Template-Type: ReDIF-Article 1.0 Author-Name: Vera A. Adamchik Author-Name: Thomas J. Hyclak Title: THE EVOLUTION OF REGIONAL WAGE DIFFERENTIALS IN A TRANSITION ECONOMY: EVIDENCE FROM POLAND Abstract: This paper uses micro data from the Labor Force Surveys to examine regional wage differentials and their dynamics in Poland over 1994-2007. We find that controlling for observed worker characteristics reduces regional wage disparity by 30-50 percent, but remaining wage differentials persist and seem to intensify over time. Classification-JEL: J31, P23, R23 Keywords: Regions, Wage Differentials, Transition Economies Journal: Global Journal of Business Research Pages: 1-13 Volume: 7 Issue: 5 Year: 2013 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v7n5-2013/GJBR-V7N5-2013-1.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:7:y:2013:i:5:p:1-13 Template-Type: ReDIF-Article 1.0 Author-Name: Kirwins Charles Author-Name: Bruce Niendorf Author-Name: Kristine Beck Title: EFFICIENCY OF THE EASTERN CARIBBEAN SECURITIES EXCHANGE Abstract: This study examines the weak-form efficiency of the Eastern Caribbean Securities Exchange, which opened on October 19, 2001, by conducting tests for the day-of-the-week effect on the individual stocks listed on the Eastern Caribbean Securities Exchange. Weak-form efficiency means that current security prices reflect all past public information including past prices, rates of return, and trading volume data. Given the enormous amounts being invested in emerging markets, those countries that can maintain efficient markets may attract billions of dollars of capital to the businesses in their countries. This paper is the first to test firms listed on the Eastern Caribbean Securities Exchange for weak-form efficiency. The results of evaluating Monday returns, Friday returns and other day of the week returns are consistent with weak-form efficiency, while the results of runs tests find some evidence of weak-form inefficiency in the securities trading on the Eastern Caribbean Securities Exchange. Classification-JEL: G150 Keywords: Market Efficiency, ECSE Journal: Global Journal of Business Research Pages: 15-23 Volume: 7 Issue: 5 Year: 2013 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v7n5-2013/GJBR-V7N5-2013-2.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:7:y:2013:i:5:p:15-23 Template-Type: ReDIF-Article 1.0 Author-Name: Felina B. Duncan Author-Name: Zulal S. Denaux Title: DETERMINANTS OF ECONOMIC SUCCESS IN THE MIDDLE EAST AND NORTH AFRICA Abstract: Periodically referred to as the cradle of civilization, an adage reflecting its past economic success and growth, the Middle East and North Africa region continues to serve as an international focal point, albeit a disappointing one in light of its economic potential. Therefore, the purpose of this study is to utilize regression analysis to reexamine the impact of initial conditions, human capital, the investment ratio, macroeconomic performance, trade openness, life expectancy, and natural resource abundance on the growth of the Middle East and North Africa region’s real GDP per capita in light of recent events, namely the widespread civilian protests, demonstrations, and toppled dictatorships across the Arab World where high unemployment, security states, a weak private sector, volatile external revenues, and a disproportionate concentration of power in the hands of a few have been the norm for decades. Classification-JEL: O11, O15, C23 Keywords: Economic Growth, MENA Region, Human Capital, Panel Estimation Journal: Global Journal of Business Research Pages: 25-34 Volume: 7 Issue: 5 Year: 2013 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v7n5-2013/GJBR-V7N5-2013-3.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:7:y:2013:i:5:p:25-34 Template-Type: ReDIF-Article 1.0 Author-Name: Aldrin Herwany Author-Name: Erie Febrian Title: GLOBAL STOCK PRICE LINKAGES AROUND THE US FINANCIAL CRISIS: EVIDENCE FROM INDONESIA Abstract: Monetary authorities in Indonesia, as well as some academicians believe the absence of a long run relation between the Indonesian stock market and developed markets prevents this emerging market from being deeply affected by the US downturn. Nevertheless, this hypothesis may not apply to the domestic financial industry as these firms are involved in cross-country financial investments. This study examines the global linkage of Indonesian Financial Sector stock prices during the US downturn using cointegration tests and vector autoregression. This study examines linkages between the Indonesian Financial Industry with the same industry in the US, UK and four developed Asian markets, i.e., Tokyo, Hong Kong, Singapore, and Kuala Lumpur stock exchanges. We also conduct tests using pre-US-crisis data to show the linkage change magnitude. We find that financial sector stock prices in the Indonesian market are cointegrated with the six observed markets before and during the crisis. Nevertheless, Indonesian financial stock prices are relatively invulnerable to pressures coming from other observed markets Thus, fund managers can gain diversification benefit from a portfolio containing financial industry stocks of these markets either in the long or short run. Classification-JEL: G01, G11, G15 Keywords: Financial Sector, Financial Crisis, Market Co-integration Journal: Global Journal of Business Research Pages: 35-45 Volume: 7 Issue: 5 Year: 2013 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v7n5-2013/GJBR-V7N5-2013-4.