Template-Type: ReDIF-Article 1.0 Author-Name: Wen-Chuan Miao Author-Name: Hsiou-Wei Lin Title: RETURN ON EQUITY ESTIMATES AND FOURQUADRANT SQUARE POSITION: EVIDENCE FROM TAIWAN Abstract: This study examines the extent to which security analysts’ forecasts help improve our classifying the observations into the Damodaran’s four-quadrant square box. Based on the square box, we show that companies classified into quadrant (I) by Historical Return on Equity (HROE) will move to quadrant (II) in the subsequent period. We find security analysts perform better than HROE in predicting the fourquadrant box outcome in the subsequent period. Our empirical result shows the Consensus Return on Equity (CROE) performs better than HROE in predicting the four-quadrant box in the subsequent period. Due to the fact that a firm’s accounting earnings may deviate from its economic earnings, analysts may strategically pursue forecast accuracy, especially in the short term, at the expense of information users in the long term. Specifically, analysts’ longer-horizon earnings forecasts may be more informative than current- and subsequent-year EPS forecasts as to the true value of a firm’s long-term investment projects. Accordingly, analysts’ longer-termed earnings forecasts outperform their current- and subsequent-year EPS forecasts in predicting the four-quadrant box in the subsequent period. Classification-JEL: G17, G24, G35 Keywords: Return on Equity, Analyst Consensus Estimates, Dividend Policy Journal: Global Journal of Business Research Pages:1-16 Volume: 17 Issue: 1 Year: 2023 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v17n1-2023/GJBR -V17N1-2023-1.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:17:y:2023:i:1:p:1-16 Template-Type: ReDIF-Article 1.0 Author-Name: Yu-Chi Wu Author-Name: Yi-Feng Yang Author-Name: Cheng-Se Hsu Title: RELATIONSHIP BETWEEN INNOVATIVE LEADERSHIP AND EMPLOYEE SERVICE INNOVATION BEHAVIOR Abstract: This study investigates if a climate of support for innovation acts as a mediator between innovative leadership and employee service innovation behavior. A total of 238 valid questionnaires were collected from insurance companies. Participants were asked to rate their service innovation behavior, their supervisors’ innovative leadership, and the climate of support for innovation in their unit. The study used regression analysis to analyze the data. The results indicated that a climate of support for innovation acts as a mediator between innovative leadership and employee service innovation behavior. Finally, this study discusses the implications of these findings and offers direction for future research. Classification-JEL: M31 Keywords: Innovative Leadership, Employee Service Innovation Behavior, Climate of Support for Innovation Journal: Global Journal of Business Research Pages:17-24 Volume: 17 Issue: 1 Year: 2023 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v17n1-2023/GJBR -V17N1-2023-2.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:17:y:2023:i:1:p:17-24 Template-Type: ReDIF-Article 1.0 Author-Name: Leticia Rodriguez Ocana Author-Name: Antonio Miguel Nogues Author-Name: Juan Carlos Mandujano Contreras Author-Name: Herminia Banda Izeta Title: VALUE PERCEPTIONS OF CULTURALENVIRONMENTAL SERVICES IN TACOTALPA, TABASCO Abstract: This article analyzes tourist perceptions of cultural environmental services, tourism resources and activities as well as the environmental impacts in the tourist area of Tacotalpa, in the state of Tabasco in southeastern Mexico. The mixed methodology combines in-depth interviews of a qualitative nature and the application of a quantitative questionnaire from which a descriptive analysis of frequencies is carried out. Among the results, it stands out that visitors have a positive perception of the quality and aesthetics of natural landscapes in a way they consider inexpensive. Classification-JEL: Z39 Keywords: Environmental Services, Tourism, Economic Valuation, Perception Journal: Global Journal of Business Research Pages: 25-41 Volume: 17 Issue: 1 Year: 2023 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v17n1-2023/GJBR -V17N1-2023-3.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:17:y:2023:i:1:p:25-41 Template-Type: ReDIF-Article 1.0 Author-Name: Laura R. Persky Author-Name: Janet L. Walsh Author-Name: Ken Pinnock Title: CREATING POSITIVE WORKPLACE CULTURE TO REDUCE WORKPLACE BULLYING Abstract: This research aims to highlight the problem of workplace bullying and provide suggestions for organizational processes that might prevent it from occurring. The study explains why workplace bullying exists and how certain organizational structures, cultures, or leadership styles can contribute to and reinforce negative behavior. This study includes both qualitative primary and secondary research sources. It provides recommendations for creating a positive work environment by applying organizational virtuousness practices that may inhibit or mitigate negative behaviors. The findings will offer diagnostic suggestions and proactive structural efforts that can help minimize the opportunity for bullying. Classification-JEL: M100 Keywords: Bullying, Management, High Performance, Human Resources, Leadership, Organizational Virtuousness Journal: Global Journal of Business Research Pages: 43-53 Volume: 17 Issue: 1 Year: 2023 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v17n1-2023/GJBR -V17N1-2023-4.