Template-Type: ReDIF-Article 1.0 Author-Name: Santosh Kumar Author-Name: Tavishi Author-Name: Raju G Author-Name: Ashish Khatua Title: BEHAVIORAL MODELING OF FOREIGN INSTITUTIONAL INVESTOR’S IN INDIAN EQUITY MARKET Abstract: In the last decade, the Foreign Institutional Investor (FII) flows have increased almost twenty times and attained shares of thirteen and six percent in the National Stock Exchange and Bombay Stock Exchanges respectively in the cash segment of the Indian equity market. This raises the issue of behavioral modeling of FII flows with respect to local and global stress in the market. The present study empirically documents static and dynamic interaction between FII flows and stock market returns using daily data from 2000 to 2009 using ordinary least squares regression and vector auto regression along with an impulse response function. The regression results show strong evidence of positive feedback trading of FIIs with an adjusted R square of eleven percent. Further a Granger Causality test leads to rejection of both of the null hypotheses lending strong support to a bidirectional relation between FII flows and equity market returns in Indian. However, the overall response function of institutional investors to a one standard error shock reveal a sharp and significant impacts dying out in four to five days. Thus, the paper recommends active and informed churning strategies by portfolio managers and investors dealing with firms with higher FII participation at the time of local or global stress. Classification-JEL: G11; G15 Keywords: Positive Feedback, FII, Granger Causality, VAR, Market Return, Impulse Response Function Journal: Global Journal of Business Research Pages: 1-8 Volume: 6 Issue: 1 Year: 2012 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v6n1-2012/GJBR-V6N1-2012-1.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:6:y:2012:i:1:p:1-8 Template-Type: ReDIF-Article 1.0 Author-Name: Yen-Hsien Lee Author-Name: Ya-Ling Huang Author-Name: Hao-Jang Yang Title: THE ASYMMETRIC LONG-RUN RELATIONSHIP BETWEEN CRUDE OIL AND GOLD FUTURES Abstract: This study employs the momentum threshold error-correction model with generalized autoregressive conditional heteroskedasticity to investigate asymmetric cointegration and causal relationships between West Texas Intermediate Crude Oil and gold prices in the futures market. The paper examines data from May 1, 1994 to November 20, 2008. The empirical results show that an asymmetric long-run adjustment exists between gold and oil. Furthermore, the causality relationship shows that West Texas Intermediate Crude Oil plays a dominant role. The findings should prove valuable to individual investors and financial institutions who can use the findings here to gold prices based on oil prices. Classification-JEL: C32; G15; Q39; Q49 Keywords: Momentum Threshold Error Correction Model, Asymmetric Causality Relationship, Crude Oil, Gold, Futures Market Journal: Global Journal of Business Research Pages: 9-15 Volume: 6 Issue: 1 Year: 2012 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v6n1-2012/GJBR-V6N1-2012-2.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:6:y:2012:i:1:p:9-15 Template-Type: ReDIF-Article 1.0 Author-Name: Olayinka Akinlo Author-Name: Taiwo Asaolu Title: PROFITABILITY AND LEVERAGE: EVIDENCE FROM NIGERIAN FIRMS Abstract: This study examines the profit profile of firms in Nigeria and analyzes the impact of leverage on profitability for the period 1999-2007. The results show that aggregate profit level for the firms decreased by 0.02 percent yearly over the study period. However, when disaggregated into sectors, a few firms actually experienced an increased profit level. The results show that firm size has a significant positive effect on profitability, while leverage has negative effect. The paper suggests that expansion, increased sales and low debt ratios enhance firm profitability. Classification-JEL: G32 Keywords: Profitability, leverage Journal: Global Journal of Business Research Pages: 17-25 Volume: 6 Issue: 1 Year: 2012 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v6n1-2012/GJBR-V6N1-2012-3.