Template-Type: ReDIF-Article 1.0 Author-Name: Abdelmoneim Youssef Author-Name: Giuseppe Galloppo Title: THE EFFICIENCY OF EMERGING STOCK MARKETS: EVIDENCE FROM ASIA AND AFRICA Abstract: This paper examines the efficiency in pricing securities as well as the relation between exchange rate and dynamics of equity returns in a number of emerging stock markets from Africa and Asia,. This study utilizes methodologies based on Single variance ratio test of Lo and Mackinlay (1988), multiple variance tests of Chow and Denning (1993), individual variance test based on ranks and signs of Wright (2000), Wild bootstrap test of Chow and Denning introduced by Kim (2006), and joint version of sign test of Wright by Kim and Shamsuddin (2008). Results shows that Egyptian, Moroccan and Indian exchanges are not in conformity with the Random Walk Hypothesis, RWH, from the perspective of both local and international investors. Whereas the first two markets are considered inefficient in pricing equities, from the perspective of both local and international investors, when monthly returns are employed. The Indian market supports that testing for RWH is sensitive to the frequency of data used. It is worth mentioning that empirical results demonstrate also insensitivity of testing of RWH to exchange rate changes. The main significance of our study is the use of the latest test methodologies in analyzing an investment area that is growing in the emerging stock markets. Classification-JEL: G12, G13, G14, G15 Keywords: Emerging Markets, Variance Ratio Test, Wild Bootstrap, Conditional Heteroskedasticity. Journal: Global Journal of Business Research Pages: 1-17 Volume: 7 Issue: 4 Year: 2013 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v7n4-2013/GJBR-V7N4-2013-1.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:7:y:2013:i:4:p:1-17 Template-Type: ReDIF-Article 1.0 Author-Name: Abdul Rahim Abu Bakar Author-Name: Naif M. Al Ruwais Author-Name: Abdul Rahim Othman Title: CUSTOMER NET VALUE: A SERVICE GAP PERSPECTIVE FROM SAUDI ARABIA Abstract: The identification and creation of customer value is regarded as an essential prerequisite for the success, long-term survival and competitive advantage of firms. However, the current customer value construct is too narrow and simplistic. The advice provided to companies also rest on little scientific understanding of what and how customers’ derived their desired value as the current customer value construct adopts a received value conceptualization. Therefore, the main aim of this article is to discuss, operationalized and proposed the measurement for a comprehensive customer value construct comprising of customer desired value, received value and customer net value. In the process of validating the measurements, 800 questionnaires were distributed to grocery shoppers in different shopping outlets in Saudi Arabia of which 407 questionnaires were completed. The findings indicated that the proposed constructs were valid and have practical and theoretical significance especially in the customer satisfaction management. Classification-JEL: M31 Keywords: Customer Net Value, Perceived Value, Desired Value, Service Quality Gap Journal: Global Journal of Business Research Pages: 19-33 Volume: 7 Issue: 4 Year: 2013 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v7n4-2013/GJBR-V7N4-2013-2.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:7:y:2013:i:4:p:19-33 Template-Type: ReDIF-Article 1.0 Author-Name: Angela Coscarelli Author-Name: Domenica Federico Author-Name: Antonella Notte Title: CORPORATE FINANCING AND BUSINESS DEMOGRAPHY IN ITALY Abstract: Recently, world financial markets were in the midst of a credit crisis of historic breadth and depth. The crisis had significant impact on the corporate sector. Many firms encountered difficulties surviving and adopting correct strategies. This research provides a picture of Italian industrial and service firms in the period 2007-2010. We highlight principal economic characteristics and focus attention on corporate financing. Second, the paper studies business demography and describes the survival of the Italian corporate system. The research uses data published by the Bank of Italy concerning a survey on Italian Industrial and Service Firms in 201. The data is an elaboration of data published by Infocamere in the period 1995-2009. The study uses a multi-disciplinary approach. Classification-JEL: G01, G30, J11 Keywords: Italian Firms, Corporate Financing, Business Demography Journal: Global Journal of Business Research Pages: 35-46 Volume: 7 Issue: 4 Year: 2013 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v7n4-2013/GJBR-V7N4-2013-3.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:7:y:2013:i:4:p:35-46 Template-Type: ReDIF-Article 1.0 Author-Name: Santiago García Author-Name: Pedro Sanabria Author-Name: Daniel Ospina Title: BALANCED SCORECARD FOR ENTREPRENEURIAL STRATEGIC MARKETING IN COLOMBIA Abstract: The article formulates a Balanced Scorecard (BSC) based upon research outcomes. It enables knowledge centric entrepreneurships in Colombia to implement strategic Marketing practices. The research project explores entrepreneur’s marketing rationale through fieldwork and data analysis. Marketing rationale was defined within knowledge management and consumer behavior theory based on the three elements of the Wheel of Consumer Analysis framework (WCA): 1.Environment: Knowledge acquired from the outside, 2.Affective and Cognitive: Specialized training and procedures, formal and non-formal education obtained thorough technical instruction, competences implemented and experienced as routines and finally. 