Template-Type: ReDIF-Article 1.0
Author-Name: Sabur A. Mollah
Title: TESTING PARTIAL ADJUSTMENT DIVIDEND BEHAVIORAL MODELS IN EMERGING MARKETS:
EVIDENCE FROM PRE AND POST MARKET REFORMS IN BANGLADESH
Abstract: A number of studies examine dividend policy and security price behavior in emerging markets but none on the stock market of Bangladesh. Partial adjustments are made to dividend behavior models that are then tested on the Dhaka Stock Exchange using data over the period of 1988-2003 in order to identify the dividend policy and security price behavior of the emerging Stock Market of Bangladesh. The empirical results suggest that dividend decisions are primarily governed by current profitability and lagged dividends. The empirical results identified cash flow as the better measure of the company’s ability to pay dividends. 
Classification-JEL: G35
Keywords: 
Journal: Global Journal of Business Research
Pages: 1-14
Volume: 3
Issue: 1
Year: 2009
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v3n1-2009/GJBR-V3N1-2009-1.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:3:y:2009:i:1:p:1-14

Template-Type: ReDIF-Article 1.0
Author-Name: Randall Zhaohui Xu
Title: REEXAMINATION OF THE RELATIONSHIP BETWEEN DISCLOSURE AND COST OF CAPITAL
Abstract: This study examines how information environment and industry concentration affect the relations between firms’ financial disclosure quality and cost of capital. Information environment is proxied by firm size, and industry concentration is proxied by four-firm concentration ratio. The study finds a significant negative association between financial disclosure quality and cost of capital only for small firms and firms in more concentrated industries. The results of this study suggest that the contradictory findings in the extant accounting literature (Botosan, 1997; Botosan and Plumlee, 2002; Cheng et al., 2006) may be driven by variation in their sample in terms of firm size. The findings in this paper suggest that managers of small firms should recognize the significant role of disclosure in reducing cost of capital and increase their financial disclosure to enhance firm value.
Classification-JEL: M41, G14, D80
Keywords: 
Journal: Global Journal of Business Research
Pages: 15-26
Volume: 3
Issue: 1
Year: 2009
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v3n1-2009/GJBR-V3N1-2009-2.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:3:y:2009:i:1:p:15-26

Template-Type: ReDIF-Article 1.0
Author-Name: Eduardo Sandoval
Author-Name: Arturo Vásquez
Title: THE PRICING OF EXCHANGE RATE RISK IN UP AND DOWN WORLD STOCK MARKET PERIODS
Abstract: This paper examines the pricing of exchange rate risk in up and down world stock market periods using multifactor arbitrage pricing models during the period of January 1973 through June 2007. The risk premium of exchange rate exposure in up market periods appears to be small and insignificant. However, it appears to be priced and significant under down market periods. The results in this study help understand why investors decide to hedge exchange rate exposure. The above asymmetry in pricing exchange rate risk seems to justify the use of hedging strategies when investors face low international stock market returns due to depressed world stock market conditions.
Classification-JEL: G12, G15
Keywords: 
Journal: Global Journal of Business Research
Pages: 27-39
Volume: 3
Issue: 1
Year: 2009
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v3n1-2009/GJBR-V3N1-2009-3.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:3:y:2009:i:1:p:27-39

Template-Type: ReDIF-Article 1.0
Author-Name: Abdus Samad
Title: MEASUREMENT OF INEFFICIENCIES IN BANGLADESH BANKING INDUSTRY USING STOCHASTIC FRONTIER PRODUCTION FUNCTION
Abstract: This paper examines inefficiencies of Bangladesh banking industry using the stochastic frontier production function model and the time invariant cross-sectional data. The measure of ith bank technical efficiency indicates that the efficiency of Bangladesh commercial banks lies between 12.7 and 94.7 percent; the industry average is 69.5 percent. The model suggests that about 30 percent of the commercial banks in Bangladesh are below the industry average.
Classification-JEL: C12, C13, C24
Keywords: 
Journal: Global Journal of Business Research
Pages: 41-48
Volume: 3
Issue: 1
Year: 2009
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v3n1-2009/GJBR-V3N1-2009-4.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:3:y:2009:i:1:p:41-48

Template-Type: ReDIF-Article 1.0
Author-Name: Jui-Kuei Chen
Author-Name: I-Shuo Chen
Title: PERFORMANCE EVALUATION FOR THE BANKING INDUSTRY IN TAIWAN BASED ON TOTAL QUALITY MANAGEMENT
Abstract: This study explores critical factors for quality improvement in the Taiwanese banking industry. The study examines eight measurement dimensions. In addition, a hierarchical framework for the Taiwanese banking industry is constructed based on the eight dimensions and various sub-factors. Fuzzy Analytic Network Process (FANP) is utilized to analyze the opinions collected from a sample of experts in Taiwanese banks. The results of this study are that the top five crucial quality factors for the banking industry in Taiwan are Operation and Improvement of Strategy, Customer Relationship Management, Evaluation of Innovation Results, Cross-Organization Management, and Social Responsibility. The article closes with a discussion of key research findings and practical implications for the Taiwanese banking industry.
Classification-JEL: C51; C52; M10; G21
Keywords: 
Journal: Global Journal of Business Research
Pages: 49-60
Volume: 3
Issue: 1
Year: 2009
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v3n1-2009/GJBR-V3N1-2009-5.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:3:y:2009:i:1:p:49-60

