International Journal of Commerce and Finance

1-17

Authors: Benedict Arthur, Richard Appiah-Kubi

Non-governmental organizations (NGOs) in Ghana have a history of being short-lived. However, Young Men's Christian Association (YMCA) Ghana, on the other hand has achieved notable success by impacting millions of lives over 50 years of working in Ghana. Apparently, this research investigates into the key financial management practices of NGOs in Ghana using the case of YMCA Ghana. The study revealed that, the quality of Financial Management staff and their responsibility is the most effective financial management indicator in YMCA Ghana amongst all the other well-functioning indicators. Nevertheless, it is evident in the study that the challenge YMCA Ghana faces in its financial management practice is irregular external audit review of financial and accounting information. Therefore, it is recommended that frequent subscription for external audit services should be established in NGOs and also, cost effective monitoring, evaluation, accountability and learning (MEAL) programme management framework should be adopted by NGOs in Ghana.

33-39

Authors: Debebe Alemu Kebede, Mesfin Lemma

Integrity is a common issue regardless of level of economy and conditions. The aim of this study was to explore what integrity looks like in Ethiopia during COVID-19. The study philosophical stances will be objectivist ontology and critical realist epistemology. To achieve the objective of the study, the qualitative phenomenological method will be applied to illustrate the issue. The necessary data was collected from purposively selected stakeholders by using semi-structured interview and observation as well document analysis for the secondary data. The study revealed there is a problem of awareness about the pandemic specifically in rural areas of the country, there is also a problem on existing media making the pandemic their prior issues, the business ethics are highly violated and leaders of political parties prioritizing issues of election rather than pandemic. Commonly prioritization of the current worldwide pandemics is what expected from different stakeholders in the country.

50-61

Authors: Amsalu Dachito Chigeto, Minyahil Alemu Haile

Rural economy remainthe back bone of Ethiopian economy absorbing tremendous labour share while how these labour market behave in rural economy of Ethiopia is yet uncovered. Besides the appreciated role of rural access to basic infrastructure with reference to rural labor supply decision, the topic is not bold in domestic literature. Considering this inadequate attention to the topic, we tried to examine the impact of rural infrastructure provision on individual labour supply, and assess the implication with each component of rural services to household participation decision in the labor market, using household survey from Jimma zone. Our multinomial logit regression indicated that rural services like education, health, credit, market information and access to all-weather-road are important considerations with regard to individual labor supply decision in farm and off-farm activities. It would be better to enhance rural access to efficient agricultural extension as well as other basic services towards empowering rural livelihood, and ensuring economic transformation at large.

72-80

Authors: Giovan Bhagiawan, Mukhlasin Mukhlasin

The objectives of this study are to examine the effect of tax planning on firm value with the moderating influence of corporate governance, including board size, board independence, audit quality, board gender diversity, and audit committee size. This research was conducted on manufacturing companies listed on the Indonesia Stock Exchange (IDX) during 2016-2018, with 266 observational data. Having different from previous study, this study uses more diverse moderating variables with empirical evidence from Indonesian companies. The results of the regression analysis prove that tax planning has a positive effect on firm value where these results are in line with traditional theories. Other regression analysis results, gender diversity board of directors and audit committee size weakens the relationship between tax planning and firm value. However, board size, board independence, and audit quality do not affect the tax planning relation on firm value.

92-103

Authors: Kedir Abrahim, Ganfure Tarekegn

This study focuses on factors affecting centralized procurement system effectiveness in higher Ethiopian public educational Institutions. To achieve this objective the researchers employed the explanatory research design with a primary data sources from 82 employees through questionnaires and interview in purposively selected of public educational Institutions and Public property procurement team leaders of PPPDSA at federal level. The Pearson correlation analysis outcome showed that all explanatory variables were positively influencing the effectiveness of centralized procurement system but at different degree of correlation. The multiple linear regression analysis result of the study also revealed that public policy, control activities and staffs’ educational competency of sampled public education institutions strongly and positively affected centralized procurement system effectiveness at 4.2 percent, 0.01 percent and 0.01 percent respectively. Similarly, monitoring and contract management affected the centralized procurement system effectiveness at 0.00.01 and 5.2 percent respectively. Therefore, to avoid the return of defect goods, malpractices, high compliance and untimely response of procurement orders, the PPPDS and sampled Ethiopian higher public educational Institutions should design very clear procurement planning criteria that fits the national procurement guideline, strong internal control system with good evaluation system. Moreover, it also advisable if the sampled Ethiopian higher public educational institutions train their staffs that partake in procurement processes and apply a computerized procurement system to support their procurement policies and further improve their overall centralized procurement system effectiveness.

