Template-Type: ReDIF-Article 1.0 Author-Name: Han-Ching Huang Author-Name: Yong-Chern Su Author-Name: Chun-E Shih Title: EVIDENCE ON THE SPEED OF CONVERGENCE TO MARKET EFFICIENCY: EVIDENCE FROM STOCK SPIN-OFFS Abstract: We use order imbalance to investigate dynamic relations among intraday return, volatility and order imbalance of stock spinoffs. A GARCH model is employed to examine whether the larger order imbalance is associated with larger stock price volatility. We do not find a significant positive relation between them, which implies that market makers do a successful job of mitigating volatility on spinoffs. Moreover, we develop imbalance-based trading strategies and find they can beat open-to-close returns only in the 5- minutes time interval. Classification-JEL: G14, G34 Keywords: Spin-off, Order Imbalance, Market Efficiency, Volatility Journal: Global Journal of Business Research Pages: 1-8 Volume: 9 Issue: 2 Year: 2015 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v9n2-2015/GJBR-V9N2-2015-1.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:9:y:2015:i:2:p:1-8 Template-Type: ReDIF-Article 1.0 Author-Name: Kwabena Obiri-Yeboah Author-Name: Eliezer Ofori Odei-Lartey Author-Name: Kenneth Simmons Title: THE ROLE OF INFORMATION SYSTEMS IN ENHANCING THE PERFORMANCE OF THE PHARMACY COUNCIL OF GHANA Abstract: Information systems present great potential for public institutions in developing countries to reengineer their processes, meet the current global trends and improve performance. This study describes the role of information systems in enhancing the performance of the Pharmacy Council of Ghana. Primary data was collected through semi-structured questionnaires. Questionnaires were administered to two groups; pharmacy operators that have been licensed by the Pharmacy Council and staffs from all the eight offices of the Pharmacy Council of Ghana. Presented in the analyses are the current information systems environment of the Pharmacy Council; the value of information systems as perceived by the Pharmacy Council staff and pharmacy operators; and respondent views on challenges facing the use of information system at the Pharmacy Council. Results from this study suggest that the Pharmacy Council has potential for computerization. Results further suggest that level of experience and exposure to computerization has significant level of influence on perceptions about computerization. Results also suggest major concerns about the availability of dedicated expertise to manage and maintain an information infrastructure at the Pharmacy Council. Results propose that the Pharmacy Council should examine all frequently recurring services and formulate strategies for computerization. Classification-JEL: M15, O33 Keywords: Pharmacy Operators, Information System, Information and Communication Technology, Client Service, Public Institutions Journal: Global Journal of Business Research Pages: 9-21 Volume: 9 Issue: 2 Year: 2015 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v9n2-2015/GJBR-V9N2-2015-2.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:9:y:2015:i:2:p:9-21 Template-Type: ReDIF-Article 1.0 Author-Name: James B. Box Author-Name: Judith A. Converso Author-Name: Efosa Osayamwen Title: TRANSFORMING LEADERS THROUGH CULTURAL INTELLIGENCE Abstract: Developing charismatic leaders in the 21st century must include fostering the cultural awareness skills for effectively managing employees from many new and unique backgrounds. The purpose of this quantitative study was to determine if there was a correlation between cultural intelligence (CI) and transformational leadership (TL) attributes of managers at American Fortune 500 companies. The data results indicated that there was a statistically significant positive relationship between the CI and the TL abilities of managers. The conclusion drawn from the findings provide new information to theory of cultures when CI and TL constructs are compared. It is recommended that American Fortune 500 leaders continue to strengthen culture-specific awareness’s through educational and personal pursuits. Classification-JEL: C14, C42, D78, E61, I21, J24, J50, J52, J71, M12, M21, N30 Keywords: Cultural Intelligence, Transformational Leadership, Motivational, Inspirational, Charismatic, Employee Turn-over Journal: Global Journal of Business Research Pages: 23-40 Volume: 9 Issue: 2 Year: 2015 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v9n2-2015/GJBR-V9N2-2015-3.