-operative in Kenya.

201–217

Authors: Habib AFFES, Fatma AYADI

The relational intangible capital has become an important determinant of value creation in manufacturing. Hence, comes the importance of studying the factors that may affect this relational capital in the supply chain. The following research applies the contingency theory to try to improve our understanding of the factors that may explain the features improvement of relational capital with the suppliers. We have examined, particularly, the impact of the five following contingency factors: the perceived environmental uncertainty, the relational capital with suppliers, the generic cost leadership strategy, the organizational architecture and the company size on the improvement of the features of relational intangible capital with the suppliers. The results show that only the variables: perceived environmental uncertainty and the relational capital with suppliers have a positive and significant effect on the features improvement of relational intangible capital with the suppliers.

232–242

Authors: Mehmed GANIC

The aim of this paper is to analyze banking regulation in Bosnia and Herzegovina (B&H), as well as the reflection of implementation of Basel Core Principles on business of banks and certain trends in domestic banking. Questionnaire survey is used to investigate on possible concrete progress that is achieved in developing of the banking sector in B&H over the past decade. This paper represents the results of a research carried out on 19 out of 28 planned banks in B&H that were surveyed during summer of 2012. In addition, this paper analyzes the qualitative research whose main goal is to gain the respondents’ opinions about the past experiences and possible concrete progress that has been made in developing of the banking sector in B&H. Summarized results of the questionnaire, also, show that the consolidation of domestic banking market, although slow, is not yet fully completed and that the regulation in the field of banking supervision has a positive impact on improvement of the banks’ soundness, discipline and strengthening of their competitiveness. Additionally, our findings indicate that it can be expected to reduce the number of banks over the next several years. The banks are aware of the importance of the capital and its role in the stability of the banking sector in connection with the required minimum amount of capital supporting their needs to maintain capital requirements.

264–270

Authors: Zaryab SHEIKH, Shafaq RANA

The paper specifies its focus on rapid transition in management accounting techniques to process oriented techniques and to profoundly study new developments in management accounting system in last few years. The purpose of the paper is to bring newer and modern management techniques to light, such as TQM, the Balanced Scorecard, Activity Based Accounting, Target Costing and Just-inTime (JIT).These tools really help management accounting to reduce accounting transaction and to find more approximate cost of product in detail showing participation of every department and much more help in budget process and revenue recording for each department. The traditional management accounting tools, e.g. Budgeting, Standard Costing, Cost Volume Profit CVP) analysis and financial performance measurement are also very useful but to work with today’s customer focused environment and to measure the financial and non financial performance of the organization, less cost, more revenue and performance, the process oriented management accounting techniques are more useful.

282–290

Authors: Ethel YIRANBON, Zhou LULIN, Henry Asante ANTWI, Emmanuel Opoku MARFO, Kwame Oduro AMOAKO, Daniel Kwame OFFIN

There is a gap between rhetoric and reality concerning healthcare expenditures and population aging: although decades-old research suggests otherwise, there is widespread belief that the sustainability of the healthcare system is under serious threat owing to population aging. To shed new empirical light on this old debate, we used population-based administrative data to quantify recent trends and determinants of expenditure on hospital, medical and pharmaceutical care in Ghana. We modelled changes in inflation-adjusted expenditure per capita between 2006 and 2013 as a function of two demographic factors (population aging and changes in age-specific mortality rates) and three non-demographic factors (age-specific rates of use of care, quantities of care per user and inflation-adjusted costs per unit of care). We found that population aging contributed more than 10% per year to spending on medical, hospital and pharmaceutical care. Moreover, changes in age-specific mortality rates actually increased hospital expenditure by –13% per year. Based on forecasts through 2036, we found that the future effects of population aging on healthcare spending will continue to be large. We therefore conclude that population aging has exerted, and will continue to exert, high pressures on medical, hospital and pharmaceutical costs in Ghana. As indicated by the specific non-demographic cost drivers computed in our study, the critical determinants of expenditure on healthcare stem from both demographic and non-demographic factors over which practitioners, policy makers and patients have discretion.