117-124

Authors: Arif Buda, Hüseyin Özdeser, Andisheh Saliminezhad

This paper aims to find a coherent relationship between stock prices and bond yields on the day of issue. We show that stock prices seem to have a weak positive relationship with yields as investors seem to consider the underlying health of a firm before investing their money in either security. This contrasts with earlier research and falls in line with later research. The findings show that one percentage increase in share price on date of issue has the potential to raise yields by 0.20% given the near-zero interest environment of the euro.

139-144

Authors: Havane Tembelo

In this study, digital transformation applications in the business world and in finance field are discussed in detail. The current and potential effects of digitalization on a wide spectrum from operational finance to portfolio management are examined. Advantages and disadvantages of digital transformation have been examined in detail and a general evaluation has been made about the ongoing process. One of the most important milestones of digitalization in the financial world is cryptocurrency. It is totally based on blockchain technology that eliminates public authority intervention and intermediaries by establishing peer to peer (P2P) transactions via the decentralized platform. In particular, the possible effects of increasing digitalization efforts on the financial environment after Covid-19 are interpreted.

159-169

Authors: Abdu Seid Ali

Deprivations are a worldwide incident affecting people both in developed and developing countries. The study examines the performances Islamic micro finance institutions and their implication for financial inclusion and poverty alleviation in Ethiopia. Descriptive method of research is used to understand the general overview and performance of both conventional and Islamic micro finance institutions and observe the role of Islamic micro finance institutions towards ensuring financial inclusion and reducing poverty in the country. A survey was conducted on interest free micro finance windows in the existing conventional micro finance institutions in different parts of the country. The results revealed that most of the institutions provide murabaha which is a popular form of financing small entrepreneurs and businesspersons. However, the main challenges of interest free micro finance system are unavailability of clear and detailed legislation from the regulator National Bank of Ethiopia (NBE), shortage of trained and knowledgeable workforce related to interest free micro finance services, immense and arduous administrative cost of the system and clients’ nonconformity with some Sharia principles like failure to deliver the item to the institution after they acquired it from the market on behalf the micro finance institutions.

179-186

Authors: Ahu Tuğba Karabulut

Digital innovation facilitates digital transformation of companies. Companies which conduct digital innovation can have and sustain competitive advantages in the market place. Digital product innovation, digital process innovation and digital business model innovation are major types of digital innovation. The purpose of this paper is to highlight the concept of digital innovation, explain its types and focus on its advantages for companies. Digital innovation is using information and communication technology (ICT) to create new and improved products, processes, business models, marketing and organizational methods and network. It has three main types namely digital product innovation, digital process innovation and digital business model innovation. Its advantages can be summarized as reducing costs, improving productivity and relationships with stakeholders, and increasing competitive advantages, market share, sales and profits.

198-206

Authors: Buzayehu Abera Lemi, Matewos Kebede Rafera, Million Gezaw

The purpose of this study was to empirically examine the impacts of the macroeconomic and bank-specific variables on profitability of commercial banks in Ethiopia. For the purpose secondary data collected from seven banks over the period 2000-2017 and other sources were analyzed using a panel ordinary least squares regression model for the fact fixed and random effect model found inappropriate after the Hausman tests and Breusch-Pagan Lagrange multiplier (LM). The results of the study showed statistically significant negative impacts of broad money supply and credit risk. Inflation and GDP on the other hand was found with significant positive impacts. Yet, Cash reserve ratio and bank size showed no significant impact on the profitability of commercial banks in Ethiopia. The results suggested the need for enhancing credit risk management practice, optimizing the leverage ratio in increasing bank size. A thorough understanding of the strategic business environment also found highly relevant in commercial bank management for the fact macroeconomic variables and regulatory factors found to have significant implication on profitability.

218-225

Authors: Kahraman Arslan, Tuğçenur Ekinci Furtana

Political risk has become a common topic in recent years. Political risk, which is considered as the main parameter of country risk by international rating agencies, affects CDS credit scores and foreign investor decisions, which are very important in international trade. This study aimed to investigate the factors that make up Turkey as an example of political risk. Accordingly, the situations involving the political risk and the effects of the country in the period after the 2001 financial crisis were analyzed. Examples of political content and measure the risk scoring system used in the PRS Group research company, including risks related to the methods and principles taken from the 2001-2019 year, Turkey was subjected to analysis with this data. Besides scores of different international rating agencies it is made by comparing a general assessment about Turkey. It was determined that the political risk damaged the country's economy, growth, investment and future. In order to reduce the perceived political risk in the international system of Turkey, emphasized the necessity of the factors affecting ratings are given.