3. Behavior: transferring that knowledge across business areas and embed it the final product. Factor analysis helped establish equivalences between hypotheses and strategies by relating latent variables derived from the correlation of WCA elements to unravel underlying assumptions based on local idiosyncrasies to interpret those latent variables. Strategic mapping for technology based entrepreneurships identified customer benefit as the common thread to manage business tensions created by the need to obtain growth and profitability at the same time. Classification-JEL: M14; M16 Keywords: Balanced Scorecard, Marketing Strategy, Marketing Education Journal: Global Journal of Business Research Pages: 47-59 Volume: 7 Issue: 4 Year: 2013 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v7n4-2013/GJBR-V7N4-2013-4.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:7:y:2013:i:4:p:47-59 Template-Type: ReDIF-Article 1.0 Author-Name: Charles Lanier Author-Name: Mary Kirchner Title: CULTURAL RECEPTIVITY: PREDICTING CONSUMPTION IN THE INTERNATIONAL BEVERAGE MARKET Abstract: The purpose of this study was to further explore the potential of the Hofstede paradigm as a predictor, and to uncover some meaningful interaction effects. Hofstede’s Cultural Dimensions as predictors, rather than correlates, of consumer behavior at the national level are presented and discussed as an example. Potential for methodological application cuts across many fields. National cultures and volume consumed were studied in these empirical analyses of the international beverage market. The purpose was to discern patterns of variability in nations’ receptivity to products offered by The Coca-Cola Company, as predicted by Hofstede’s six Cultural Dimensions, urbanization, and income using regression analyses. Results indicated that, including Hofstede’s recently published dimension of Indulgence Versus Restraint (IVR), cultural dimensions alone predicted up to 63% of the variability in volume consumed. Predictive models containing Uncertainty Avoidance Index (UAI), Individualism (IDV), and variable interactions were worthy challengers to models including urbanization, a known correlate with product distribution and advertising. This research should be of particular interest to any multi-national company, marketing researchers or practitioners, psychologists, sociologists, and behavioralists interested in the cultural context of acceptance. Results for BRIC countries, Mexico, Indonesia, and other nations were discussed. Classification-JEL: M16 Keywords: Culture, Coca-Cola, Coke, Consumption, Equation, Hofstede, International, Marketing, Predict, Regression Journal: Global Journal of Business Research Pages: 61-70 Volume: 7 Issue: 4 Year: 2013 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v7n4-2013/GJBR-V7N4-2013-5.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:7:y:2013:i:4:p:61-70 Template-Type: ReDIF-Article 1.0 Author-Name: Chin-Hung Liu Author-Name: Cheng-Yih Hong Author-Name: Jian-Fa Li Title: THE DETERMINANTS OF ECOTOURISM BEHAVIORAL INTENTIONS Abstract: With the recent promotion of ecotourism in Taiwan, one strategy for developing sustainable ecotourism is to increase the competitiveness of tourism through experiential marketing and superior service quality. This study examines the effects between experiential marketing and service quality of ecotourism and tourists’ behavioral intentions. The results show that experiential marketing, and service quality of ecotourism were positively correlated with tourists’ behavioral intentions; experiential marketing and service quality had a positive influence on tourists’ behavioral intentions; the perceptions of affective experiences or feel of tourist clusters segmented by ecotourism service quality differed significantly; and according to marital status of the demographic variables, tourists’ perceptions of experiential marketing, service quality, and behavioral intentions differed significantly. These findings indicate that biodiversity ecotourism could provide optimal experiential marketing and prompt tourists who are satisfied with the service quality to return for another ecotourism experience. Tourism management could better plan the development of ecotourism by the results of this study. Classification-JEL: M1, M10 Keywords: Ecotourism, Experiential Marketing, Service Quality, Tourists’ Behavior Intentions Journal: Global Journal of Business Research Pages: 71-84 Volume: 7 Issue: 4 Year: 2013 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v7n4-2013/GJBR-V7N4-2013-6.