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:6:y:2012:i:1:p:17-25 Template-Type: ReDIF-Article 1.0 Author-Name: Mu-Lan Wang Author-Name: Li-Jeng Liang Title: A STRUCTURAL EQUATION MODEL OF THE PERSONALITIES AND WORK ACHIEVEMENT OF LIFE INSURANCE SALESPERSONS: EVIDENCE FROM TAIWAN Abstract: The aim of this research is to discuss the personal characters of salespersons that produce higher work achievement. A sample of 384 life insurance salespeople from Taiwan are examined. A structural equation model is used to discuss the direct and positive influence of personalities on work achievement. The research shows that conscientious and extravert characters have direct and positive influences on task performance within work achievement. Neuroticism has direct and negative influence. Being conscientious and agreeable has direct and positive influences on contextual performance. We recommend that insurance companies consider those whose personalities are conscientious, extravert, agreeable, emotional stable, and less anxious for employment. People with these features have better familiarity in core skills and can create better work achievement. Classification-JEL: G22 Keywords: personalities, work achievement, structural equation model Journal: Global Journal of Business Research Pages: 27-37 Volume: 6 Issue: 1 Year: 2012 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v6n1-2012/GJBR-V6N1-2012-4.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:6:y:2012:i:1:p:27-37 Template-Type: ReDIF-Article 1.0 Author-Name: Bylon Abeeku Bamfo Title: CONSUMER ATTITUDE TOWARD PRODUCTS MADE IN GHANA Abstract: The attitude of people living in a particular country towards the goods and services produced within that country is a key determinant of the economic growth and development of the country. This study investigates the attitude of respondents towards made in Ghana products. A sample including 500 randomly selected individuals were surveyed using a structured questionnaire. The results show that although there is some element of ethnocentrism among respondents; they are not highly ethnocentric. Industries in the country are advised to increase the quality levels of their products, reduce their prices and make available more products to compete favorably with imports. Classification-JEL: M31 Keywords: Consumer, Ethnocentrism, Attitude, Domestic, Foreign Goods Journal: Global Journal of Business Research Pages: 39-46 Volume: 6 Issue: 1 Year: 2012 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v6n1-2012/GJBR-V6N1-2012-5.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:6:y:2012:i:1:p:39-46 Template-Type: ReDIF-Article 1.0 Author-Name: Lingfang Fayol-Song Title: INTERNATIONALIZATION OF CHINESE EXECUTIVES Abstract: Over the last two decades, Chinese nationals have increasingly been employed by multinational companies (MNCs) operating in China taking positions previously occupied by foreign expatriates from investor countries. The development of local managers has therefore become crucial in the field of human resource management because the success of these companies depends greatly upon the ability and competence of their executive management class. The present paper addresses the issue of how to develop Chinese executives working in MNCs into a source of sustained competitive advantage. Empirical research was carried out among ten MNCs in China using a resource-based view (RBV) approach. Based on the findings, we propose concrete measures for improving the current skills of Chinese executives and develop new skills. Classification-JEL: F23; M12; O15 Keywords: Chinese executives, Competitive advantage, Internationalization, Resource-based view, Turnover Journal: Global Journal of Business Research Pages: 47-54 Volume: 6 Issue: 1 Year: 2012 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v6n1-2012/GJBR-V6N1-2012-6.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:6:y:2012:i:1:p:47-54 Template-Type: ReDIF-Article 1.0 Author-Name: Perunjodi Naidoo Author-Name: Prabha Ramseook-Munhurrun Title: THE BRAND IMAGE OF A SMALL ISLAND DESTINATION: THE CASE OF MAURITIUS Abstract: It is acknowledged that brand image has an impact on the behavior of individuals. It influences the tourists’ pre-purchase decision-making behavior where destinations with stronger images are more likely to be selected. Brand image also influences post-purchase decision-making including evaluation and future behavioral intentions. Furthermore, brand image is also essential for the destination to ensure a strong positioning in the competitive business environment. Despite the growing body of work on brand image, there is scant empirical evidence on the topic especially regarding small island destinations. This paper builds upon an existing research that was carried out on tourists’ perspectives of the brand image of the small island of Mauritius. The purpose of this study is to determine if this small island destination benefits from a strong positioning through its brand image attributes. Strong and weak brand image attributes are identified and implications discussed. Classification-JEL: M31 Keywords: attributes, brand image, destination, Mauritius, positioning, tourism, word-of-mouth Journal: Global Journal of Business Research Pages: 55-64 Volume: 6 Issue: 1 Year: 2012 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v6n1-2012/GJBR-V6N1-2012-7.