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:17:y:2023:i:1:p:43-53 Template-Type: ReDIF-Article 1.0 Author-Name: Benedict E. DeDominicis Title: THE FAILURE OF THE TWENTIETH CENTURY EUROPEAN PERPETUAL PEACE PROJECT: THE SOCIAL CONSTRUCTION OF THE WEST VIA OPPOSITION TO RUSSIA Abstract: This paper critiques the de facto equation of Europeanization with submission to U.S. hegemony. It traces the choices that allowed the EU to be equated as one of side of the same coin with NATO. France’s 2009 rejoining the NATO command structure encouraged this perception. It comports with the claim that US liberal hegemony made the European integration process feasible. It highlights the consequences for conflict resolution of the Europeanization process being equated with attitudinal orientation towards accepting U.S. hegemony. Ukraine is a case study of this process on the level of indirect conflict between Moscow and Washington each seeking to contain each other. European integration’s focus on developing vested economic and bureaucratic interests has tied it to U.S. hegemony. It facilitated the institutionalization of anti-Moscow influence tendencies in European integration. The paper adopts a process tracing methodological approach with a focus on the Cold War and the prevailing views that have emerged around it. The institutionalization of Euro-Atlantic integration includes the internalization of the assumption that the USSR, and later Russia, were imperialist aggressors. The US-led Euro-Atlantic community successfully, and relatively peacefully, contained it. Moscow’s prevailing view does not share this problematic analysis regarding post-1945 Soviet foreign policy motivation. Classification-JEL: F51, F52, F54, F55 Keywords: European Union, International Political Economy, International Relations, Nationalism, NATO, Russia, US Hegemony, Ukraine Journal: Global Journal of Business Research Pages: 55-91 Volume: 17 Issue: 1 Year: 2023 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v17n1-2023/GJBR -V17N1-2023-5.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:17:y:2023:i:1:p:55-91 Template-Type: ReDIF-Article 1.0 Author-Name: Wali I. Mondal Title: COVID-19 FISCAL STIMULUS AND POST-PANDEMIC GROWTH OF INCOME AND EMPLOYMENT IN THE UNITED STATES Abstract: The COVID-19 Pandemic compelled a large segment of the population to be confined to their homes for more than a year. As a result, the unemployment rate went up significantly affecting those below the median income level more than the population above the median income level. To minimize the negative effects of the Pandemic, the U.S. government provided $5.6 Trillion in several stimulus packages. In this paper, we analyze the impact of the COVID-19 fiscal stimulus on the employment and income of the lowest quintile of income earners. Three conclusions emerge from our analysis. First, contrary to many predictions, the U.S. economy recovered from the COVI-19 Pandemic-induced recession in a short period of time. Secondly, the Pandemic relief programs targeted to low- and medium-income population helped reduce the income inequality of the lowest 20 per cent of the population. Thirdly, the impact of total COVID-19 funding to the States enhanced the growth of employment while some states grew at a higher rate than the national average growth rate due to the unique industrial structures and the enhanced efforts of these states in attracting jobs. Classification-JEL: E62, E65, G18 Keywords: COVID-19, Fiscal Stimulus, Income Inequality, GDP Growth, Employment Growth Journal: Global Journal of Business Research Pages: 93-104 Volume: 17 Issue: 1 Year: 2023 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v17n1-2023/GJBR -V17N1-2023-6.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:17:y:2023:i:1:p: 93-104 Template-Type: ReDIF-Article 1.0 Author-Name: Rafael Romero Author-Name: Katie Matt Title: RESIDENTIAL MORTGAGE-BACKED LOAN SECURITIZATION: BREACH OF CONTRACT EVIDENCE Abstract: A financial company’s failure to fulfill its obligations related to the securitization of around 6,000 residential mortgage loans sold to a Trust for more than one billion dollars resulted in a breach of contract. The financial company had made several commitments regarding the accuracy of the information given to borrowers, including promises to rectify any non-conformance or repurchase defective Mortgage Loans. It had also guaranteed that it would notify the Trust of any breaches it discovered. An investigation of the Mortgage Loans found that at least 3,000 did not conform to the Mortgage Representations, impacting their value. Additionally, around 2,500 Mortgage Loan Files were unreviewable due to missing documentation. The Trustee informed the financial company about the breaches and demanded that they be remedied, but the company failed to cure any breaches, provide any missing files, or repurchase any defective loan. As a result, the Trust suffered a loss of about half a billion dollars, indicating that the financial company had no intention of complying with its contractual obligations. Therefore, the Trustee must be reimbursed for the losses incurred. Classification-JEL: K10, K12 Keywords: Loan securitization, Residential Mortgage Back Security (RMBS), Breach of Contract Journal: Global Journal of Business Research Pages:105-111 Volume: 17 Issue: 1 Year: 2023 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v17n1-2023/GJBR -V17N1-2023-7.