303–311

Authors: Paluku KAZIMOTO

Small and Medium Enterprises (SMEs) new or existing, often face challenges when approach products providers for both enterprise fixed capital investment and market standards. The insufficient supply of microloans is a major issue, particularly where business creators are unemployed persons. This study aims to assess challenges facing Small Medium Enterprises (SMEs) towards international marketing standards. Study findings show that SME’s face challenges to access international marketing unaware of regulations and standards, lack of financial support from the Government, poor understanding of consumer’s needs and services, lack of essential entrepreneurial skills and weak networking structures to penetrate into international marketing. The study therefore recommends the improvement of information that is available to SME owners; to the government and other partners avail accessibility to financial facilities with reasonable interest rate of return, encourage more advertisements and use of up to date technology for business and international marketing standards through seminars and trainings on entrepreneurship, and networking structures for export and import of goods and services. The study also recommends that the government supports SME’s to ensure that they play their role in helping improve the economy of Tanzania and improve the country’s Gross Domestic Product (GDP).

320–326

Authors: Abbas Rezazadeh KARSALARI, Mohsen MEHRARA, Maysam MUSAI, Mosa MOHAMMADI

This paper investigates the causal relationship between environmental quality, economic growth and trade in D8 countries by using panel unit root tests and panel cointegration analysis for the period 1970-2011. The results suggest that there is a long-run relationship between these variables. Emissions have a positive long-run relationship with per capita income and trade. Moreover, the results show a unidirectional strong causality from economic growth to environment in these countries. We also find no causality between emissions and trade.

334–342

Authors: Fatemeh Khaleghi MEYBODI, Hassan Dehghan DENAVI, Abolfazl SADEGHIAN

Markowitz optimization problem so determination of investment efficient set, while the number of investable assets and constraints in the market is low can be solved by mathematical models. But when real-world conditions and limitations to be considered, portfolio optimization problem cannot solve easily using a methods of mathematics. For this reason, portfolio optimization using evolutionary algorithms has been an important topic of discussion today. The main objective of the present study is the solving of portfolio optimization problem (mean – variance model) by using Particle Swarm Optimization (PSO). for this purpose by use the price of 40 accepted shares in stock during the 1385 till 1390 years, is plotted the investment efficient set. Results from this study show that particle Swarm optimization method in portfolio optimization, despite the current limitations is successful.

362–368

Authors: Roghaye ENTEZARIAN, Ali ZABIHI, Khosro Faghani MAKRANI

Predicting profit of each stock is one of the key factors in investment and in compatibly of stock methods it is highly important both for providing capital and for users who use it for decisionmaking. Measuring future profit in each stock, managers seek to have the trust of the users who consider profit as a tool for assessing. Following empirical research is for assessing effect of management profit prediction error on capital cost in companies accepted in stock exchange of Tehran. Statistical society of the research includes 73 companies which are active in stock exchange of Tehran for a-five-year period from 2007-2010. Multi-variable regression method was used for investigation. The results gained out of the research indicates a direct and meaningful relation between profit prediction error and capital cost.

385–394

Authors: Gregory D. LYIMO

We examine the relationship between stock price synchronicity and earnings quality. We specifically used earning surprise and smoothness as proxy of earnings quality. Data were collected from companies listed in Bombay stock exchange in BSE 500. Our sample period ranges from 2006 to 2012. We employed panel data regression model using pooled OLS with standard error robust. We find that there is significant negative relationship between earnings surprise and stock price synchronicity. This finding is indicates that earnings surprise improves stock price informativeness. Finally, we find that there is no significance relationship between smoothness and stock price synchronicity. Therefore, smoothness of earnings does not influence stock price informativeness. The present study adds to new insight of the relationship between stock price informativeness and earnings quality proxies from emerging market particular India.