1-14

Authors: Mengistu Tegegn, Leta Sera, Tesfaye Melaku Merra

Profitability is one of the most important objectives of financial management because one goal of financial management is to maximize the owner` s wealth. This paper examined the effects of firm specific factors (age of company, size of company, leverage ratio, premium growth rate liquidity ratio and tangibility of assets) on profitability proxied by ROA. Profitability is dependent variable while age of company, size of company, premium growth rate,leverage liquidity ratio and tangibility of assets) are independent variables. The sample in this study includes nine of the listed insurance companies for twelve years (2005-2016). Secondary data obtained from the financial statements (Balance sheet and Profit/Loss account) of insurance companies, financial publications of NBE are analyzed.Panel data analyzed using Random Effect Model (FEM) after testing the appropriateness of the model with Fixed Effect and Pooled regression model. From the regression results; size,premium growth rate and liquidity and age are identified as most important determinant factors of profitability hence premium growth rate and size, are positively related. In contrast liquidity and age negatively but significantly related with profitability. Lastly, leverage and tangibility of asset are not significantly related with profitability.

31-40

Authors: Tarila Boloupremo

The paper extends the investigation on the relationship between liquidity and stock returns by examining the influence of market liquidity on stock returns in the Nigerian Stock exchange. Vector auto-regression model was employed in examining the impact of liquidity measures such as the volume of trading and turnover on stock returns for the period 1985-2015. Empirical results suggest that the higher the market liquidity (volume of trading and turnover), the higher the stock index returns. Thus, establishing a positive relationship between liquidity and stock returns of firms listed on the Nigerian stock market during the period examined after controlling for market size. This result is not in line with the negative relationship between liquidity and market return as obtained by studies on developed markets.

50-60

Authors: Agnes Kabithe Chege, Kellen Kiambati, Levi Mbugua, Dominic Mwenja

Healthcare provision stipulated by Sustainable Development Goals (SDGs) is a relatively new concept in many developing countries Sub-Saharan Africa part of Asia. Therefore, this study examined the influence of human capital development on the service delivery of devolved County Health Facilities. The path coefficients were positive and significant at 0.05 level of significance. The path coefficient beta value was β = 0.50. These findings indicate that for every 1-unit increase in human capital development, service delivery is predicted to increase by 0.5 in public county health facilities in Kenya. The study concluded that measures contributed to the positive relationship between human capital development and service delivery in these facilities. As the hospitals lacked funding of further training for their staff and also failed to pay competitive salaries and allowances, the study recommends that for improved service delivery within these facilities, promotions should be on performance, as well remuneration. Most employees will work hard when they know that they get rewards for it. The hospitals should also promote staff and offer scholarships for training to the high performing staff.

70-80

Authors: Nurudeen Afolabi Sofoluwe, Bamidele Ilo

This study analysed financial structure of workers cooperatives using University based cooperatives as a case study. The paper employed secondary data from annual reports and accounts of the cooperatives between 2012 and 2018 accounting years and uses descriptive statistics to analysis the data. The financing structure of the cooperatives consists of share capital, reserves and savings. The assets structure of the cooperative consist of outstanding loans to member-patrons, cash and stock of trading items. Further analysis shows that the trend of share capital as a component of financing structure was increasing more consistently over the period.

102-112

Authors: Tadele Mengesha, Mekuanint Abera Timbula, Yonas Mekonnen, Matewose Kebede

Financial literacy become a topical issue in academics and policy circles, both in developed and developing countries, for the fact that low level of financial literacy prevailing across the world. The objective of the study calls for a quantitative research design and particularly a cross sectional survey research approach. The research focused on the urban area of Jimma Zone because of the fact that required financial literacy and financial behavior of rural and urban household operating at various level of financial decision making scenario is better to be studied separately since the main purpose is to provide input for designing a targeted financial literacy education. Generally, female encountered different problem in the society and did not aware about the financial services and products delivered by the financial institution. Therefore, female level of financial literacy is low compared to their male counter.The study indicated that literacy in general and household literacy in particular has a very close relationship to acquire financial literacy and financial knowledge. In general, as the academic level of household increase, their saving behavior showed improvement.Government has to take the major role in installing the saving culture through financial literacy and financial inclusion. In addition the government stabilization of inflation, implementing forced saving, modernization and accessible the saving institution, stabilization of the income level of household and reviewing the saving interest rate is vital to see adult financially literate and economically able in the near future.

