The study aims to demonstrate the impact of fiscal and the quantitative monetary policy on the domestic and Foreign Direct Investment in Jordan during the period (2000-2011), where the study used two models, the first model is to assess the impact of the fiscal and quantitative monetary policy on the domestic investment, the study found that there is a negative relationship between the re-discount rate and the domestic investment, but not statistically significant, while there is a positive relationship with a statistically significant between the mandatory cash reserve and domestic investment, due to the presence of excess cash reserves at banks in Jordan. The study also showed a negative relationship between taxes and domestic investment, and a positive relationship between governmental capital spending and the domestic investment, this means the political effectiveness of the fiscal impact is greater than the monetary policy effectiveness on the domestic investment. The second sample demonstrates the impact of the fiscal policy and the quantitative monetary on Foreign Direct Investment, The study showed that there a presence of a statistically significant negative relationship between the re-discount rate and Foreign Direct Investment, while it showed a positive relationship between taxes and Foreign Direct Investment, the reason is that the government grant a tax exemptions to encourage Foreign Direct Investment.
The co-operative banking sector has become a major force in the socio-economic development of the European continent’s and is increasingly becoming an important part of the continents banking sector. By applying the Data Envelopment Analysis (DEA) approach, this paper evaluates the efficiency of co-operative banks from some selected European countries during a period of 2008–2013. The results of our estimation show that overall efficiency of the co-operative banks in our sample is high. Our efficiency results also show that the European cooperative banking sector is both efficient and stable over the period under review. Our results lend credence to the resilience theory of the co-operative banking business model. During the period of the Great Financial Crisis, the sector holds firm showing little or no variation in efficiency level.
Nowadays, in large corporations, owing to the vast number of owners and shareholders, the direct control by owners over firm performance is impossible and this group can only participate in the results of operations. Therefore, it is reasonable that they come to protect their interests and optimally control behavior of employed managers via establishing appropriate monitoring mechanisms. The main objective of this research is to investigate effect of institutional owners on monitoring costs. Based on this objective, a sample of 84 Tehran stock exchange-listed firms over the period 2006-2012 is analyzed statistically. In order to extract a robust model, Pearson correlation coefficient and multivariate regression are used and to test significance of regression model and coefficients, F-test and T- test are utilized respectively. Moreover, the monitoring cost is considered the sum of audit fees and executive compensation in current research. The findings indicated that there is a significantly positive relationship between institutional ownership and monitoring cost. The results also revealed that institutional ownership is significantly and positively associated to audit fees and executive compensation.
The present study investigates the role of the Economic Chamber of Greece (E.Ch.G.) in the fulfillment of its members’ educational needs. Continual training is the result of the necessity to follow the financial developments and as a consequence the E.Ch.G. decided that it was urgent to be active in the field of lifelong learning carrying out both training courses and instruction programs as well. The methodology of the study was based on the combination of the qualitative and the quantitative research, as it includes five (5) individual interviews of the E.Ch.G. organizers and other five (5) interviews coming from members of the Regional Sections (R. S) of the E.Ch.G. Furthermore, the study includes a questionnaire which was addressed to a hundred and nine members who took part in an educational course sponsored by the E.Ch.G. The distribution of the questionnaires was necessary in order to gain more objective results. On the one hand, the main findings have shown the importance of the educational courses while on the other hand the possibility of improvement as regards the organization, the design and the accomplishment of educational courses by the E.Ch.G. throughout Greece and especially in the remote R.S. Members’ fulfillment is necessary as their knowledge level is concerned and it is obvious that any training program ought to be more intensive especially in a period of crisis and growth. The present study sets as a purpose the improvement of the E.Ch.G. through the development of educational programs which follow the main principles of the lifelong learning.
Many of the world’s most prominent organizations have experienced large-scale frauds. These frauds have had disturbing effects on our world’s economy in addition to contributing unnecessary suffering and increased unemployment for the low and middle class. With the aim of further understanding the fundamental motivations of fraud, this paper takes an in-depth look at the convergent and divergent of two classical fraud theories which are: (i) fraud triangle theory; and (ii) fraud diamond theory. This comparison is important to assist anti-graft bodies and organizations in formulating a practical strategy to prevent and investigate organizational frauds. The paper takes a conceptual approach by first examining the concept of fraud, then discussing the convergence of the two classical theories, and finally differentiating them. By doing so, the similarities and differences between them are highlighted and appreciated for fraud prevention purposes. The study uses secondary sources of information obtained from journal articles, textbooks and the internet. The discussion of the two theories contributes to the understanding of frauds especially by forensic accountants, auditors, fraud examiners and other anti-fraud bodies. The study also serves as guidance for further fraud related research.