16–20

Authors: Ali Shaemi BARZOKI, Reza SALEHZADEH, Sayyed Ahmad KHODAEI

Human resources are the most valuable asset of organization and various factors affect on their motivation and performance. One of the factors that has a significant impact on motivation and performance of employees is managers’ behaviors. In this research, a model has been proposed for analyzing and classification of employees’ needs (managers’ behaviors) and this model has been examined in the Isfahan Province Gas Company. Statistical population of this research includes employees of Isfahan Province Gas Company. In this research after identifying the behaviors that affect on employees’ satisfaction and dissatisfaction, a questionnaire was designed; then after data collection, the kinds of behaviors were determined. The results indicated that by using Kano model we can identify five kind of behaviors i.e. Must-be, One-dimensional, Attractive, Indifferent and Reverse behavior. The findings showed that 18 behaviors were classified in attractive category that these behaviors can affect on employees’ motivation.

36–40

Authors: Ali Nasr ESFAHANI, Mehdi ABZARI, Shahzad DEZIANIAN

The aim of this study was to investigate the relationship between performance appraisal errors and perceived organizational justice. The study took place at North East Railways in Iran. A random sample of 200 employees was selected and 200 questionnaires were distributed, of which 163 were yielded completed. This research was conducted using two separate instruments. The reliability of these questionnaires has been found to be satisfactory (0.896 and 0.718). Structural Equation Modeling (SEM) was conducted to test the hypothesis and to examine the relationships between the performance appraisal errors and organizational justice. The result showed performance appraisal errors have a strong influence on perceived organizational justice with a significant path coefficient at -0.68.

52–66

Authors: Ayşe Yiğit ŞAKAR, Evren AYRANCI

Accounting profession has evolved and with the use of computer technology, many concepts related to accounting have emerged. This study considers one of such, e-bookkeeping, and uncovers the attitudes of accounting professionals towards e-bookkeeping practice in Turkey. An important point is that this practice has not gone into effect at the time this study is prepared, thus these attitudes are preliminary. The results yield that accounting professionals’ attitudes depend on five factors and these attitudes change solely according to the size of business.

76–84

Authors: Fatemeh FAGHANI, Mehdi ABZARI, Saeid FATHI, Seyed Amir Hassan MONAJEMI

t This paper has been designed a stock trading systems using Artificial Nero Fuzzy Inference Systems (ANFIS) and technical analysis approach. The proposed model receives 14 last days information and predictes 14 next day's variables' values Simple Moving Average (SMA), Exponential Moving Average (EMA), Moving Average Convergence - Divergence (MACD), Relative Strength (RSI) , stochastic oscillator (SO) using ANFIS. Then, the net output are changed to signal of buy and sell after apply trading rules. In the next step, the final signal is created by the sum of generated signals. Thus, bye and sale will propose during the next 14 days. Performance Designed systems were studied for 17 shares. Results showed that the mean of all generated networks Percentage of correct predictions (96/55%) is more than random cases (50 %). Given the positive returns SMA ،EMA ،SO and proposed method It's can be results that using these indices of technical analysis can predict trading optimal time of Iran stock market.

96–102

Authors: Anis Ben AMAR

Corporate failures and accounting scandals (e.g. Enron, Worldcom cases etc.) have provided a strong incentive to regulators to consider the major role that audit committees can play. This current study extends the Piot and Janin (2007) study and examines the relationship between independence audit committee and the proceeded measures of earnings management. Using a sample consisting of 279 firmyear observations concerning the years ranging from 2002 to 2005, the results of this study shows that the audit committee independence is linked to earnings management. Yet, contrary to the intentions of new directives promulgated by several ruling bodies, it seems clear to us that a totally-independent audit committee does not influence earnings management.