127-142

Authors: Imroz Mahmud

The study aims to apply Sharpe’s single-index model of portfolio construction and evaluate the model’s performance on the securities traded on Chittagong Stock Exchange (CSE). For this purpose, the last seven years' daily closing price data of 122 sample securities as well as the daily closing index value of the benchmark market index, CASPI, has been utilized. Sharpe’s model smoothens the intricate process of portfolio construction by suggesting a unique number, called the cutoff rate, to measure the desirability of each security’s inclusion in the final portfolio. In this study, 38 securities qualified to be a part of the final portfolio, hence, the optimal investment weight for each of them is calculated. An industry-wise analysis reveals that four industries account for about 68 percent of the final portfolio weight. The constructed portfolio yields a daily mean return of 0.1095 percent, which is equivalent to about 49 percent in effective annual terms. The overall portfolio risk, indicated by standard deviation, is found to be only 0.6425 percent. The portfolio beta of 0.3496 also indicates that there is significant nonexistence of systematic risk. An evaluation of the portfolio parameters explicitly reveals that it has outperformed every sample security as well as the market index, in offering the best risk-return combinations, by a large margin. Therefore, the study found Sharpe’s model of portfolio construction highly effective in optimizing risk and return in the context of CSE.

155-165

Authors: Soeharjoto Soekapdjo, Debbie Aryani Tribudhi, Dini Hariyanti, Lucky Nugroho

Economic growth is an indicator of the success of the development. Increasing economic growth in Central Java will be realized if the government can implement the right policies. Research on factors that influence economic growth can be used as a reference in making government policies in the economic field. The results of the study using multiple regression in 2008.Q1-2016.Q4 are Foreign Direct Investment (FDI), Domestic Investment (DI), Consumer Price Index (CPI), Health Index (HI), Education Index (EI), and the Gross Regional Domestic Product previous year (GRDP (-1)) was able to explain economic growth in Central Java by 99.9 percent. FDI and GRDP (-1) have a positive and significant effect on economic growth. HI, negative and significant effect on economic growth. DI, CPI, and EI are not significant for economic growth.

181-193

Authors: Tuğba Karabulut, Hümeyra Nur Hatipoğlu

This paper aims to investigate effects of green product innovation and green process innovation on the performances of companies. It presents in-depth interviews with Alarko Carrier A.Ş. and Cenal Elektrik Üretim A.Ş. which are companies of Alarko Holding in Turkey. Alarko Carrier A.Ş. produces, sells, exports, imports, makes marketing activities and after sales services of cooling, heating and water pressurization systems. Cenal Elektrik Üretim A.Ş. is an electric plant which produces electricity from coal by conducting environmentally friendly innovation activities in their business processes. The in-depth interviews were conducted with middle level managers from these companies to find out their green product innovation and green process innovation practices and their effects on their company performances. It is found out that these companies have corporate cultures supporting their green product innovation and green process innovation practices which affect their financial performance and stakeholder performance. Additional in-depth interviews can be conducted with companies from other sectors for further studies.

204-226

Authors: Özgür Çengel, Ilgın Çakıroğlu

There are many shopping malls operating in recent years. In order to achieve success in a competitive environment, these shopping malls should attract consumers and show their mall personality to differentiate from competition. This can be possible by revealing the attractive features of the mall from the consumer perspective and understanding the consumer behavior. The purpose of this study is to examine the relationships between mall attractiveness, mall personality and mall patronage intention, as well as revealing the mall attractiveness and mall personality factors. In this context, data was collected with face-to-face survey method, from 414 people that visited the Trabzon Forum Mall. Exploratory Factor Analysis (EFA), Confirmatory Factor Analysis (CFA) and Structural Equation Modeling (SEM) were used to analyze the survey responses from 414 shopping mall patrons. The findings indicate that shopping mall attractiveness has significant positive impact on mall patronage intention and mall personality has a full mediating effect between shopping mall attractiveness and mall patronage intention.

1-7

Authors: Nurul Hidayah, Ahmad Badawi, Lucky Nugroho

This study aims to determine the implementation of Good University Governance (GUG) and Intellectual Capital (IC) at the University with the unit of analysis at Mercu Buana University. The data used are primary data using questionnaires. The population in this study is all structural officials in the University environment. Using stratified random sampling in which only the structural officials who became the study sample, from all questionnaires distributed, only 60 were able to be processed. This research uses a descriptive qualitative approach. The data analysis method used is Partial Least Square. Results outer test research models meet the criteria of validity and reliability, while from the inner test models indicate that the implementation of Good University Governance at the University of Mercu Buana related to Intellectual Capital. GUG as the main factor IC appeal. IC implemented, will improve the ability of an institution, but there are some areas that need improvement.

