Template-Type: ReDIF-Article 1.0
Author-Name: Vincent Louis Ovlia
Author-Name: David Enke
Author-Name: Michael C. Davis
Title: THE EFFECTS OF CONGRESSIONAL ELECTIONS ON FUTURE EQUITY MARKET RETURNS
Abstract: As the primary entity responsible for new legislation, Congress is capable of enacting legislation that may affect future market returns. To examine potential effects, the percentage of the House of Representatives and Senate controlled by a political party is examined. Additionally, the effect on returns in a change in the percentage of seats gained or lost in Congressional elections is analyzed. To test both theories, a modified partisan view model is adopted. Results point to the fact that equity markets perform better in situations in which power is distributed between political parties.
Classification-JEL: G12, G13, G14, H00 
Keywords: 
Journal: Global Journal of Business Research
Pages: 1-15
Volume: 2
Issue: 1
Year: 2008
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v2n1-2008/GJBR-V2N1-2008-1.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:2:y:2008:i:1:p:1-15

Template-Type: ReDIF-Article 1.0
Author-Name: Nelson Lajuni
Author-Name: Ooi Ai Yee
Author-Name: Mohd Fahmi Ghazali
Title: CAPITAL CONTROLS: IMPACT ON FOREIGN DIRECT INVESTMENT AND PORTFOLIO INVESTMENT IN MALAYSIA 1991-2004
Abstract: This paper examine the effects of three types of capital controls policies in Malaysia: (i) the existence of fixed exchange rates (indirect capital controls), (ii) controls on capital account and (iii) the stringency of requirements for the repatriation (direct capital controls) on FDI and PI flows as the dependent variable. The study examined the significant impact of the controls in influencing the investment atmosphere in Malaysia. The analysis were done over two period, where the period of 1991-1997 [7 years] is considered as a period where Malaysia imposed floating exchange rate system (liberalization of capital controls), and the second period 1998-2004 [7 years] as an age where the Malaysian government started imposing the fixed exchange rate regime. Overall, the result shows that the effect of capital controls on FDI flows was not significant as there were trade-off between the setback and the benefits of imposing capital controls. Meanwhile, it was also found that the reason why capital controls have more effect on PI than FDI was largely due to different nature of both investments.
Classification-JEL: G15
Keywords: 
Journal: Global Journal of Business Research
Pages: 17-24
Volume: 2
Issue: 1
Year: 2008
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v2n1-2008/GJBR-V2N1-2008-2.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:2:y:2008:i:1:p:17-24

Template-Type: ReDIF-Article 1.0
Author-Name: Nelson Waweru
Title: PREDICTING CHANGE IN MANAGEMENT ACCOUNTING SYSTEMS: THE EFFECTS OF COMPETITIVE STRATEGY
Abstract: This study reports on a survey that investigated changes in management accounting and control systems in 31 Canadian manufacturing companies. Six variables that may influence changes in management accounting and control systems are identified from contingency theory literature. The findings indicate considerable changes in the organizations’ management accounting systems during the three year period. Changes in management accounting were best predicted by organizational capacity to learn. Such changes mostly occur in systems that support planning and control. Organizations that placed a high emphasis on differentiation strategies reported significant changes in their management accounting and control systems. Moreover the intensity of competition was found to affect management accounting change through the organizational structure.
Classification-JEL: M40
Keywords: 
Journal: Global Journal of Business Research
Pages: 25-41
Volume: 2
Issue: 1
Year: 2008
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v2n1-2008/GJBR-V2N1-2008-3.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:2:y:2008:i:1:p:25-41

Template-Type: ReDIF-Article 1.0
Author-Name: P.K. Gupta
Title: INTERNET BANKING IN INDIA – CONSUMER CONCERNS AND BANK STRATEGIES
Abstract: Internet banking has attracted the attention of banks, securities trading firms, brokerage houses, insurance companies, regulators and lawmakers in developing nations since the late 1990s. With the rapid and significant growth in electronic commerce, it is obvious that electronic (Internet) banking and payments are likely to advance. Researches show that impact of Internet banking on cost savings, revenue growth and increased customer satisfaction on Industry is tremendous and can be a potential tool for building a sound strategy. However, it has raised many public policy issues before the banking regulators and government agencies. Interestingly, reliable and systematic information on the scope of Internet banking in Indian context is still not sufficient, particularly what it means to the consumers and the bankers. The paper fills significant gaps in knowledge about the consumer’s perspective of Internet banking, trace its present growth and project the likely scenario. The paper presents the data, drawn from a survey of Internet banking consumers and the services providers (banks) that offer Internet banking and develops a functional model for maximizing value to the consumers, which the banks may choose to adopt Internet banking strategically. The paper identifies the weaknesses of conventional banking and explores the consumer awareness, use patterns, satisfaction and preferences for Internet banking vis-à-vis conventional form of banking and also highlights the factors that may affect the bank’s strategy to adopt Internet banking. It also addresses the regulatory and supervisory concerns of Internet banking.
Classification-JEL: G20, G28
Keywords: 
Journal: Global Journal of Business Research
Pages: 43-51
Volume: 2
Issue: 1
Year: 2008
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v2n1-2008/GJBR-V2N1-2008-4.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:2:y:2008:i:1:p:43-51

Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Fong Reynoso
Title: ROLE OF INTANGIBLE ASSETS IN THE SUCCESS OF SMALL AND MEDIUM-SIZED BUSINESSES
Abstract: This paper examines the determining factors in the success of the small and medium-sized business. The emphasis of the investigation has been in the role played by intangible assets in the establishment and maintenance of a competitive advantage. In order to analyze in detail the characteristics of intangible assets and their relation with the success of small and medium-sized businesses, a case study was undertaken of 5 different businesses of varying activities; two of them located in Catalonia, and three in Jalisco. Evidence was obtained from various sources, principally through interviews with management teams and visits to company premises to observe operating processes. The results confirm the relevance of intangible assets in the establishment and maintenance of a competitive advantage, and also suggest that such assets are a consequence of organizational learning. In addition, there is evidence of a relationship between the skills, preferences and attitudes of the management team, and its capacity to oversee the learning process and the creation and utilization of skills and resources within the specific know-how of the business.
Classification-JEL: M11, M12, M13
Keywords: 
Journal: Global Journal of Business Research
Pages: 53-68
Volume: 2
Issue: 1
Year: 2008
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v2n1-2008/GJBR-V2N1-2008-5.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:2:y:2008:i:1:p:53-68

Template-Type: ReDIF-Article 1.0
Author-Name: Yun-Tsan Lin
Author-Name: Chen-Hsien Lin
Title: FACTORS INFLUENCING BRAND LOYALTY IN PROFESSIONAL SPORTS FANS
Abstract: Many researchers have provided comprehensive definitions for the term of brand loyalty and also examined the factors affecting brand loyalty with many empirical studies. But there is little research focusing on the brand loyalty of professional sports fans. The topic area about factors influencing brand loyalty in professional sports fans was identified because these fans bring significant financial benefits every year and stimulate economic growth in the United States. Although different conceptual models seek to explain brand loyalty, many factors influence customer brand loyalty. Different factors may influence brand loyalty in the sports industry as compared to other industries. The purpose of this review is to analyze critically theoretical and empirical literature about the factors influencing brand loyalty in professional sports fans, implications for brand management, and to identify areas of future scholarly inquiry. The forms of literature included in this review are periodicals, periodicals, periodical, books, non-periodical, doctoral dissertations, masters dissertations, and government documents. Most literature was retrieved from the ProQuest database. Types of scholarly literature included in the review are theoretical, empirical, critical and methodological inquiry. Only a little literature is explored in this area; more additional research is needed to explore the theme.
Classification-JEL: M37
Keywords: 
Journal: Global Journal of Business Research
Pages: 69-84
Volume: 2
Issue: 1
Year: 2008
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v2n1-2008/GJBR-V2N1-2008-6.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:2:y:2008:i:1:p:69-84

Template-Type: ReDIF-Article 1.0
Author-Name: A.G. Maggina
Title: AUDITORS SWITCHING:AN EMPIRICAL INVESTIGATION
Abstract: Auditors switching is commonly examined based on statistical techniques such as discriminant analysis or logit and probit specifications. This paper employs two dichotomous statistical techniques to show both whether auditors switching can be forecasted and which method is better fitted for the task. In Greece, the phenomenon is recent and research findings indicate that models fit better depending on the data. Essentially, auditors switching can be forecasted and the most differentiating variables between groups of classification are Market Value of Equity or Book Value of Total Debt.
Classification-JEL: M40, M41, M41
Keywords: 
Journal: Global Journal of Business Research
Pages: 85-100
Volume: 2
Issue: 1
Year: 2008
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v2n1-2008/GJBR-V2N1-2008-7.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:2:y:2008:i:1:p:85-100

