Template-Type: ReDIF-Article 1.0 Author-Name: Chun-Chieh Wang Author-Name: Chyi-Lu Jang Title: THE IMPACT OF THE ASIA-PACIFIC ECONOMIC COOPERATION MUTUAL RECOGNITION ARRANGEMENT FOR CONFORMITY ASSESSMENT OF TELECOMMUNICATIONS EQUIPMENT ON TRADE: EVIDENCE FROM TAIWAN Abstract: We use Taiwanese trade data from 2009 to 2012 to examine the impacts of the Asia-Pacific Economic Cooperation Mutual Recognition Arrangement for Conformity Assessment of Telecommunications Equipment on trade. The results show that Asia-Pacific Economic Cooperation Mutual Recognition Arrangement for Conformity Assessment of Telecommunications Equipment can increase Taiwan’s exports of cellular phones and laptop computers to other Asia-Pacific Economic Cooperation members. We also provide evidence that a mutual recognition agreement can reduce the non-tariff barriers caused by technological regulations and standards in some cases. Classification-JEL: F14, F53, F15 Keywords: APEC, Mutual Recognition Agreement, Trade, Gravity Equation Journal: Global Journal of Business Research Pages: 1-7 Volume: 8 Issue: 3 Year: 2014 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v8n3-2014/GJBR-V8N3-2014-1.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:8:y:2014:i:3:p:1-7 Template-Type: ReDIF-Article 1.0 Author-Name: Linda Yu Title: PERFORMANCE OF SOCIALLY RESPONSIBLE MUTUAL FUNDS Abstract: This study examines the performance of socially responsible mutual funds from 1999 to 2009. To minimize the benchmark error, we apply propensity-score-matching method to identify a most comparable conventional fund for every socially responsible fund based on several key fund characteristics. We find that return of socially responsible mutual funds are lower than conventional funds before applying the propensity-score-matching method. However, comparing to the propensity-score-matched funds, socially responsible mutual funds have a superior return on both average and risk-adjust returns. Further analysis shows that the superior return of socially responsible funds over propensity-score-matched funds only exists in the funds satisfying social and governance screening criteria. Classification-JEL: G11, G23 Keywords: Socially Responsible Investing, Mutual Funds, Propensity-Score-Matching Journal: Global Journal of Business Research Pages: 9-17 Volume: 8 Issue: 3 Year: 2014 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v8n3-2014/GJBR-V8N3-2014-2.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:8:y:2014:i:3:p:9-17 Template-Type: ReDIF-Article 1.0 Author-Name: Yueh-Chiang Lee Author-Name: Yao-Hung Yang Title: PERFORMANCE OF FINANCIAL HOLDING COMPANIES IN TAIWAN: AN APPLICATION OF NETWORK DATA ENVELOPMENT ANALYSIS Abstract: In this paper, we adopt the network data envelopment analysis model in lieu of the multi-stage data envelopment analysis model to evaluate the operational efficiency of financial holding companies and their subsidiaries; the advantage of the network data envelopment analysis model is that it fully captures the synergies of cross selling undertaken by subsidiaries. In this study, conducted in 2012, we find synergistic effects associated with the merger of four financial holding companies, Hua Nan, Cathay, Shin Kong and First, with operational efficiency significantly better than that of other financial holding companies. We also find that banking and securities companies of financial holding companies have superior operational efficiency to investment trust companies and insurance companies. This paper suggests that investment trust companies, insurance companies and securities companies within financial holding companies should decrease their use of relevant inputs to improve efficiency. Classification-JEL: G2 Keywords: Network Data Envelopment Analysis, Operational Efficiency, Financial Holding Companies, Cross Selling, Synergy Journal: Global Journal of Business Research Pages: 19-30 Volume: 8 Issue: 3 Year: 2014 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v8n3-2014/GJBR-V8N3-2014-3.