22-30

Authors: Kulondwa Safari, Lukogo Chanceline

Financial inclusion has been proved as a strategy to fight poverty. Africa is a continent where the poverty rate is high and the financial sector is not developed. The continent needs more financial innovation and an increase of financial access to fight these problems. Mobile money, a mobile based financial service has been including more and more people in the financial system and the sector is growing. A lot of studies grew interest in this new financial service but none studied the system strategically. This study uses the strategic approach SWOT, completed by TOWs matrix to ascertain the current status and the future of Mobile money services. The results revealed several strengths and significant opportunities for the system as well as its weaknesses and threats. Several strategies are proposed afterward.

45-62

Authors: Tesfaye Melaku Merra, Leta Sera, Endeg Tekalegn

This research was designed to assess willingness, ability, motive, preference and determinants of smallholder major grain farmer’s transition dilemma to light manufacturing industry in Jimma Zone, Oromia Region, Ethiopia. The participants of the study were selected using two stage non probabilistic, purposive sampling. Then, we prepared sample frame from each Kebeles fall in our selection pool. Finally, 399 household heads (farmers) were selected for this study, using stratified sampling. Then, primary data collected via structured questionnaire was analyzed descriptively and in binary logistic regression. Accordingly, majority of smallholder major grain farmers need to stay on their current crop farming. Increasing these products productivity and price is one possible means of intervention to improve the areas smallholder farmer’s livelihood. The descriptive statistics depicts that, small holder farmers’ transitional dilemma to light manufacturing sector and the fate of industrialization plan in Jimma zone is at its infant stage and those small holder farmers have almost no any awareness, no know how about technologies, not trained and they have no entrepreneurial skill. The result revels that the major determinants of smallholder grain farmers sectorial transition plan in the study area was significantly affected by age, sex, marital status, skilled labour access, access to credit, price product expectation, place,Awareness, Education level, Entrepreneur skill, Training, Transport and Energy.Hence, effort should be geared in manner that build farmers capacity through adult literacy program, formal education and with short term training. This research was designed to assess willingness, ability, motive, preference and determinants of smallholder major grain farmer’s transition dilemma to light manufacturing industry in Jimma Zone, Oromia Region, Ethiopia. The participants of the study were selected using two stage non probabilistic, purposive sampling. Then, we prepared sample frame from each Kebeles fall in our selection pool. Finally, 399 household heads (farmers) were selected for this study, using stratified sampling. Then, primary data collected via structured questionnaire was analyzed descriptively and in binary logistic regression. Accordingly, majority of smallholder major grain farmers need to stay on their current crop farming. Increasing these products productivity and price is one possible means of intervention to improve the areas smallholder farmer’s livelihood. The descriptive statistics depicts that, small holder farmers’ transitional dilemma to light manufacturing sector and the fate of industrialization plan in Jimma zone is at its infant stage and those small holder farmers have almost no any awareness, no know how about technologies, not trained and they have no entrepreneurial skill. The result revels that the major determinants of smallholder grain farmers sectorial transition plan in the study area was significantly affected by age, sex, marital status, skilled labour access, access to credit, price product expectation, place,Awareness, Education level, Entrepreneur skill, Training, Transport and Energy.Hence, effort should be geared in manner that build farmers capacity through adult literacy program, formal education and with short term training.

76-86

Authors: Kibru Kefay, Chalchissa Amentie Kero

The purpose of this study was to investigate the effect of non-financial incentive scheme on employees’ motivation. Therefore, the study was descriptive as well as explanatory which used primary source of data. By that 162 questionnaires were distribute and all of them were returned and used for the study and stratified and simple random sampling methods were applied to determine respondent for the study. However, the study try to examine the perception of employees’ about the incentives scheme of the bank, motivation level of employees’ in the bank and the effect of promotion, recognition, training on employees’ motivation. Among the major findings, the overall perception of respondents about current non-financial incentive practices were shown as they are happy and satisfied with promotion and training but they are neutral on recognition. The result of regression analysis shows that; promotion, recognition, training were a significant predictors of employees’ motivation. Also of that, a significant portion of employees was at good motivation level to perform their job. It is recommended to review the bank's recognition practice to increase the current motivation level of employees.