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:9:y:2015:i:2:p:23-40 Template-Type: ReDIF-Article 1.0 Author-Name: Jogiyanto Hartono Author-Name: Dedhy Sulistiawan Title: PERFORMANCE OF TECHNICAL ANALYSIS IN DECLINING GLOBAL MARKETS Abstract: The main objective of this research is to discuss the impact of declining global markets on technical analysis performance using international data. McKenzie (2007) shows that technical analysis performs well during the 1998 financial crisis. Technical analysis produces better performance in stock markets with high volatility and a downward trend than in stable and uptrend markets (Ahmed et al., 2000). This study uses OSIRIS and Yahoo Finance databases. The focus is in the year 2011 because global stock markets substantially decline in that year. The year 2010 was a non-decreasing year, and data for that year are used as a control sample. This study examines 21 countries around the world. The total numbers of technical analysis signals identified are 11,040. For robustness tests, this study employs some technical analysis methods. These are SMA5 (5 days Simple Moving Average), SMA10, SMA15, WMA5 (5 days Weighted Moving Average), WMA10, and WMA15. In addition, short and long strategies and the combination of both are used. The findings strongly suggest that technical analysis produces higher returns than buy and hold strategies in declining global markets. Classification-JEL: G01, G15 Keywords: Technical Analysis, Simple Moving Average, Weighted Moving Average, Declining Global Market Journal: Global Journal of Business Research Pages: 41-52 Volume: 9 Issue: 2 Year: 2015 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v9n2-2015/GJBR-V9N2-2015-4.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:9:y:2015:i:2:p:41-52 Template-Type: ReDIF-Article 1.0 Author-Name: Laetitia Pozniak Author-Name: Perrine Ferauge Title: DETERMINANTS OF INTERNET CORPORATE SOCIAL RESPONSIBILITY COMMUNICATION: EVIDENCE FROM FRANCE Abstract: This research identifies determiners of internet Corporate Social Responsibility (CSR) communication of the 53 French enterprises which are members of l Observatoire sur la Responsabilité Sociétale des Entreprises (ORSE). This study is completed in two phases. First, we use an analytical grid and develop a scoring technique. We classify the French companies in our sample according to the intensity of their responsible communication on the Internet. Then, we test a set of hypotheses to highlight the explanatory variables of the communication level on the Internet of the responsible enterprise. The results indicate the performance of firms is positively related to the level of CSR communication trough the web. Classification-JEL: C31, M14, M15, M31, O32 Keywords: Communication, Internet, Websites, Corporate Social Responsibility (CSR), Sustainable Development Journal: Global Journal of Business Research Pages: 53-63 Volume: 9 Issue: 2 Year: 2015 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v9n2-2015/GJBR-V9N2-2015-5.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:9:y:2015:i:2:p:53-63 Template-Type: ReDIF-Article 1.0 Author-Name: Ezaaz Hasan Author-Name: Anjani Mala Author-Name: Glen Finau Title: THE NATURE AND CONCEPT OF ACCOUNTABILITY: A CASE STUDY OF THREE ENTITIES IN FIJI Abstract: The notion of accountability is a vague concept. This is because the appropriateness of accountabilities depends on the context in which accountability is discharged to the recipient of information. The impetus for this study stems from a critical issue of whether discharging accountability to stakeholders by entities can be generalizable to all accountability structures and to understand how appropriately accountabilities are being rendered by entities in Fiji to their stakeholders. In light of this, our research method involves a case study of three entities in Fiji namely, Paradise Beverages (Fiji) Ltd, Home Finance Company Ltd (HFC) and Greenpeace Australia Pacific (GAP). Interviews were also conducted with three individuals from these three entities. The findings indicate that accountability is always context specific. Accountabilities towards stakeholders can be improved on but cannot be generalized to other accountability structures. This study contributes to our understanding of the vagueness of the nature of accountability and although our findings cannot be generalizable, other entities across the globe can understand that accountability can never be perfect for all of their stakeholder groups. Classification-JEL: M41 Keywords: Accountability, Appropriateness, Vagueness Journal: Global Journal of Business Research Pages: 65-74 Volume: 9 Issue: 2 Year: 2015 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v9n2-2015/GJBR-V9N2-2015-6.