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:7:y:2013:i:5:p:35-45 Template-Type: ReDIF-Article 1.0 Author-Name: Rafaela Martínez Mendez Author-Name: José Gerardo Serafín Vera Muñoz Author-Name: Maria Antonieta Monserrat Vera Munoz Title: LEADERSHIP STYLES AND ORGANIZATIONAL EFFECTIVENESS IN SMALL CONSTRUCTION BUSINESSES IN PUEBLA, MEXICO Abstract: This paper analyzes types of leadership and their relationship with organizational effectiveness in small construction enterprises of Puebla. An analysis of various literature related to the topic was examined, for a theoretical basis. Next, some aspects were measured through a Likert-scale questionnaire, using a sample of 49 small construction businesses. The goal is to describe how leadership styles, in small construction businesses located in Puebla, are perceived, along with how to determine their relationships with the organizational effectiveness. The following research question arose: What type of leadership dominates the small construction businesses of Puebla? What is the relationship among organizational effectiveness and the types of leadership? The results of the investigation show a positive and significant correlation between effectiveness, and democratic leadership, and Laissez-faire (liberal) leadership. The regression model used explains 69.1% of the variations in effectiveness. In addition, there is no statistical evidence of omitted variables (the constant test = 0. 914). Classification-JEL: L26, M5, M12 Keywords: Styles of Leadership, Organizational Effectiveness, Small Businesses Journal: Global Journal of Business Research Pages: 47-56 Volume: 7 Issue: 5 Year: 2013 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v7n5-2013/GJBR-V7N5-2013-5.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:7:y:2013:i:5:p:47-56 Template-Type: ReDIF-Article 1.0 Author-Name: Clemencia Osa Ouma Author-Name: Charles M. Rambo Title: THE IMPACT OF MICROCREDIT ON WOMENOWNED SMALL AND MEDIUM ENTERPRISES: EVIDENCE FROM KENYA Abstract: Microcredit is a crucial tool for economic empowerment of women. In Kenya, the microcredit industry has supported more than 3 million small and medium enterprises for close to 30 years. Kenya Women Finance Trust is a leading microcredit institution dealing exclusively with financing needs of women. However, whether the services provided by the institution have spurred growth among women-owned enterprises remains undocumented. The objective of this study was to assess the effect of access to microcredit services on the growth of women-owned enterprises within the Central Business District of Kisumu City. To accomplish this, we sourced primary data from 190 women entrepreneurs. The study found that access to microcredit significantly associated with sales, net profit, number of paid workers and liabilities. Thus, access to microcredit had positive effects on the growth of women-owned enterprises. In addition, Kenya Women Finance Trust’s lending policies were not responsive to financing needs of women and to changes in the business environment. This undermined the potential of funded enterprises to achieve sustainable growth. The study recommends the need to review the financial institution’s lending policies, increase the amount of microcredit funds and encourage other actors to finance women-owned enterprises. Classification-JEL: O16 Keywords: Access, Microcredit, Small and Medium Enterprises, Women-Owned, Central Business District Journal: Global Journal of Business Research Pages: 57-69 Volume: 7 Issue: 5 Year: 2013 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v7n5-2013/GJBR-V7N5-2013-6.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:7:y:2013:i:5:p:57-69 Template-Type: ReDIF-Article 1.0 Author-Name: Michael Adusei Author-Name: Samuel Kofi Afrane Title: THE IMPACT OF CREDIT UNION FINANCIAL INTERMEDIATION ON ECONOMIC GROWTH: A MULTI-COUNTRY ANALYSIS Abstract: The paper investigates the relationship between credit union (CU) financial intermediation and economic growth using seventeen-year data (1995-2011) from 12 CU countries. Using the panel Generalized Method of Moments (GMM) estimation technique, the study finds that there is a statistically significant positive relationship between CU financial intermediation and economic growth. On the strength of this evidence, the paper concludes that CU financial intermediation has a positive impact on economic growth and thus recommends a vigorous promotion of CU financial intermediation in the study countries. Classification-JEL: G2, O1 Keywords: Financial Intermediation, Credit Union, Economic Growth Journal: Global Journal of Business Research Pages: 71-78 Volume: 7 Issue: 5 Year: 2013 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v7n5-2013/GJBR-V7N5-2013-7.