109–118

Authors: Albert AGYEI, Appiah Richard OWUSU

The study explores the relationship between ownership structure and corporate governance on capital structure of some listed manufacturing companies in Ghana Stock Exchange. This study was motivated by the fact that although the concept of corporate governance has been researched on in literature, no clear evidence exist of its study in Ghana relating to ownership structure on leverage. The study covers the period 2007 to 2011 for which firm level data for eight (8) randomly selected manufacturing listed companies from Ghana Stock Exchange has been examined by using descriptive, correlation and multivariate regression analysis. Corporate governance variables employed are board size, board composition, and CEO/Chair duality. Impact of ownership has also been examined by using managerial and institutional shareholding. Similarly influence of controlled variables like firm size and profitability on firms’ financing mechanism is also investigated. Results reveal that Board Size, Board Composition, Institutional and Managerial shareholding is significantly correlated with leverage ratio positively, whereas it is negatively influenced by CEO/Chair duality. However, firm size and return on assets are found to have a positive and negative significant effect on capital structure respectively. Therefore results suggest that corporate governance and ownership structure play important role in firm’s capital mix determination.

128–135

Authors: Mohammad Reza DALVI, Hossein MARDANLOO

Conservatism, an important feature in most high-quality reporting and most corporate may be used from it to achieve the quality of their reports. In this study, the effect of capital structure, ownership and firm size using data on conservative 50 companies listed in Tehran Stock Exchange and multivariate regression with panel data are analyzed. The research presented in this paper is two models of Biur and Rayan (2000) and Hayen Giuly model (2000) was used to measure conservatism. The results showed that the relationship between ownership concentration, percentage of institutional ownership, firm size, leverage, and conservative accounting conservatism varies by model. The similar first and two models, a significant relationship between conservatism capital structure and financial leverage as a representative there was no relationship between ownership concentration and conservatism protection. In the first model, not observed the relationship between the percentage of institutional ownership and conservatism, but in the second model was observed counter and significant relationship. In the second model, the relationship between firm size and conservatism, but no significant relationship was observed in the first model.

145–156

Authors: Kabiru I. DANDAGO, Abdullahi Sani RUFAI

Audit quality is often related to the competence and independence of auditors as being able to detect material misstatements and being prepared to issue appropriate audit reports to reflect their findings. This study aims at assessing the quality of audited financial statements of money deposit Banks in Nigeria, with a view to assessing the independence of an auditor and the level of compliance to audit guidelines and how those guidelines affect the quality of audited financial statements of money deposit Banks in Nigeria. The study employs the use of both primary and secondary sources of data where questionnaire is the primary source and the annual reports of selected Banks are the secondary data. A judgmental sampling technique was used in selecting the sample size. Simple percentage was used for data analysis, while analysis of variance (ANOVA) was employed to test the hypotheses. The study concludes that consistency and reliability can be absolutely achieved if external auditors are independently auditing financial statements of Money Deposit Banks based purely on the established auditing standards and guidelines. The study recommends that audit committees of Money deposit Banks should be more strict in their investigations and should initiate moves for the suing of auditors where they are found wanting.

167–174

Authors: Omar A.A. JAWABREH

This paper is an attempt to find the variables factors that Influence the impact of customer relationship marketing by Aqaba Economic Zone "A case study of Five Stars Hotels. In this research, the Statistical Package for the Social Sciences (SPSS) was used for data entry, as well as for examining the data later. Data preparation was the initial step, which aimed to convert raw data into a more structured format that is more appropriate for analysis. The hotel use specialized Customer Relationship Management (CRM) software to manage customer, the hotel use specialized Customer Relationship Management (CRM) Software to improve its ability to manage customers, extent do staffs have to follow guidelines to work together as a team.