The purpose of this study was to determine the factors affecting efficient stores operations in KTDA managed factories in Kenya, four objectives guided the study .The study was a descriptive research that adopted a survey design. The targeted populations were employees working at KTDA managed factories in zones 4 and 5 at managerial levels and in store departments. Questionnaires were used to collect data from respondents. The study employed both quantitative and qualitative research in its data analysis. Data was presented using bar graphs, pie charts and tables. Inferential statistics included correlation and regression analysis. Study findings revealed that KTDA factories do not offer regular training to stores personnel especially on store operations and management however the study further revealed that in general IT had helped the factories streamline store operations more effectively. Respondent further indicate that the record management system used in factories was semi-computerized rating it to be average. The findings revealed that the current scheduling process in the KTDA factories is poor and inventories records are rarely audited The study recommended that KTDA factories should offer regular training programs to the employees in order to improve their skills and knowledge. The study further recommended that they should fully computerise record management systems in order to enhance accuracy. The study further recommended that there was need for improvement of existing scheduling process in order to improve service delivery in stores.
This paper focuses on the issues relating to the reduction of firms’ cost of debt connecting to the ethic rating score as a topic of crucial relevance especially in terms of creditworthiness. The literature on ethic rating presents risk reduction as potential benefits. Consequently, an efficient market should recognize an “ethical financial premium” to socially responsible firms, corresponding to a less cost of debt financing. We have developed a model using the annual report of all Italian listed firms and the ratings issue by Standard Ethics. The sample is composed by 186 observations, so we have used a panel data analysis to test our research hypothesis. Overall, the results are statistically significant but the financial market does not recognize an ethical premium to socially responsible firms. It means that variables chosen can explain the whole model, but specifically there is not a positive association between cost of debt and ethic rating.
This paper approaches the evolution of the final consumption recorded at the level of the Romanian economy. The main variable of the analysis is the final consumption, which the authors assume to be influenced by the private consumption and the public consumption. The correlation between the main parameter and its influence factors is analyzed through a regression model, designed with the help of Eviews. The model is tested using standard methods and the results of the tests are also commented within the article.
Employee turnover is a challenge faced by any organization and banking is of no exception. Several studies are devoted to identify employees’ intent-to-quit in the banking sector of Pakistan, but most of them have ignored female turn over behavior. A separate research is imperative to explore female intent to quit. The present study is trying to fill up this gap by exploring the turnover intentions of female employees in the commercial banks of Faisalabad, Pakistan. Intent to quit (ITQ) has been tested empirically for its association with work-to-family conflict (WFC) and family-to-work conflict (FWC). The study is important in a sense that for the first time the quit intentions of female bankers have been identified. Data is collected from the female employees of six commercial banks of Faisalabad region. A total of 230 questionnaire were distributed out of which 200 returned, representing response rate of 87%. The analysis proved that intent-to-quit is positively and significantly associated with work-to-family conflict and family-to-work conflict. The study has also proposed some valuable recommendations for HR managers and policy makers to retain female workers in banks.
This paper presents an econometric approach to the issue of analysis of the final consumption. Among its influence factors, the gross investments and the gross available income are considered to be especially important, since they reflect the destination of monetary resources. We have designed, tested and commented an econometric model that describes a correlation between these indicators.
Romanian Investment Firms are obliged to comply with relevant corporate governance principles as a result of their status of public interest entities. Furthermore, since Romania is a State Member since 2007, it is mandatory for these entities to implement EU regulations. Our main interest is to develop and apply a special Score Function Model in order to assess the compliance level for each investment firm incorporated in the research sample, as regards the effectiveness of internal controls and risk management function, in order to prevent fraudulent operations and client asset misappropriation. We are preoccupied of the compliance level as well as the relevant vulnerabilities related to Romanian Investment Firms. We expect to recommend relevant solutions so that investment firms may overcome these vulnerabilities, in order to assure a prudent supervision and to prevent fraudulent operations. These objectives are imperative for the need of assuring a high level of confidence as regards the consumers of financial investment services.
This study examines the practice of accounting profession in other to identify those threats and challenges serving as obstacle to its development in Nigeria. To achieve this, three hypotheses were tested. A simple chi square was used to relate these threats and challenges to the development of accounting profession in Nigeria. The views and perceptions of the major actors in the field of accounting in Nigeria which includes Academic Accountants, Professional Accountants and the Accounting Regulators were sought. Relevant data were collected and analyzed and from the analysis, findings have shown that, accounting profession is actually faced with certain threats and challenges which actually affects its development. The study therefore concludes that these threats and challenges could be an obstacle on the future of accounting profession. It recommends that, while the academics and the professional accountants are called upon to be committed and proactive as they handle their various functions of theory generation, field practices and advancement of accounting knowledge, regulators should consider objectivity and sincerity as they work out rules for the practice of accounting profession.