Template-Type: ReDIF-Article 1.0
Author-Name: Anne B. Fosbre
Author-Name: Ellen M. Kraft
Author-Name: Paul B. Fosbre
Title: THE GLOBALIZATION OF ACCOUNTING STANDARDS : IFRS VERSUS US GAAP
Abstract: The movement of business toward a global economy has accelerated the need to move toward global
accounting standards. Two recent decisions by the United States Securities and Exchange Commission,
SEC, have had a major impact on the issue of converging US GAAP and international accounting standards. This paper examines the implications of the SEC decision to allow foreign companies to use IFRS in financial reporting without reconciliation to US GAAP on investors, multinational corporations, and global financial reporting. The decision of the SEC to unite world regulators on the convergence of global accounting standards is also reviewed. The European Commission, the Japan Financial Services Agency, and the International Organization of Securities Commission, IOSC are to be included in the International Accounting Standards Committee Foundation IASCF in an IASCF Monitoring Group (SEC
,2008). Differences between IFRS and US GAAP are examined. The authors’ conclusion is that it is both timely and necessary to converge and harmonize IFRS and US GAAP into a single set of Global Accounting Standards. This will lead to a more stabilized and prosperous world economy and it will help to resolve many of the world’s financial reporting problems.
Classification-JEL: M4, M40, M41
Keywords: 
Journal: Global Journal of Business Research
Pages: 61-71
Volume: 3
Issue: 1
Year: 2009
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v3n1-2009/GJBR-V3N1-2009-6.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:3:y:2009:i:1:p:61-71

Template-Type: ReDIF-Article 1.0
Author-Name: Arup K. Sen
Title: OUTSOURCING OF RESEARCH AND DEVELOPMENT ACTIVITIES: EVIDENCE FROM U.S. BIOPHARMACEUTICAL FIRMS
Abstract: This paper examines changes in outsourcing in biopharmaceutical firms over the past ten years using a survey of 86 firms. The data suggest that in spite of the rising expenses in research and development (R&D) and the trend toward external sourcing, a large segment of the firms still prefer to conduct discovery and research in-house. Despite a growing literature on the importance of R&D outsourcing in the biopharmaceutical industry, the data suggest that most firms have recently been reducing their dependence on external R&D partners. The results indicate that the biopharmaceutical firms are using a combination of domestic and foreign firms to outsource their R&D activities and there is no correlation between outsourcing and R&D intensity. The paper concludes with a brief discussion of the implications of the survey findings and the role outsourcing play for R&D activities in the biopharmaceutical industry.
Classification-JEL: M16
Keywords: 
Journal: Global Journal of Business Research
Pages: 73-82
Volume: 3
Issue: 1
Year: 2009
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v3n1-2009/GJBR-V3N1-2009-7.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:3:y:2009:i:1:p:73-82

Template-Type: ReDIF-Article 1.0
Author-Name: Luminiţa Nicolescu
Author-Name: Alina Mihaela Dima
Author-Name: Florin Anghel
Author-Name: Cristian Păun
Title: AN ANALYSIS OF JOB SATISFACTION AT THE ACADEMIC LEVEL: A ROMANIAN CASE STUDY
Abstract: The present paper identifies and discusses factors, considerations and aspects from the jobs of university academic staff that contribute to their satisfaction and dissatisfaction at the working place. An institutional case study lies at the basis of the discussion, emphasizing the measurement of the job satisfaction of academic staff within a Romanian university. Among the debated aspects are: promotion opportunities, support and facilities, working conditions, climate at the work place, income level and others, some of them contributing to increased satisfaction, but others contributing to dissatisfaction at the work place. Based on the results of the research, institutional problems can be identified and suggestions for a new institutional profile and a modern management strategy can be formulated as a key in the new competitive context, where a functional redesigning is a necessity, as to set up a dynamic equilibrium at the crossroads between universities and economic, social and political environment.
Classification-JEL: I21
Keywords: 
Journal: Global Journal of Business Research
Pages: 83-90
Volume: 3
Issue: 1
Year: 2009
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v3n1-2009/GJBR-V3N1-2009-8.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:3:y:2009:i:1:p:83-90