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:7:y:2013:i:4:p:71-84 Template-Type: ReDIF-Article 1.0 Author-Name: Ertambang Nahartyo Title: BUDGETARY PARTICIPATION AND PROCEDURAL JUSTICE: EVIDENCE FROM STRETCH BUDGET CONDITION Abstract: This study examines the role of group value element of procedural fairness in explaining how individuals take into account fairness conditions in making judgment regarding budgeting process. Furthermore, the study extends prior research in procedural fairness by observing the individual behavior in a stretch budget condition. College students serve as subjects in an experiment. Manipulations of control and group value are randomly assigned to the participants. Two dependent variables, procedural justice judgments and budget commitment, are measured. The results show that supplying subordinates with information regarding group value enhances procedural justice judgments and budget commitment. Using a stretch budget condition, the study shows that procedural justice has a mediating effect in the relations between group value and budget commitment. Moreover, the study finds that in the stretch budget condition, group value has a negative relation with budget commitment, suggesting that budgetary participation creates a behavioral problem. The study provides empirical evidence that group value along with control element of procedural fairness improve procedural justice judgments to the level beyond that produced by each variable alone. The inclusion of group value judgments fills the gap that previous budgetary participation research produces. Classification-JEL: M20 Keywords: Budgetary Participation, Stretch Budget, Group Value, Procedural Justice, Budget Commitment Journal: Global Journal of Business Research Pages: 85-100 Volume: 7 Issue: 4 Year: 2013 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v7n4-2013/GJBR-V7N4-2013-7.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:7:y:2013:i:4:p:85-100 Template-Type: ReDIF-Article 1.0 Author-Name: Van Hoa Nguyen Title: HOW CHINA TO U.S. FOREIGN EXCHANGE RATE RELATES TO U.S. INTEREST RATE AND BANK LOANS Abstract: This research investigates the interactions of U.S. interest rate, the different types of bank loans at all U.S. commercial banks, production activities and the foreign exchange rate between U.S. and China. This paper uses monthly data from 1981 to 2012 to show that some U.S. bank-loan-related macro-economic indicators are related to exchange rates between U.S. and China. The results demonstrate that U.S. short term federal funds rate, U.S. manufacturing capacity utilization, and three types of banks loans at all U.S. commercial banks could be good predictors and determinants of the overall exchange rate between these two important international currencies. Classification-JEL: F31, F33 Keywords: Foreign Exchange, Interest Rate, Loans, U.S., China. Journal: Global Journal of Business Research Pages: 101-108 Volume: 7 Issue: 4 Year: 2013 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v7n4-2013/GJBR-V7N4-2013-8.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:7:y:2013:i:4:p:101-108 Template-Type: ReDIF-Article 1.0 Author-Name: Himanshu Rai Title: THE MEASUREMENT OF NEGOTIATING ABILITY: EVIDENCE FROM INDIA Abstract: Conflicts are an ever present reality; and, we see that with an increase in psychological maturity at workplaces, conflicts are increasingly being handled through negotiations. While contemporary literature and tools deal with negotiating strategy, tools and techniques, what they miss out on is negotiating ability. The primary premise of this paper is that behind these tools used in negotiations, is the individual ability to grapple with such interactions. The paper draws from an earlier work on the morphology of dispute handling capability to generate items for negotiating ability. The research was carried out in three phases. In the first phase, thirty incidents of dispute from Mahabharata - an Indian epic about a war transcending human race and its complexities - were outlined and subsequently analyzed to draw insights into negotiating and the capability required to negotiate. In the second phase, thirty exploratory in-depth interviews were carried out with executives to obtain an insight into the concept of negotiating ability using the critical incident technique. In the third phase of the research, findings from the qualitative methods were validated through survey method. The emerging scale along with the sub- scales shows robust psychometric properties and is expected to be useful for academics and practitioners alike. Classification-JEL: M12, M14, M53 Keywords: Negotiation, Negotiating Ability, Scale Development Journal: Global Journal of Business Research Pages: 109-125 Volume: 7 Issue: 4 Year: 2013 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v7n4-2013/GJBR-V7N4-2013-9.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:7:y:2013:i:4:p:109-125 Template-Type: ReDIF-Article 1.0 Author-Name: Vichet Sum Author-Name: Jack Chorlian Title: STRATEGIC INVOLVEMENT OF TRAINING PROFESSIONALS IN THE FIRM’S BUSINESS STRATEGIES: EVIDENCE FROM THE U.S. Abstract: The problem of this study is to investigate the extent to which training professionals employed in USbased global and local companies are strategically integrated in their companies’ business strategies. The t-test analysis of data obtained from an online survey of training professionals shows that there is not a statistically significant difference in the involvement of training professionals, who are employed in USbased global and local companies, in their firms’ differentiation, cost leadership, focus, market penetration, and market development strategies. However, the same analysis shows a statistically significant difference in the involvement of training professionals in their respective firms’ product/service development, and diversification strategies. Classification-JEL: M53, L1 Keywords: Training, Business Strategies, Training Professionals Journal: Global Journal of Business Research Pages: 127-134 Volume: 7 Issue: 4 Year: 2013 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v7n4-2013/GJBR-V7N4-2013-10.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:7:y:2013:i:4:p:127-134