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

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.