97-105

Authors: Haimanot Seifu, Mekuanint Abera Timbula, Emnet Negash

Knowledge management and knowledge resources have gained much importance in recent years and are said to improve organizational performance. However, the effects of knowledge management practices on organizational performance are not well known especially in the case of public organizations. This research had examined the effects of knowledge management practices on organizational performance at Ethiopian Agricultural Transformation Agency. The study adopted explanatory research. Questionnaires were adopted on the basis of literature review. The questionnaires were also used to collect data from members of staff; respondents were selected through a random sampling method with sample size of 140 respondents. The completed questionnaires were edited for completeness and consistency, checked for errors and analyzed using statistical package for social science (SPPS 20) frequencies, percentages and multiple correlations for quantitative analysis. The study recommends Ethiopian Agricultural Transformation Agency should ensure a formalized way of acquiring knowledge from its employee and implement knowledge sharing practices that enable the employees to learn from each other. Ethiopian Agricultural Transformation Agency should also revise Organizational structure in accordance with the knowledge management element to enhance the effect of organizational performance and use advanced technologies to enhance its knowledge management practice.

120-127

Authors: Yenny Dwi Handayani, Ewing Yuvisa Ibrani

This study aims to examine the effect of Corporate Governance and Share Ownership Structure on Tax Avoidance. The share ownership structure uses controlling shareholders who have the largest shareholding in the company with ownership of between 20-50%. This study used manufacturing companies listed on the Indonesia Stock Exchange (IDX) during 2015-2017, with 99 observation data and the analytical used multiple linear regression. The results of the study show that both corporate governance and the share ownership structure proxied using controlling shareholders have an effect on tax avoidance

140-146

Authors: Shafiq Abass

This study analyses how the widely use of telephone and similar electronic gadgets has reshaped transactions and the payment system in Ghana. The not very long ago introduced mobile money system widely known in the country as MoMo, tends to have astounding effects on the banking sector that has been in existence since time immemorial. This research focuses on the impact the mobile money industry has had on the lives of the average citizen and also on communities where banks are inaccessible in relation to banking and financial inclusion in general. Data from the Bank of Ghana, World Remit, survey on social media platforms and other sources show that the mobile money sub industry of the FinTech industry has made and achieved significant performancesand milestones within the past decade or so. The numbers infer that patrons tend to rely more upon the newly born mobile money system and continue to show reluctance in patronising the orthodox system of banking. We look at the changes in the amount of banking transactions as well as mobile money transactions within specific periods. From statistical data and individual opinions accumulated it is clearly a wake up call for banks. Based on data evidence the possible reasons which might have been the causes of the situation at hand are as well discussed and recommend possible solutions are arrived at.

158-166

Authors: Dinh Tran Ngoc Huy, Du Quoc Dao

Over past few years, the global financial crisis shows certain influence on emerging financial markets including Viet nam. Therefore, this study chooses an analytical approach to give some systematic opinions on how much some certain determinants such as income tax and leverage, affect the level of market risk in listed tourism companies. First, it calculates equity and asset beta values in three (3) different scenarios of changing tax rates and changing the level of financial leverage. Second, under 3 different scenarios of changing tax rates (20%, 25% and 28%), we recognized that there is not large disperse in equity beta values, estimated at 0,753 for current leverage situation. Third, by changing tax rates in 3 scenarios (25%, 20% and 28%), we recognized both equity and asset beta mean values have positive relationship with the increasing level of tax rate. Last but not least, this paper covers some ideas and policy suggestions.

187-194

Authors: Ahu Tuğba Karabulut

The purpose of this study is to shed light to antecedents and consequences of green innovation. Antecedents and consequences are important to understand why companies decide to proceed green innovation and what are their benefits to the companies and their stakeholders. Antecedents are motivations of companies to conduct green innovation whereas consequences are contributions of them to the World.

206-210

Authors: Mustafa Özyeşil

The main purpose of this study is to contribute to the literature by performing an original study. The main subject of the study is to investigate the future position of cryptocurrencies included in the sample. In this study, we tried to predict the future expected the popularity of 6 cryptocurrencies. For this purpose, we collect internet search data of each cryptocurrency included in the sample. Popularity variable is determined by the frequency of searched numbers of crypto coins on the internet. We created graphs in the form of scatter plots by using MS Excel 2016. In order to determine the ideal curve that provides the highest specificity coefficients (R2) of related to equations was preferred. According to the results of the analysis, it was determined that RIPPLE-XRP may be taken out of the circulation in the market by November 2020.

219-229

Authors: Nurul Hidayah, Ahmad Badawi, Lucky Nugroho

This study examines the factors that influence the sustainability of the company's disclosure has registered at Indonesia Sustainability Award (ISRA). Data were taken from 2012 to 2017 and became a sample of 9 companies featured in the ISRA. Regression analysis was used to examine the effect of factors (Current Ratio, Size, Type Industry, Social Responsibility Committee and meetings of the audit committee) on the disclosure of sustainability reporting. Result of regression explains that the variable Current Ratio (CR), Size and Audit Committee Meetings significant effect, while the governance committee and the type of industry effect are not significant. Therefore, Companies are growing fast in asset and have a large debt must disclose the information in a sustainability report.