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:9:y:2015:i:2:p:65-74 Template-Type: ReDIF-Article 1.0 Author-Name: Jin Bih-Huang Author-Name: Chun-Yu Chu Title: THE VALUE CREATION MODEL OF PATENT MARKET INTERMEDIARIES Abstract: In the era of knowledge economy, governments and entrepreneurs place importance on innovation and intellectual property gradually. Because of a shortened product of life cycle, increasing costs of R&D, many managers adopt the concept of open innovation. The market for patent licensing and monetization grows rapidly, as Open Innovation becomes the de facto management philosophy at more and more firms. Unfortunately, there are many obstacles while trading patents; therefore, patent intermediaries join the market. As the patent market grows, there is a diversity of patent intermediaries. However, studies about patent intermediaries are still lacking. Although a few studies mention patent intermediaries, they discuss how patent intermediaries run their business and what roles they play. The purpose of this thesis is to discuss what value patent intermediaries create in the patent market and how they do it. In this study, based on Amit and Zott’s (2001) value creation configuration, we discuss the value creation model of intermediaries for the patent market. We used a case study and expert interviews. We choose some representative patent intermediaries from abroad and in Taiwan. The interviewees are executives and directors in the organisations. The result appears that patent intermediaries provide integrated services to their clients. They create value based on four dimensions: efficiency, complementarities, lock-in, and novelty. Building a long-term relationship and trust with clients or members is the key success factors. Classification-JEL: O34 Keywords: Patent Market, Value Creation, Case Study, Intermediary Journal: Global Journal of Business Research Pages: 75-86 Volume: 9 Issue: 2 Year: 2015 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v9n2-2015/GJBR-V9N2-2015-7.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:9:y:2015:i:2:p:75-86 Template-Type: ReDIF-Article 1.0 Author-Name: Ya-Hui Wang Title: DOES INVESTMENT EXPERIENCE INFLUENCE FUND INVESTORS’ PERCEIVED VALUE AND PURCHASE INTENTION? Abstract: Internet is now one of the most popular channels for investors to acquire investment related information. However, investors with different investment experience in mutual fund may have different perceived quality, perceived risk, and perceived value about Internet information. Therefore, this paper investigates the relationships between Internet information richness, perceived quality, perceived risk, perceived value, and purchase intention for investors with different investment experience. Using random sampling, we administered the questionnaires to investors living in Taiwan from March 1, 2013 to June 1, 2013. The research findings show that Internet information has a larger direct effect on perceived value and a larger indirect effect on purchase intention than perceived quality in Group 1 (investors with investment experience in mutual funds before), whereas perceived quality has a larger direct effect on perceived value and a larger indirect effect on purchase intention than Internet information in Group 2 (investors without investment experience in mutual fund before). Classification-JEL: G1, M1, M5 Keywords: Information Richness, Perceived Quality, Perceived Risk, Perceived Value, Purchase Intention Journal: Global Journal of Business Research Pages: 87-93 Volume: 9 Issue: 2 Year: 2015 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v9n2-2015/GJBR-V9N2-2015-8.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:9:y:2015:i:2:p:87-93 Template-Type: ReDIF-Article 1.0 Author-Name: Ahmet Bayraktar Author-Name: Emine Erdogan Title: WHAT MAKES OFFLINE WORD-OF-MOUTH MORE INFLUENTIAL THAN ONLINE WORD-OF-MOUTH? Abstract: In this paper, we examine online and offline WOM communication channels in terms of their effectiveness. We explore the factors that make offline WOM more influential than online WOM. Furthermore, we explore how personal characteristics, culture and product categories and features influence consumer preference of one channel to the other. In addition, we examine the channel characteristics that influence consumer preference of one to the other. This study suggests that the strength of ties and the quality of communication are the antecedents to the effectiveness of WOM communication channel. Moreover, it suggests that the value of information mediates the relationship between the strength of ties and the effectiveness of WOM. The study also argues that consumers trust offline WOM more when they seek information about services. On the other hand, they pay more attention to expertise when they seek information about products with high complexity. The study indicates that mindful consumers tend to engage in online WOM more than less mindful or mindless consumers. Besides, consumers in individualist culture use online communication channel more than those in collectivist culture do in order to obtain information about products. Classification-JEL: M31 Keywords: WOM Communication, Online WOM, Offline WOM, Online Reviews Journal: Global Journal of Business Research Pages: 95-107 Volume: 9 Issue: 2 Year: 2015 File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v9n2-2015/GJBR-V9N2-2015-9.pdf File-Format: Application/pdf Handle: RePEc:ibf:gjbres:v:9:y:2015:i:2:p:95-107