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:6:y:2012:i:1:p:55-64 Template-Type: ReDIF-Article 1.0 Author-Name: Jagannath Mohanty Author-Name: Bhabani P Rath Title: INFLUENCE OF ORGANIZATIONAL CULTURE ON ORGANIZATIONAL CITIZENSHIP BEHAVIOR: A THREE-SECTOR STUDY Abstract: In recent years, the employer expectations have witnessed an upward surge, in anticipation of certain discretionary behaviors out of their employees, which fall beyond the purview of workplace requirement and reward systems. All this apparently is to ensure long service periods and bring out the ‘Organizational Citizen’ within the employee in the organizational context. The present paper is an attempt to examine and investigate the extent of impact that a given Organizational Culture has on Citizenship Behaviors of the employees in an Organization. The study examines the impact of select Culture variables on Organizational Citizenship Behavior across three dominant Organizations representing three sectors of the economy namely, Manufacturing, and Information Technology & Banking. The paper specifically aims at establishing a cause effect relationship between dominant Organizational culture characteristics on Organizational Citizenship Behaviors. Classification-JEL: M10; M14 Keywords: Organizational Culture, Organizational Citizenship Behavior, Correlation Journal: Global Journal of Business Research Pages: 65-76 Volume: 6 Issue: 1 Year: 2012 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v6n1-2012/GJBR-V6N1-2012-8.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:6:y:2012:i:1:p:65-76 Template-Type: ReDIF-Article 1.0 Author-Name: Sukanya Ghosh Author-Name: P.P. Sengupta Author-Name: Biman Maity Title: EVIDENCE ON THE FUTURE PROSPECTS OF INDIAN THERMAL POWER SECTOR IN THE PERSPECTIVE OF DEPLETING COAL RESERVE Abstract: Increasing industrial growth throughout the world largely depends on availability of electricity. The overall situation in the power sector provides an optimistic view. However, insight into the thermal power industry provides a bleak picture. Thermal power stations mostly depend upon coal as a basic raw material. Economists project that India has a little over 250 billion metric tons of coal reserve to sustain continued and progressive demand for thermal power generation in the next 40-50 years. Indian thermal stations have started importing expensive coal from other countries to maintain generation and supply. Every thermal power station emits CO2. Suspended Particulate Matter (SPM), fly ash and effluents create health hazards and contribute to global warming. This paper develops a model based on Auto Regressive Integrated Moving Average (ARIMA) to depict the future prospects of coal based thermal power sector of India. The evidence shows that India needs to identify alternative sources of power generation to grow without damaging world and maintaining sustainability. Classification-JEL: E23; E27 Keywords: Insight; CO2; SPM; Fly ash; Global warming; ARIMA Model; Sustainability Journal: Global Journal of Business Research Pages: 77-89 Volume: 6 Issue: 1 Year: 2012 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v6n1-2012/GJBR-V6N1-2012-9.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:6:y:2012:i:1:p:77-89 Template-Type: ReDIF-Article 1.0 Author-Name: Shiro Shivani Devi Author-Name: Rashika Saroshma Kumar Author-Name: Sherlin Krishna Raju Title: REGULATION OF ACCOUNTING FIRMS: EVIDENCE FROM FIJI Abstract: Ever since the major corporate collapses of Enron in the United States and HIH Insurance in Australia, the public accounting profession has come under global scrutiny. Both collapses had one thing in common, the auditor firm, Arthur Anderson. Many lessons were learnt from these failures which saw both jurisdictions taking counter-active measures either through enactments of new legislation or establishment of oversight bodies aimed at tightening control over practicing public accountants and auditors. In the Pacific region, developing countries such as Fiji have also experienced corporate calamities. This paper explores the need to regulate chartered accounting (CA) firms in Fiji following