1-12

Authors: Hooshang Asheghi-Oskooee

Financing with reasonable cost, correct usage of capital and preventing the creation of unused resources are the financial management’s most important tasks. Appropriate financing and correct investment in assets leads to sustainable growth in shareholders’ wealth. This study was carried out to investigate the relationship between the capital expenditures structure (CES) and the cost of capital with shareholders’ wealth. Using systematic sampling in a five years period, 186 companies, including the listed companies in Tehran Stock Exchange were selected. To analyze data, Partial Least Squares method of Structural Equation Modeling was used. The findings indicated that there is a significant positive relationship between the CES and shareholders’ wealth in total, but some components of the CES are not related to shareholders’ wealth and it is necessary to be studied carefully. Because, understanding the relationship between the CES and shareholders’ wealth is very important to maximize shareholders’ wealth and will be most effective in capital expenditures’ budgeting. Also, there is a significant inverse relationship between the cost of capital and shareholders’ wealth.

25-33

Authors: Saira Sundas

This paper intends to study the effect of firm size on financial leverage choice while controlling for determinats like profitability and performance.Fixed effect regression model has been employed over an unbalanced panel data of non-financial firms of Pakistan from 2005-2014.Results report negative relation between firm size and leverage ratios; implying less dependence of firms on debt.Profitability shows negative significant association with short term debt and total debt while performance reports insignificant relation.The study reveals that in case of emerging country like Pakistan which is politically and economically instable; results tend to affirm a high influence of pecking order theory in firms financing patterns.

51-59

Authors: Amir Ben Mekki

Facebook is the preferred social networking service (SNS) platform among Tunisian users for social commerce (SC) and consumer-to-consumer (C2C) commercial activities. This article aims to increase the understanding of the influencing factors of C2C SC activities and provide a new interpretation of the evolution of C2C SC models in Tunisia's fastest growing trend. In order to fulfill this goal, we performed a literature review to update existing multi-facet framework that combines four important dimensions with new fundamental components: incentive systems, information and communication technologies (ICT), participative web, and e-business rules and regulations. This study has shown that these influencing factors are the key ingredients driving the evolution of C2C SC business models in Tunisia and the consideration of the four dimensions founded in our study will aid ECOM professionals to enable the widespread occurrence of C2C SC activities and can drive the success of these business models in Tunisia.

70-78

Authors: Ardita Bylo, Serkan Çankaya

Most of the empirical studies about capital structure tend to focus either on overall developed markets or on emerging countries. This paper aims to analyze the determinants of the capital structure of the companies in the Western Balkans (WBs) using a panel of 30 non-financial firms listed in Zagreb Stock Exchange, Belgrade Stock Exchange, and Macedonian Stock Exchange over the period of 2012–2017. The leverage ratio is modeled as a function of firm-specific characteristics. The results that firms in WBs tend to rely more heavily on short-term than long-term debt. There is a significant negative impact of liquidity, profitability and tax on both leverage level and short-term debt ratio. The long-term debt ratio is significantly positively affected by the growth opportunities of these companies and by its past level. Our results are consistent with the findings of previous empirical studies about emerging and transition economies, indicating that companies in WBs follow the pecking order theory.

92-101

Authors: Ece Arıkoğlu, Necla Öykü İyigün, Mehmet Sağlam

This study aims to examine the relationship between job satisfaction, organizational identification and organizational citizenship behavior of the employees in the finance industry. Also, it is aimed to reveal the mediating role of organizational identification on the relationship between job satisfaction and organizational citizenship behavior. The convenience sampling method was used in the study. The questionnaires were distributed to 355 personnel working in the finance industry and the responses obtained from these participants were analyzed. The correlations between the variables were found statistically significant and hierarchical regression analysis was used.

121-132

Authors: Samson Ogege

This article seeks to empirically analyze the influence of inflation, interest and exchange rate on economic development. The sustainability of high economic development in most industrialized and developing countries has been the primary objective of macroeconomic policies. Notwithstanding, there exist considerable contention on the innate feature of the inflation, interest rate, exchange rate and development association. The major purpose of this work is to assess the inflation, interest and exchange rate effect on some economic development indicators in Nigeria which includes the life expectancy index, human development index, consumption per capita, physical quality of life, and health and education index. The secondary data employed were collected from the CBN statistical bulletins from 1981-2017 and were analyzed adopting descriptive, correlation as well as regression analysis. The empirical analysis revealed the existent relative effect of macroeconomic variables on Nigeria economic development indicators. The impacts of the economic attributes mechanisms on performance indicators are distinct. The work infers that the diverse economic characteristics’ components influence diverse indicators of performance in various ways. It is however recommended that inflation, interest rate and exchange rate should be used to create a favorable investment climate on economic development variables, the apex bank needs to consider inflation threshold for the country in the process of targeting single digit inflation as one of its major objectives. Also, government should adopt tight monetary policy measures to control inflation from time to time.