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:8:y:2014:i:3:p:19-30 Template-Type: ReDIF-Article 1.0 Author-Name: Ilhan Meric Author-Name: Christine Lentz Author-Name: Sherry F. Li Author-Name: Gulser Meric Title: A COMPARISON OF THE FINANCIAL CHARACTERISTICS OF HONG KONG AND SINGAPORE MANUFACTURING FIRMS Abstract: In this paper, we compare the financial characteristics of Hong Kong and Singapore manufacturing firms with the MANOVA (Multivariate Analysis of Variance) technique. Our findings indicate that the liquidity, accounts receivable turnover, inventory turnover, total assets turnover, and equity ratios of manufacturing firms in Hong Kong and Singapore are not significantly different. However, the profitability ratios and annual sales growth rates of Hong Kong manufacturing firms are significantly higher than those of Singapore manufacturing firms. Manufacturing firms in Hong Kong also appear to have higher fixed assets turnover rates compared with their counterparts in Singapore. Our findings in this study provide valuable insights for financial managers and for investors who invest in Hong Kong and Singapore. Classification-JEL: G30, G31, G32 Keywords: Financial Characteristics, Manufacturing Firms, Hong Kong, Singapore, MANOVA, Multivariate Analysis of Variance Journal: Global Journal of Business Research Pages: 31-37 Volume: 8 Issue: 3 Year: 2014 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v8n3-2014/GJBR-V8N3-2014-4.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:8:y:2014:i:3:p:31-37 Template-Type: ReDIF-Article 1.0 Author-Name: I. Oluwafemi Oni Author-Name: A. Enisan Akinlo Author-Name: Elumilade D. Oladepo Title: IMPACT OF BANK CREDIT ON THE REAL SECTOR: EVIDENCE FROM NIGERIA Abstract: The paper examines the impact of bank credit to output growth in the manufacturing and agricultural sub sectors of the economy over the period 1980-2010. Using the error correction modeling techniques, the results show that bank credit has significant impact on manufacturing output growth both in the short run and long run but not in the agricultural sub sector. Inflation and exchange rate depreciation have negative effects on manufacturing output growth in both short run and long run. To boost output growth in the real sector, more bank credit should be made available to the real sector especially the manufacturing sector. Also, inflation should be kept low while the value of the domestic currency should be strengthened. Classification-JEL: E62 Keywords: Bank Credit, Real Sector Journal: Global Journal of Business Research Pages: 39-47 Volume: 8 Issue: 3 Year: 2014 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v8n3-2014/GJBR-V8N3-2014-5.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:8:y:2014:i:3:p:39-47 Template-Type: ReDIF-Article 1.0 Author-Name: Refaat H. Abdel-Razek Author-Name: Duha S. Alsanad Title: AUDITING AND COMPARING INNOVATION MANAGEMENT IN ORGANIZATIONS Abstract: The objective of this paper is to audit innovation management in one of the largest Saudi petrochemical companies (SABIC) and compare the results with those of companies in Brazil and China in order to identify the company’s strengths and weaknesses from an innovation perspective. First, an audit survey was carried out in the Saudi company. The results revealed that there is top management commitment and support for innovation, learning is well managed, the company is committed to the development of its employees worldwide and the innovation system is flexible enough to allow small projects to be fasttracked. Second, the audit results were compared with those of four companies in Brazil and China. SABIC was doing better than some companies in the linkages, learning and process dimensions. Some of the gaps between SABIC and the average of the Chinese and Brazilian firms are very low and could easily be closed. SABIC has strengths and weaknesses similar to the Chinese firms. They both showed strength in learning and weakness in strategy, while the Brazilian firms showed strength in the strategy and weakness in linkages. On the other hand, SABIC’s innovative organization and strategy dimensions ranked lowest and special attention is needed in these aspects Classification-JEL: O32 Keywords: Developing Countries, Technological Innovation, Innovation Audit, Innovation Assessment Journal: Global Journal of Business Research Pages: 49-56 Volume: 8 Issue: 3 Year: 2014 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v8n3-2014/GJBR-V8N3-2014-6.