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:7:y:2013:i:5:p:71-78 Template-Type: ReDIF-Article 1.0 Author-Name: Alaa-Aldin Abdul Rahim A. Al Athmay Title: E-GOVERNANCE IN ARAB COUNTRIES: STATUS AND CHALLENGES Abstract: The objective of E-governance is to support and simplify governance for government, citizens and businesses. The achievement of this goal depends on the cooperation of government as well as citizens and other stakeholders. This paper reviews data published by Division of Public Economics & Public Administration of the United Nations to assess Arab countries global ranking on two dimensions: Online Service Index (OSI) and E-participation Index (EPI) of e-governance. We analyze data obtained from semi-structured, face-to-face interviews with 60 participants on challenges faced by Arab countries. The data reveals discrepancies in performance among Arab countries on the two indices used in this study. On both indices, with exception of countries from GCC, including Bahrain, UAE, Saudi Arabia and Qatar, the performance of Arab countries is below the satisfactory level. The average OSI score is less than 0.3500 out of perfect score of 1.0000. On the e-participation index, with exception of a few countries such as Bahrain, Egypt and UAE, the average score is only 0.10 out of the maximum score of 1.0000. The low score in e-participation reflects a gap in the mindset of policy makers and stakeholders as well as the absence of effective application of the principles of good governance. The study further finds that different human, organizational and technical challenges faced by these countries require focused attention from policy makers to address. The interviewees identified the most critical factors affecting the likely adoption of good e-governance practices. Classification-JEL: H1, H4, H7 Keywords: E-governance, Arab Countries Journal: Global Journal of Business Research Pages: 79-98 Volume: 7 Issue: 5 Year: 2013 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v7n5-2013/GJBR-V7N5-2013-8.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:7:y:2013:i:5:p:79-98 Template-Type: ReDIF-Article 1.0 Author-Name: Ferauge Perrine Title: THE COMPLEMENTARITY OF CORPORATE SOCIAL RESPONSIBILITY AND INNOVATION: EVIDENCE FROM BELGIAN FIRMS Abstract: In recent years, more and more companies, both small and large, have become aware of issues related to sustainable development. In spite of the significant presence of small and medium enterprises (SMEs) in Europe, few studies have examined the social responsibilities of SMEs. Corporate social responsibility (CSR) requires numerous changes for companies, and innovation can thus constitute a tool supporting the implementation of CSR. In addition, sustainable development can generate new opportunities for SMEs to innovate. Thus, the goal of this exploratory study is to better understand the connections linking CSR and innovation in the context of SMEs. Semi-structured interviews with leaders of seven SMEs in Wallonia (Belgium) have allowed us to provide insight regarding the role of innovation in the process of defining social responsibility in the SME context. Classification-JEL: M10, M14, O32 Keywords: Sustainability, CSR, Innovation, Small business Journal: Global Journal of Business Research Pages: 99-113 Volume: 7 Issue: 5 Year: 2013 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v7n5-2013/GJBR-V7N5-2013-9.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:7:y:2013:i:5:p:99-113 Template-Type: ReDIF-Article 1.0 Author-Name: Wei Lu Author-Name: Li Lu Title: EXTREME PROGRAMMING PROJECT PERFORMANCE MANAGEMENT BY STATISTICAL EARNED VALUE ANALYSIS Abstract: As an important project type of Agile Software Development, the performance evaluation and prediction for eXtreme Programming project has significant meanings. Targeting on the short release life cycle and concurrent multitask features, a statistical earned value analysis model is proposed. Based on the traditional concept of earned value analysis, the statistical earned value analysis model introduced Elastic Net regression function and Laplacian hierarchical model to construct a Bayesian Elastic Net model fitted for project performance evaluation and prediction. The model is demonstrated with the JAX Laboratory software development project data. With simulated coefficients estimation, we realized an empirical data support for project performance assessment. Classification-JEL: C35, C63, M15 Keywords: Project Management, Performance, Prediction, Earned Value Journal: Global Journal of Business Research Pages: 115-120 Volume: 7 Issue: 5 Year: 2013 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v7n5-2013/GJBR-V7N5-2013-10.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:7:y:2013:i:5:p:115-120 Template-Type: ReDIF-Article 1.0 Author-Name: Jocelyne Abraham Author-Name: Lucie Morin Author-Name: Stephane Renaud Author-Name: Jean-Yves Saulquin Author-Name: Richard Soparnot Title: WHAT DO EXPERTS EXPECT FROM HUMAN RESOURCE PRACTICES Abstract: Knowing how to attract highly qualified employees known as experts is of critical importance to many organizations in the new knowledge economy. The aim of this exploratory empirical study is to examine experts’ expectations in regard to organizational and job related factors. After defining what is an expert, we review academic research on what attracts employees and how this applies to experts. Our data come from a large organization in the high technology sector. Results show that, in many ways, the expectations of experts differ from those of less qualified employees. For instance, when they consider a potential employer, financial rewards linked to performance are more significant to experts than to other employees whereas unusual perks (e.g., lounge) and work-life balance are less significant. Classification-JEL: M12 Keywords: Expert, HR Practices, Attraction Journal: Global Journal of Business Research Pages: 121-132 Volume: 7 Issue: 5 Year: 2013 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v7n5-2013/GJBR-V7N5-2013-11.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:7:y:2013:i:5:p:121-132