three major financial mishaps: the National Bank of Fiji, the Fiji National Provident Fund and the hardware industry. To gather data, we conducted in-depth interviews with the Commerce Commission of Fiji, the South Pacific Stock Exchange, the Fiji Institute of Accountants (FIA) and partners from the top four CA firms in Fiji, namely, KPMG, PricewaterhouseCoopers, Ernst & Young and G. Lal &Co. The results showed that the FIA and the CA partners were pro self-regulation while other interviewees showed strong support for regulation by an independent oversight body. Classification-JEL: M4 Keywords: Regulation, chartered accountants, self-regulation, oversight body Journal: Global Journal of Business Research Pages: 91-101 Volume: 6 Issue: 1 Year: 2012 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v6n1-2012/GJBR-V6N1-2012-10.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:6:y:2012:i:1:p:91-101 Template-Type: ReDIF-Article 1.0 Author-Name: Maria H. Sanchez Author-Name: Shirley Wei Zhang Title: THE ROLE OF THE EXPERT WITNESS IN ACCOUNTING FRAUD CASES Abstract: We provide information regarding expert testimony in financial fraud cases. Financial fraud, including tax fraud, is on the rise, and so is the demand for expert witness testimony for both the prosecutors and the defense team when these frauds are prosecuted. We detail the role and qualifications of the accounting expert witness and we provide examples of two high profile fraud cases in which expert testimony of accountants was used. This article should be of interest to attorneys, accountants, academics and students. Classification-JEL: M40 Keywords: financial frauds, expert witness Journal: Global Journal of Business Research Pages: 103-111 Volume: 6 Issue: 1 Year: 2012 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v6n1-2012/GJBR-V6N1-2012-11.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:6:y:2012:i:1:p:103-111 Template-Type: ReDIF-Article 1.0 Author-Name: Yvan Nezerwe Title: THE AMERICAN GROWTH OPPORTUNITY ACT IMPACT ON U.S. TRADE WITH KENYA Abstract: The American Growth Opportunity Act legislations provide duty-free access of selected African products into the US market. Kenya became eligible for participation in the year 2000. This study analyzes trade creation in Kenya after the legislation`s implementation. The available literature shows that trade increases after the implementation of free trade agreements. The data included historical trade data, historical exchange rate data and US tariffs data. The study used a regression model and the results showed that positive trade was created after the implementation of the legislations. Classification-JEL: F13, F14 Keywords: Kenya, AGOA, Trade Creation Journal: Global Journal of Business Research Pages: 113-117 Volume: 6 Issue: 1 Year: 2012 File-URL: http://www.theibfr2.com/REPEc/ibf/gjbres/gjbr-v6n1-2012/GJBR-V6N1-2012-12.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:6:y:2012:i:1:p:113-117 Template-Type: ReDIF-Article 1.0 Author-Name: Yessica Helgueros Title: E-BUSINESS MODELS AS A TOOL TO INCREASE MÉXICO SMALL AND MEDIUM SIZE ENTERPRISES’ SALES Abstract: Due to the growing incursion of electronic media in the commercial environment, identifying factors that improve competitiveness is important. The need for timely information that allows for effective decisions, as well as allowing for effective use of time and resources is paramount. To achieve this objective business models based on information and communication technologies, known as e-business models, have been developed. This study examines 189 web pages of organizations as well as the review of bibliographical and research material. The aim is to recognize business models that organizations use and to describe them. A compilation of data related to the sales of e-commerce B2C enterprises established in Mexico was carried out. The goal is to identify business models used in México and quantify increase sales via Internet of experienced by Mexican organizations. This knowledge is important to further develop e-businees models. The results demonstrate that imports and exports are increasing, new markets are emerging and confidence of the Mexican market is consolidating. Classification-JEL: O30, O54 Keywords: Business models, e-commerce, e-business, electronic business) Journal: Global Journal of Business Research Pages: 119-126 Volume: 6 Issue: 1 Year: 2012 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v6n1-2012/GJBR-V6N1-2012-13.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:6:y:2012:i:1:p:119-126