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:8:y:2014:i:3:p:49-56 Template-Type: ReDIF-Article 1.0 Author-Name: Jackson Ongong’a Otieno Author-Name: Charles M. Rambo Author-Name: Paul A. Odundo Title: CONTRIBUTION OF LOCAL AUTHORITY TRANSFER FUND TO DEBT REDUCTION IN KENYAN LOCAL AUTHORITIES Abstract: Debt can be rewarding in cases of moderate use, but can be disastrous in cases of imprudence. Excessive debt has been a key challenge to Kenyan local authorities, constraining service delivery and undermining financial sustainability. The Government established and decentralized the Local Authorities Transfer Fund (LATF) to enable local authorities reduce the debt burden. The purpose of this study was to assess and document information on the contribution of LATF towards debt reduction at the Council, as well as identify institutional vulnerabilities that may perpetuate further indebtedness. We sourced primary data from 162 community members, including opinion leaders and civil servants. The study found that the debt portfolio had reduced steadily from KES 157.4 million in the 1999/00 to KES 98.4 million in the 2010/11, while allocations to the Council had increased from KES 11.7 million to KES 57.4 million over the same period of time. The analysis found that LATF allocation significantly correlated with outstanding debts, suggesting up to 99% chance that access to LATF resources may have contributed to debt reduction. To achieve financial sustainability, the Government must address various institutional vulnerabilities, including corruption (76.5%), procurement malpractices (59.3%), revenue collection inefficiency (58.0%), outdated accounting systems (54.9%), political influence (39.5%), nepotism (38.9%), and weak internal audit and control systems (30.9%). The study emphasizes that County Governments must take a bold step to enforce key legislations, including Public Officers Ethics Act, as well as the Anti-Corruption and Economic Crimes Act to dismantle corruption cartels, as well as initiate appropriate reforms programs. Classification-JEL: 016 Keywords: Local Authority, Transfer Fund, Decentralization, Fiscal Decentralization, Debt, Debt Vulnerabilities Journal: Global Journal of Business Research Pages: 57-68 Volume: 8 Issue: 3 Year: 2014 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v8n3-2014/GJBR-V8N3-2014-7.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:8:y:2014:i:3:p:57-68 Template-Type: ReDIF-Article 1.0 Author-Name: Peter Khaemba Author-Name: Tony Mutsune Title: POTENTIAL FOR GREEN BUILDING ADOPTION: EVIDENCE FROM KENYA Abstract: The construction industry plays an important role in economic, environmental, and social development and sustainability. Several studies have demonstrated that green building evolution is key to promoting sustainability in the built environment. This paper is based on a recent research study that employed a mixed methods approach to explore the potential for adoption of green building in Kenya. The study unveiled a set of select green attributes that would provide best potential for adoption. Kenya stands out as a suitable case study because of its latitude as a leading economic hub in a region that is endowed with an abundance of natural resources, some of which could constitute renewable energy sources. Essentially, this study was timely in providing a preliminary platform for developing green building guidelines and best practices that would be meaningful to the Kenyan construction industry. Classification-JEL: Q00, Y8, R00 Keywords: Kenya, Green Building, Construction Industry, Adoption, Potential Journal: Global Journal of Business Research Pages: 69-76 Volume: 8 Issue: 3 Year: 2014 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v8n3-2014/GJBR-V8N3-2014-8.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:8:y:2014:i:3:p:69-76 Template-Type: ReDIF-Article 1.0 Author-Name: Ricky S. Wong Title: SAME POWER BUT DIFFERENT GOALS: HOW DOES KNOWLEDGE OF OPPONENTS’ POWER AFFECT NEGOTIATORS' ASPIRATION IN POWERASYMMETRIC NEGOTIATIONS? Abstract: This article focuses on dyadic negotiations in which negotiators have asymmetric best alternatives to the negotiated agreement (BATNAs). We argue it is important to consider negotiator’s knowledge states of opponent’s BATNAs. The experimental study also examined how negotiator’s perceptions of opponent’s BATNAs were formed and how knowledge given to different negotiators affected negotiator aspiration levels. The findings show that Negotiator estimates of opponent BATNAs are affected by their own BATNAs even when the range of possible BATNAs is given; strong negotiator’s knowledge of opponent’s BATNAs increases their aspiration levels; and weak negotiator’s knowledge reduces their aspiration levels. How knowledge of BATNA-asymmetries affects aspiration depends on which party has access to it. Classification-JEL: C78, C91, D74, D80 Keywords: Best Alternative to a Negotiated Agreement (BATNA); Negotiation; Power Asymmetry; Knowledge; Aspiration Journal: Global Journal of Business Research Pages: 77-89 Volume: 8 Issue: 3 Year: 2014 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v8n3-2014/GJBR-V8N3-2014-9.