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:17:y:2023:i:1:p:105-111 Template-Type: ReDIF-Article 1.0 Author-Name: Hsiang-Tsai Chiang Author-Name: Tung-Yang Huang Title: FACTORS THAT INFLUENCE PATIENT HOSPITALS CHOICES: EVIDENCE FROM TAIWAN Abstract: This study conducted an in-depth discussion on factors that influence patient hospitals choices in Taiwan. The paper conducted an electronic questionnaire survey based on the perspective of those who have been to hospitals or who care for patients to assess satisfaction with past medical treatment. Some 250 questionnaires were sent out and we effectively collected 211 questionnaires. Descriptive statists shows that the recommendation of relatives and friends have the greatest influence on decision-making factors of people's medical treatment, accounting at 56%, followed by the distance to medical treatment accounting at 15%. Chi-square analysis revealed that age, marriage and occupation were significant in whether they were willing to recommend relatives and friends to hospital. The study found that unmarried men aged 18-24 years and students were least likely to recommend relatives and friends to seek medical treatment in a hospital. Regression analysis revealed the presence of famous doctors and perfect referral services had a significant effect on people's medical treatment decision-making. People are willing to choose hospital for medical treatment when there are famous doctors stationed in hospitals and perfect referral services. Classification-JEL: I18, L52 Keywords: Hospital, Famous Doctor, Referral Services Journal: Global Journal of Business Research Pages:113-121 Volume: 17 Issue: 1 Year: 2023 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v17n1-2023/GJBR -V17N1-2023-8.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:17:y:2023:i:1:p:113-121 Template-Type: ReDIF-Article 1.0 Author-Name: Lisheng Hsu Title: BUSINESS MODELS OF THE TOURISM INDUSTRY: EVIDENCE FROM TAIWAN Abstract: Over the past twenty years, tourism factories in Taiwan have become a successful business model of traditional industries that want to enhance corporate value and develop brand awareness. These tourism factories are working factories that incorporate a tourism component. This study finds that family business in tourism factories is based on the previous generation of leaders due to their own technical expertise and adherence to the corporate philosophy. The next generation of leaders can also add tourism and online performance benefits to their existing base by operating through the innovative business model. This approach allows for an increase in corporate value and brand awareness in family business. The tourism factory business model's rapid absorption of new information and continuous optimization of the status quo can lead to greater success in five major aspects of an innovative business model. Classification-JEL: L10, Z32 Keywords: Tourism Factory, Family Business, Innovative Business Model Journal: Global Journal of Business Research Pages: 123-134 Volume: 17 Issue: 1 Year: 2023 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v17n1-2023/GJBR -V17N1-2023-9.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:17:y:2023:i:1:p:123-134 Template-Type: ReDIF-Article 1.0 Author-Name: Barbara von Brandt Author-Name: Lucien R. Costley Title: IS A DIVERSIFIED PORTFOLIO BETTER THAN A 60/40 PORTFOLIO? A 10-YEAR COMPARISON STUDY OF A UNIVERSITY ENDOWMENT Abstract: The following examines the performance of an actively managed university endowment and compares the result to the return of a passive, index-based investment comprised of 60 % U.S. equities and 40 % U.S. bonds. From 2013 to 2022, the results show that the endowment underperformed the passive 60/40 index fund in each of the last 1-, 3-, 5-, and 10-year periods. The compound annualized growth rate (CAGR) over the 10-year period was 6.5% for the actively managed endowment compared to 7.8% for the 60/40 index fund. Incorporating novel asset classes into an actively managed portfolio does not guarantee better returns than investing in a low-cost 60/40 index fund. Classification-JEL: G3 Keywords: Endowment Management, Active Versus Passive Investing, Asset Allocation, ETFs Journal: Global Journal of Business Research Pages:135-143 Volume: 17 Issue: 1 Year: 2023 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v17n1-2023/GJBR -V17N1-2023-10.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:17:y:2023:i:1:p:135-143