188–200

Authors: Azam POURMOZAFARI, Forough HEYRANI, Mahmoud MOEINADIN

Intellectual capital is a new matter that theoretically is suggested in the few recent years. This unobservable source as one of the companies’ increasing sources and a key capital in the development of entrepreneurship has been offered. Today, the necessity of development and management of intellectual capital has been converted into a serious necessity at the macro level and in the business arena. Thus, mangers need to measure their efforts of optimum use of intellectual capital on their own organization. Therefore, this research examined the relationship among the variables of intellectual capital and financial performance as well as competitive advantage in the 45 companies listed on Tehran Stock Exchange through 225 answered questionnaires from 300 sent questionnaires by managers. Additionally, data related to the performance was collected from information of companies listed on Tehran Stock Exchange and finally, data analysis and hypotheses testing were done using structural equations and factor analysis was done using LISREL software as well as multiple regressions. The results of the research indicate that there is a positive significant relationship between intellectual capital and competitive advantage, but competitive advantage does not modulate the impact of intellectual capital on the financial performance.

212–219

Authors: Yaw-Shun YU, Ambrosio BARROS, Chih-Hung TSAI, Kuo-Hsiung LIAO

The need to assess business firm’s efficiency is important for all players involved in a business. Efficiency assessment has previously been conducted using financial ratio analysis. However, it failed when simultaneously considering multiple inputs and outputs. Because of this difficulty the data envelopment analysis (DEA) is proposed as an alternative approach for handling multiple inputs and outputs. This study introduces financial ratio analysis and the DEA model for assessing performance and uses panel data of 24 Taiwan public listed companies to demonstrate the merit of the model in assessing efficiency with quantitative guidance for policy formulation.

228–234

Authors: Narges Hossein MIRZAI, Neda ABOUTALEBI

In the today’s competitive world, the organizations’ survive depends on its customers. Indeed, customer loyalty is one of the main factors for achieving competitive advantage. On the other hand, services quality is one of the most important effective factors on the customers’ loyalty. Sometimes, there is a difference and gap between actual quality and desirable level of quality. This gap can be effective on the customers’ loyalty negatively. This is why that the present study was aimed to examine the effects of services quality gap based on the customer loyalty and satisfaction through SERVQUAL method. This study is a descriptive-survey research from research identity and is a practical research from purpose view. The statistical population of this study includes 40 medical centers that had relationship with Poya Teb Company. In order to collect the research data, library and field study methods have been used. A selfadministrated questionnaire has been used for collecting the research data from respondents. For this purpose, 40 supervisors of medical centers were asked to answer the questionnaire. In order to examine and confirm validity of the questionnaire, the sell experts and professionals and academic authors and researchers are asked to review and modify the questionnaire. The final version of the questionnaire has been developed after modifying its draft version. Also Cronbachs’ Alpha Coefficient has been used for examining and confirming reliability of the questionnaire. The coefficient was 0.92 for our questionnaire that confirm its reliability. In order to examine the research data and test the research hypotheses, the SPSS software has been used. The results of this study revealed that there is a significant difference between customers’ perception and expectation in terms of components of services quality. On the other hand, there is a significant relationship between services quality gap and customers’ loyalty and satisfaction. Finally, another part of the results revealed that the customer satisfaction plays a mediating role in this relationship.

240–251

Authors: Melinda Timea FÜLÖP

This paper analyzes the International Accounting Standards Board (IASB) Agenda for the period 2012- 2015 from two points of views. The first one includes a detailed quantitative and qualitative analyze of the respondents opinion about IASB 2011 Agenda Consultation and the second one provide some comments about the topics included in the IASB future period plans and the progress of topics and concludes that the selected topics and them evolution is variable, partly due to the appearance of later priorities.

256–265

Authors: Maysam MUSAI, Mohsen MEHRARA

In this paper we intend to respond to the questions of: “What impacts do the subsidies that the government is granting to the printed press directly and indirectly, have on their circulations or on the demand for the press?”; and if the intention behind endowment of these subsidies to the press is to support their publishing in proportion to their costs, has the proportion been taken into considerations, in practice? Furthermore, does the printed press need these subsidies? In order to answer the above questions, the amount of the subsidies paid to all the papers, and also, the combined revenues and expenditures for 9 daily papers with the widest circulations have been studied and the results show the subsidies being paid have neither economic justifications, by economic tools, nor are being paid in proportion to the average expenditures. Therefore, they wouldn’t have a significant impact on the demands to purchase the papers.