Template-Type: ReDIF-Article 1.0
Author-Name: Miguel Angel Perez Martínez
Author-Name: Vicente Ruiz Herran
Author-Name: Miguel Angel Pena Cerezo
Title: MODELS OF FINANCIAL IMMUNIZATION: BEHAVIOR ON THE SPANISH PUBLIC DEBT MARKET
Abstract: Financial immunization is a passive management strategy for portfolios comprising fixed income financial assets that aims to eliminate from such portfolios any risk arising from uncertainty concerning the future performance of interest rates. Some effort has been made to employ different models of immunization to get this objective. The purpose of this paper is to simulate the behavior of different models of financial immunization, based on information concerning the Spanish public debt market, with a view to conducting a comparative analysis.
Classification-JEL: G12 
Keywords: 
Journal: Global Journal of Business Research
Pages: 101-109
Volume: 2
Issue: 1
Year: 2008
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v2n1-2008/GJBR-V2N1-2008-8.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:2:y:2008:i:1:p:101-109

Template-Type: ReDIF-Article 1.0
Author-Name: Hamid Shahrestani
Author-Name: Nahid Kalbasi Anaraki
Title: HOW WOULD A POSSIBLE U.N. SANCTION AFFECT THE IRANIAN ECONOMY?
Abstract: Though Iran’s economy has experienced various types of sanctions post revolution and during the war with Iraq, the latest series of economic sanctions by the U.N. Security Council, based on Resolutions 1737 and 1747, seems to have adversely affected the Iranian economy in a multi-faceted manner. These sanctions have led to higher inflation rate, rationing of gasoline, lower non-oil exports, and less foreign direct investment. A major difference between the current sanctions imposed by the U.N. Security Council and those imposed during the war is that recent series of sanctions are in some ways supported by the international community, which places greater pressure on the Iranian economy, effectively tying the hands of policymakers and encouraging them to react in a more accurate way. However, Iranian authorities believe that since economic sanctions have already been imposed on Iran and the country has weathered these hardships in the past, it is able to minimize the negative outcomes of new actions. For example, they argue that sanctions have increased the country’s self-sufficiency, and have led to reallocation of resources into development projects. Nonetheless, certain opportunity costs are associated with these supposedly positive aspects. Indeed, the sanctions affect the Iranian economy through different transmission mechanism channels. The most important ones that we emphasize in this paper are inflationary expectations, exchange rate volatility, financing surcharges, real estate prices, foreign direct investment, total factor productivity and the economic growth.
Classification-JEL: F40
Keywords: 
Journal: Global Journal of Business Research
Pages: 111-123
Volume: 2
Issue: 1
Year: 2008
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v2n1-2008/GJBR-V2N1-2008-9.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:2:y:2008:i:1:p:111-123

Template-Type: ReDIF-Article 1.0
Author-Name: Lawrence P. Schrenk
Title: EXECUTIVE COMPENSATION AND MACROECONOMIC FACTORS: INTEREST RATES AND CORPORATE TAXATION 
Abstract: It is frequently argued that effective executive compensation should contain some performance-based remuneration. We lack, however, serious understanding of the characteristics of the many patterns of variable compensation in use. It is too often assumed that these different methods of compensation are (at least approximate) substitutes. In this paper, we develop a simulation model of executive compensation, in which both equity and option compensation is utilized, in order to analyze the effect of macroeconomic factors, namely, interest rates and the level of corporate taxation, on optimal executive compensation. The model forecasts that, as the risk free rate of interest increases, there is a general shift toward equity compensation; by contrast, as the level of corporate taxation increases the shift is toward option compensation.
Classification-JEL: G30, H2, H25, J33
Keywords: 
Journal: Global Journal of Business Research
Pages: 125-135
Volume: 2
Issue: 1
Year: 2008
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v2n1-2008/GJBR-V2N1-2008-10.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:2:y:2008:i:1:p:125-135

Template-Type: ReDIF-Article 1.0
Author-Name: Fredj Jawadi 
Title: ESTIMATING THE S&P FUNDAMENTAL VALUE USING STAR MODELS
Abstract: This paper develops a new empirical measure of the S&P fundamental value under the rational expectation hypothesis. Thus, using the linearization of Campbell and Shiller (1988) and referring to the developments of Challe (2002), we extend the Dividend Discount Model (DDM) by introducing nonlinearity in estimating the expected future dividends and the discounted rate. Among many nonlinear models, we retained the STAR (Smooth Transition Autoregressive) models.
Classification-JEL: C2, C5
Keywords: 
Journal: Global Journal of Business Research
Pages: 137-146
Volume: 2
Issue: 1
Year: 2008
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v2n1-2008/GJBR-V2N1-2008-11.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:2:y:2008:i:1:p:137-146