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:8:y:2014:i:3:p:77-89 Template-Type: ReDIF-Article 1.0 Author-Name: Hussein A. Hassan Al-Tamimi Title: CORPORATE SOCIAL RESPONSIBILITY PRACTICES OF UAE BANKS Abstract: The study aims at investigating corporate social responsibility (CSR) practices of UAE banks. A modified questionnaire has been developed. The questionnaire is divided into two parts. The first part covers general information, namely the experience, position and educational level of the respondent. The second part consists of 18 questions about awareness of CSR, CSR dimensions, the most important issues of CSR, CSR instruments, stakeholders’ engagement and co-operation, the community activities carried out by UAE banks, voluntary activities to mitigate climate change, CSR practices, organizational responsibility for CSR, CSR payback, public policy support for corporate social responsibility and the relationship with the stakeholders. The main results indicate that the UAE banks are aware of the concept of corporate social responsibility; they place more emphasis on compliance with mandatory social and environmental legislation and less on the non-mandatory legislation; the social specific issues are the most important ones; the banks collect information about/from stakeholders and consult stakeholders and participate in multi-stakeholder initiatives; the banks contribute positively in supporting community activities, for instance through donations and sponsorship; the banks are not heavily involved in problems of climate change; the banks ensure equal access to their banking services for all women, irrespective of their marital status, race, etc.; the banks meet the mandatory legislation requirements related to CSR; and finally, the majority of the respondents (90 percent) indicated that it is important for their banks to inform stakeholders about their corporate social responsibility activity. Classification-JEL: G2, G21 Keywords: Corporate Social Responsibility, UAE banks, UAE Islamic Banks, Direct and Indirect Aspects of CSR Journal: Global Journal of Business Research Pages: 91-108 Volume: 8 Issue: 3 Year: 2014 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v8n3-2014/GJBR-V8N3-2014-10.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:8:y:2014:i:3:p:91-108 Template-Type: ReDIF-Article 1.0 Author-Name: Gilbert O. Boateng Author-Name: Akwasi A. Boateng Author-Name: Harry S. Bampoe Title: BARRIERS TO YOUTHFUL ENTREPRENEURSHIP IN RURAL AREAS OF GHANA Abstract: The study examined the barriers to youth entrepreneurship in rural areas of Ghana specifically the challenges encountered by youths who want to set-up their own businesses. The study collected both primary and secondary data using semi-structured questionnaires, interviews and review of empirical and theoretical literatures. Youths in Komenda, Edina, Eguafo, Abirem Municipal Assembly was the target population. Purposive sampling technique was applied to select 240 respondents. Descriptive statistics which involves simple percentage, graphical charts and illustrations was purposefully applied in data presentations and analysis. The findings of the study reveal youths perceive lack of capital, lack of skill, lack of support, lack of market opportunities and risk as the main obstacles to entrepreneurial intention. It is recommended that Ghanaian youths be equipped with entrepreneurial skills to move them to the next level of development. Classification-JEL: O15, O16 Keywords: Entrepreneurship, Barriers, Youth, Resources, Solutions, KEEA District Journal: Global Journal of Business Research Pages: 109-119 Volume: 8 Issue: 3 Year: 2014 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v8n3-2014/GJBR-V8N3-2014-11.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:8:y:2014:i:3:p:109-119