272–278

Authors: Mashallah VALIKHANI, Abdolmajid ABDOLBAGHI, Samira ABBASI, Faeze Sadat MIRHADI

The aim of this study was to survey the Administrative health and improved financial performance at the Technical and Professional Organization of Isfahan. The population of the study consisted of all employees of the General Directorate of Vocational that were selected n = 182 employees as sample. The research instrument consisted of two questionnaires: Administrative health questionnaire (Standard) by Hui and Feldman (1996) and the questionnaire used to measure the improvement in financial performance. To measure validity has Used of content method, and Cronbach's alpha was calculated to determine the reliability ,its value was estimated at 85%.The results show that there was a significant relationship between health and improved financial performance at the technical and professional Organization of Isfahan (Main hypothesis), as well there is a significant relationship between health administration and improve the performance of value management , improvements in risk controls, improve performance and Control costs.

287–292

Authors: Raluca-Georgiana MOSCU

This research has the purpose to examine the relationship that is established between capital structure and profitability of company for a sample of 53 companies listed on the Bucharest Stock Exchange, in 2010-2012. The results indicate that firm’s performance, which is measured by ROA, ROE, RCA and MBR is significantly influenced by the degree of capital structure. Overall, in our study you may observe that firm’s performance expressed by the Economic Return is positively influenced by the capital structure degree and it is expressed by the Financial Return - ROE, net sales margin rate - RCA Earnings per share - EPS, Market to Book Ratio - MBR is negatively affected by capital structure.

299–308

Authors: Ana-Maria BURCĂ, Ghiorghe BĂTRÎNCA

The financial analysis of a company is an important tool used by actuaries in the process of decisionmaking on underwriting and investment activities of the insurance company. The financial performance of insurance companies is also relevant within the macroeconomic context since the insurance industry is one of the financial system’ components, fostering economic growth and stability. The financial performance of insurance companies can be analyzed at micro and macroeconomic level, being determined both by internal factors represented by specific characteristics of the company, and external factors regarding connected institutions and macroeconomic environment. This study attempts to analyze the determinants of the financial performance in the Romanian insurance market during the period 2008–2012. According to the final results achieved by applying specific panel data techniques, the determinants of the financial performance in the Romanian insurance market are the financial leverage in insurance, company size, growth of gross written premiums, underwriting risk, risk retention ratio and solvency margin.

319–330

Authors: Fatemeh SOHEYLI, Mahmoud MOEINADDIN, Shahnaz NAYEBZADEH

The purpose of this study was to determine the components of intellectual capital and investigate their relations with Yazd Tile Company. Variables of human capital, structural capital and relational capital as independent variables and productivity, profitability and market value as dependent variables were used to form the research model called company performance. Research method of the present study is practical in terms of purpose and it is based on descriptive correlation method. In this study, questionnaire and data survey methods were used for data collection. Statistical population of this study was Yazd Tile Factories selected using a simple random sampling method. 55 acceptable questionnaires were collected and analyzed using LIZREL software and structural equation modeling was conducted. The results of this study indicate that intellectual capital in general has a direct and significant relationship with performance and among components of intellectual capital; only human capital is directly related to the performance.

340–351

Authors: Zeinolabedin SADEGHI, Mojtaba Afshar JAHANSHAHI, Amin Kalantari DARRANJI

Goal of cash management is to limit cash levels in the company and maximize stock return. Cash should be kept at a level which makes balance between cash holding cost and insufficient cash cost. The present research studied the relationship between characteristics of companies and their cash holding. Excess cash amount was measured using regression model and its relationship with stock return of companies was analyzed. Statistical population included the companies accepted in Tehran Stock Exchange from 2006 to 2011 and the statistical sample was 151 companies which were selected from among them. The research results indicated that companies with higher ratio of market value to book value and larger size held less cash reserves. It seems that the mentioned specification played a role in determining cash holding policies of companies and potentially prevented from cash accumulation in them. Also, the companies which earned cash flow resulting from higher operations had higher cash balance and excess cash holding reduced stock return of the companies; as a result, investors show undesirable reaction to excess cash.