1-11

Authors: Medina Braha

Theory X and Theory Y represent assumptions on manager’s attitude towards human nature and behavior. Theory X assumes a negative manager attitude, while Theory Y assumes the opposite. Accordingly, Douglas McGregor, founder of this theory, believed X-type leaders should convert to Y-types if they are to motivate and perform successfully. This work aims to provide real-life support of McGregor’s assumption through a case study on the leadership profile of Larry Page, co-founder and twice CEO of Google and current CEO of Alphabet. Page’s leadership profile drawn from this analysis acts in favor of Theory Y’s assumptions, howev-er, transfer from X appears to have taken place beforehand. The conversion appears to be associated with the benefits anticipated by McGregor.

25-39

Authors: Zerihun Ayenew Birbirsa, Emnet Negash Debele

Many studies found that value chain risk management plays great role to get competitive advantage in the chain. However, despite its role, managing prevailing risks in the chain was not studied in comprehensive way by including both internal factors. The sample size of the study was a total of 275 farmers, input dealers and market traders found in East Shawa zone. The source of the data of the paper was both secondary and primary data in which the primary data was collected through questionnaires and interviews which was developed in English language and translated in local language. To achieve this objective, this study was divided in two stages: an exploratory and casual relationship testing. The findings of the study show that there is no efficient risk management program, there is no cooperation and coordination among value chain actors. In addition there is no design strategy to mitigate value chain risks and internal factor risks elements have medium importance in business activities to manage value chain risks. The multiple regression result show internal factors were significantly and positively influence effective risk management.

46-56

Authors: Danstun Ngonyani

This paper presents the results of the study on the effect of credit collection policy on portfolio risk management among microfinance institutions in Tanzania. The study used cross-sectional survey data of microfinance institutions in three regions of Dar es salaam, Morogoro and Dodoma. Random sampling was employed to obtain a sample of 219 microfinance institutions in all three regions. Multiple linear regression analysis was used to determine the effect of credit collection policy on portfolio at risk of microfinance institutions. Results show that, there is a positive relationship between interest rates charged and portfolio at risk of microfinance institutions. On the other hand, the variable for grace period on loans and loan sizes to borrowers had a negative relationship with portfolio at risk of microfinance institutions. These results suggest that, microfinance institutions can focus on explanatory variables used in the study for enhanced quality of financial performance of the microfinance industry.

60-93

Authors: Lorin Koçu

The purpose of this study is to examine the effect of business-IT Alignment effects on business agility. The questionnaire of this study was given to 504 people via online survey who work as a manager in 3 public, 9 private and 16 foreign capital banks in Turkey. 334 valid questionnaires were collected back and analyzed. Corellastion, Regresion and Multiple Regretion analysis were used. According to the findings business-IT alignment has a positive effect on the business agility. As sub dimensions intellectual alignment and business alignment have a positive effect on the business agility. When we look at Business –IT alignment effect on business agility dimensions. It has positive effects on all six dimension of business agility (Agile Values, Technology Workforce, Change Management, Collaboration & Coordination and Flexible Infrastructure.).

108-117

Authors: Ahu Tuğba Karabulut, Esra Ergun

A scrum is widely used since 1990s in software development industry which is a fast changing and demanding industry so companies need to hire qualified employees who can manage themselves in a team based organizational structure to meet and exceed customer expectations. A scrum management offers advantages to software development companies to have and sustain competitive advantages. Its adaptations into other industries may be worthwhile to be explored from a management perspective to make contributions to both software development industry and other industries. The purpose of this paper is to shed a light to a new way of management which is a scrum management to make contributions to both software development industry and other industries. The concept, roles, objects, ceremonies, process and challenges of a scrum will be explained respectively in this paper which provides a comprehensive understanding of a scrum management.

128-133

Authors: Mehmet Enes Aşçı

In this study we will look at the relations between Turkey and the EU from the perspective of the Custom Union. First we will try to observe and understand the process of the Custom Union and its possible effect on the Turkish economy. Then we will try to understand the problems with Custom Union and its results on the relationships between Turkey and EU countries. Finally, we will make a general assessment in order to cover the whole issue.