Due to their specific economic conditions, banks and financial institutions in Iran are among the most important economic entities. For that reason, the Iranian economic development involves how those institutions perform their activities. In many developing societies, the capital markets such as banks play, for various reasons, the leading role in financing the medium-term and long-term economic programs. Given the importance of how banks and financial institutions function in Iran, and the current situation where the banking system is surviving the crippling sanctions, it seems crucial to take appropriate measures for evaluating the efficiency of banks. In this study, the technical efficiency was evaluated through the data envelopment analysis (DEA) at One of Bank based in Tehran. This research was conducted on the basis of two input and output factors through the DEA-Solver. The factors were as follow: A) The inputs were the number of employees per branch, the DEA method at each branch, the value of assets for each branch, and the volume of deposits; and b) The outputs were the total facilities granted and the earnings per branch. In this study, any branch scoring 100 was rated as efficient, while the branches under that score were considered inefficient. Given the limitations of other methods and data available, the DEA was employed considering the output-based BCC. The results of assessing the mean technical efficiency assuming the difference between the variable and the scale indicated that the average efficiency of the total of 97 Tehran Branches in three years was about 38% in 2010, 46% in 2011 and 36% in 2012. Furthermore, the mean value for the three years was 36.5%. The results also showed that during the period under study at the output-based mode, an average 90% of Tehran branches were inefficient in 2010. In 2011 and 2012, the figure amounted to 95%, which implies that a great percentage of banks are inefficient. The average values for the entire period was about 92.5%. The principal management in Tehran can achieve the status of full efficiency by adding 64% to outputs without increasing their inputs. In other words, the principal management in Tehran indicated 64% inefficiency of the branch network within the three years assuming the difference between the variable and the scale. According to the results, it can be argued that 7 branches (Commodity Exchange, Headquarters, Vali-e-Asr, Jannat Abad, Aghanour, Shahid Motahari and Gheitarieh) attained full efficiency over the study period, whereas the other branches failed to obtain the full efficiency.
This paper outlines some possible uses of data warehouse instruments in consultancy companies, particularly for the companies that provide consultancy services for potential beneficiaries of projects with non-reimbursable funds, the example dataset used in the paper refers to projects for public authorities in local communities of Romania.
The Bucharest Exchange Trading (BET) index and the total number of the transactions displayed between January and September 2015 by the The Bucharest Stock Market represents the topic of the present approach in regard to the intensity of the relation between them, using the simple regression function as mathematical mean. More studies were completed with the aim of establishing the relevance of these two variables, be it dependant or independent. The correlation between the evolution of the BET index and the number stock transactions was important for the present study, as well as the correlation between the total number of transactions and the stock transaction number that revealed itself as very powerful. Simple linear regression model is a relatively easy and very effective way to establish the correlation between two economic indicators. Thus, the use of this analysis method in economic research allows determining how a given economic variable, defined as independent determines the evolution of the second results indicator.
In the present era of information technology, issues like quality, access for all, lifelong and continuous learning, incorporation of different sociocultural groups, worldwide competition and seeking of funding highlight the political and institutional educational strategies. The design of the policies and strategies require the cooperation of global associations, the state, foundations and different stakeholders. The evaluation of the quality of education is essential. However, the diversity of educational institutions makes it difficult to establish unified quality assurance processes. The purpose of this article is to propose a system for the evaluation of quality in higher educational institutions.
This paper describes the evolution of economic welfare for Romanian development regions. The importance of the regions is evident in any macro-economic analysis, as the regions are subject to specific policies and programs, included in the broader, national or cross-border strategies. In order to underline the situation of our country from the point of view of the level of welfare, we shall pursue the comparative analysis, for the evolution of the GDP/capita and purchasing power.
This paper develops the evolution of regional economic performances. The main indicator that is used in the analysis is the gross added value. The study of the gross added value, in a comparative approach across regions and years, emphasizes the general economic performance of each region. The internal comparison is completed with the study of the same indicator in several European countries.
The objective of this presentation consists in combining theoretical notions concerning the OP Competitiveness, its role with a practical study on the method of calculation of the indicators in order to adopt optimal bankable projects. The benchmark performance must be based on net benefits technique that takes into account the differences between alternative project implementation and the continuing work of contemporary society.
The objective of this research is to determine the factors of service quality that affect the satisfaction, loyalty, and willingness to pay more for this service of the customers. In this concept, researchers conducted a survey questionnaire that was adopted from the research of Parasuraman et al.’s ServQual. Regression analysis has been proposed in order to see the significance of each dimensions of service quality on satisfaction. Later on the same model has been applied to see the significance of satisfaction on loyalty. Furthermore, the effect of loyalty and satisfaction on willingness to pay more was also tested by regression analysis model. Analysis of variance model had been conducted to see if there is any significant difference between demographic information (monthly spending, GSM operators, and age of the customers) and evaluation of dimensions of the service quality. The results show that responsiveness, reliability, and tangibles have significant effect on the satisfaction of the customers. It also has been seen that satisfaction has significant effect on the customer loyalty and both (satisfaction and customer loyalty) have significant impact on the willingness to pay more for GSM operators.