Template-Type: ReDIF-Article 1.0
Author-Name: Květa Kubátová
Title: COMPARATIVE ANALYSIS OF TAX POLICIES APPLICABLE IN THE NEW AND ORIGINAL EU MEMBER-STATES
Abstract: The objective of this paper is to compare the tax policies of the twelve new countries of the European Union with those of the existing fifteen members. These countries have sometimes been criticized because of their tax-favoring policies especially lower rates and revenues and various tax exceptions, namely, for capital tax. Critical comments have even been made about the establishment of the flat tax in some of these countries. The indicators monitored in this comparison are the tax quota, the tax mix and the tax rates of corporations, as the taxes are potentially most affected by tax competition. Moreover, the focus is on the effective taxation of capital, labor and consumption, measured by implicit tax rates. The heteroscedastic and pair t-tests are used as the analysis tools, so that the statistical significance of the differences between the average values of the two compared groups can be tested. The tests confirmed the hypothesis of the non-statistically significant differences in the size of some of the pairs of researched averages. This paper originated as part of the projects financed by the Czech Science Foundation New Approaches to the Optimising Budgetary and Fiscal Policy with the Emphasis on Fiscal Discipline (Project No. 402/08/1134) and The analysis of the systems of delivering public services, and on the impact of the respective solution on the effectiveness of public expenditure (Project No. 402/05/2644).
Classification-JEL: H20
Keywords: 
Journal: Global Journal of Business Research
Pages: 91-104
Volume: 3
Issue: 1
Year: 2009
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v3n1-2009/GJBR-V3N1-2009-9.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:3:y:2009:i:1:p:91-104

Template-Type: ReDIF-Article 1.0
Author-Name: Kayla Allen
Author-Name: Victoria Kinchen
Title: FINANCIAL MANAGEMENT PRACTICES OF COLLEGE STUDENTS
Abstract: With mortgage foreclosure rates at an all time high and more than one-million Americans expected to file bankruptcy in 2008, it is safe to conclude that many Americans have overextended themselves with debt. This study tests the hypothesis that many Americans do not have the knowledge, skills or habits essential for effective management of personal finances. This investigation seeks to determine the reasons for financial misconduct and to discover measures that will assist college students in improving financial management practices.
Classification-JEL: D14
Keywords: 
Journal: Global Journal of Business Research
Pages: 105-116
Volume: 3
Issue: 1
Year: 2009
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v3n1-2009/GJBR-V3N1-2009-10.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:3:y:2009:i:1:p:105-116

Template-Type: ReDIF-Article 1.0
Author-Name: Chien-Cheng Wang
Author-Name: Yung-Shi Liau
Author-Name: Jack J.W. Yang
Title: INFORMATION SPILLOVERS IN THE SPOT AND ETF INDICES IN TAIWAN
Abstract: This paper empirically explores the impact of the spot index on the exchange trade fund (ETF) indices in Taiwan, with the vector autoregressive (VAR) model revealing positive relationships between the six time-series variables. Our results indicate that the ETF 52 index has the greatest volatility as well as the most negative returns, whilst also suggesting the existence of at least five cointegrating vectors among the variables; thus, through the concept of cointegration, we demonstrate that vectors will not arbitrarily wander far from each other in long-run relationships. We also examine Granger (1980) causality in the relationships between the variables and find that the guiding relationship exists within the spot index, with stronger indications of the spot index leading the ETF indices. Among the six time-series variables, depending on the decomposition of the forecast residual variance, the spot index is the least affected by external forces. Furthermore, the spot index is affected mainly by its own shocks, and less so by those of the other time-series variables. Although the spot index variance decomposition can identify all but its own excess shocks, none of the indices can consistently trace out the effects of one-unit impulses.
Classification-JEL: G11, G13, G14
Keywords: 
Journal: Global Journal of Business Research
Pages: 117-131
Volume: 3
Issue: 1
Year: 2009
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v3n1-2009/GJBR-V3N1-2009-11.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:3:y:2009:i:1:p:117-131

Template-Type: ReDIF-Article 1.0
Author-Name: Rosita Chong
Author-Name: Raihana Firdaus Seah Abdullah
Author-Name: Alex Anderson
Title: SURVIVAL-ABILITY OF FIRM: EMPIRICAL EVIDENCE FROM MALAYSIA 
Abstract: Malaysia like many other Asian countries was affected by the 1997 Financial Crisis. During this Financial Crisis, many companies succumbed. Pomerleano (1998) found that leverage of the companies if unchecked can be detrimental to the health of the company. He concluded that excess leverage at the micro level and also poor profitability resulted in the 1997 East Asian crisis. The aim of this study is to analyze the survival-ability of a sample of Malaysian public listed companies (PLCs) by analyzing the impact of financing decision of the sample firms. Both financing and operating leverage, along with the performance of the companies is evaluated. This study adopts a non-parametric approach to measure the company’s survival-ability in terms of their financing decision for their production process. In order to achieve this main objective, the study attempts (i) to identify, using Data Envelopment Analysis (DEA), the survivors among the PLCs based on their financing decisions and (ii) to analyze the effects of leverage on the survival of the PLCs. This article contributes to current literature in two areas, namely; the evaluation of the survival-ability of the PLCs via their financing decisions. Secondly, the use of financial and operating liability leverage in evaluating survival-ability of the companies.
Classification-JEL: D92, G32
Keywords: 
Journal: Global Journal of Business Research
Pages: 133-145
Volume: 3
Issue: 1
Year: 2009
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v3n1-2009/GJBR-V3N1-2009-12.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:3:y:2009:i:1:p:133-145