358–364

Authors: Can Tansel KAYA, Nida TÜREGÜN

Ever-increasing complexity of financial markets drives businesses to focus solely on financial performance. Measures to evaluate such performance establish criteria on benchmarks like profit margin, return on assets and equity, earnings per share and others. While these measures reveal performance, numerical values may lack indication with regard to value creation. Changing trends in the market with regard to advancements in technology can simply jeopardize the sustainability of business. Additionally, loyal customers are often enticed by competitive business. Small and medium-sized enterprises (SMEs) which are usually the most vulnerable entities against financial distress, are being challenged the most in order to sustain their life spans. Financial performance as the only yardstick to evaluate the overall performance of businesses has become obsolete in today’s market conditions. Aim of this paper is to present the invaluable benefits SMEs can attain by shifting their focus from merely financial performance measures to a more holistic philosophy of thinking by implementing Integrated Reporting (IR).

371–381

Authors: Khalid Saleh AL-RASHEED

The study aimed to evaluate the reviews of the quality of the services provided in five star hotels in the city of Riyadh, the study on the impact of a range of demographic factors on the guests (seeing, sex, nationality and the reason for the visit and repeated times visit), as well as to provide a gauge can be approved appropriation in the measurement of the quality of the services of a hotel in Riyadh, in order to achieve the objectives of this study has been the development and distribution of questionnaires in hotels five star. The results of the study was to make a number of recommendations and proposals, including the provision of furniture, attention appropriate to the needs of the guests and increase the efficiency and accuracy of information for guests.

390–396

Authors: Waseem KHAN, Naheed ASHRAF

The purpose of this paper is to find that dividend payout ratio is the function of Corporate Profitability, Cash Flow, Tax, Sales Growth and Debt to Equity ratio. For seeking out the dividend payout ratio relationship of with the Corporate Profitability, Cash Flow, Tax, Sales Growth and Debt to Equity ratio, data has been taken from financial statements of 26 firms listed on Karachi Stock Exchange (Pakistan). It has been find that dividend payout ratio is not the function of Corporate Profitability, Cash Flow, Tax, and Sales Growth except Debt to Equity ratio. Though in rest of the international markets dividend payout ratio is the function Corporate Profitability, Cash Flow, Tax and Sales Growth but in Pakistan its’ contradictory to this phenomenon. The data has been taken limited. For increasing the size of data results can be changed at some extent. And these results show that in Pakistan, there are other factors which influence the dividend payout ratio. It is most probably behavioral factor. This paper predicts the presence of other factor which can be influence dividend payout ratio. It invites further investigations and provides the bases for research.

409–416

Authors: Benjamin Kumai GUGONG, Love O. ARUGU, Kabiru Isa DANDAGO

This paper examines the impact of ownership structure on the financial performance of listed insurance firms in Nigeria. The study uses panel data for seventeen (17) firms for the period 2001 – 2010 (10 years). There are several aspects and dimensions of corporate governance, which may influence a firm’s performance but this study focuses on two aspects of ownership structure: namely managerial and institutional shareholding. Firm’s performance has been measured through Return on Asset (ROA) and Return on Equity (ROE). Findings indicate that there is a positive significant relationship between ownership structure and firm’s performance as measured by ROA and ROE. This paper recommends that the code on owner's equity of listed insurance companies should be sustained and encouraged so that the firms can have a perpetual life, because the stake of this owners could serve as a check and balance mechanism to further strengthen the corporate governance of the insurance firms in order to give room for enhanced financial performance of the listed insurance companies in Nigeria.