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March 2017 (International Review of Business Research Papers)

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March 2017 (International Review of Business Research Papers)

Total Articles - 11

Pages 1 – 16

Author: Alex W.H. Chung and Rong Qi

This paper uses empirical test on simple portfolios with two stocks only, then extending to portfolios selected based on various criteria such as industry sectors, correlation coefficient, random pick etc., to test on the effect of skewness to the risk of the selected portfolio. From the experiment results generated by selected portfolios with two stocks only, we find that the portfolio with negative skewness is the weakest in risk reduction. Extending to random portfolio scheme, in US stock markets, we run regressions on the portfolio skewness to the risk reduction of the portfolio and discovered the opposite facts, the two variables are actually negatively related. The results indicate that the more positive skewed stocks are chosen in a portfolio, by controlling the industry sector and the size of the firm, the smaller the portfolio risk is reduced.

Pages 17 – 30

Author: Lawrence Awopetu, Peter Wui and Jonghae Park

A small business’s working capital is faced with many constraints passing through a financial recession since 2008. The paper investigates how the working capital investment policies of small firms in the United States impact their profitability and their impact over the recession. The multivariate panel regression models are estimated by using 100 best small company data over 2002 through 2011. The small firms need a conservative strategy for higher profitability and Tobin’s Q. Comparatively, after recessions, a small firm will need a conservative strategy, whereas, they need a less conservative strategy for the higher Tobin’s Q.

Pages 31 – 51

Author: Alessandro Mura and Laura Mulas

Using a sample of Italian manufacturing firms for the years 2002 2011, we investigate how government grants influence the creation of value added per assets of beneficiary firms. A set of multivariate tests shows that after grant reception, beneficiary firms underperform their non-beneficiary counterparts in terms of value added per assets and operating profitability while the overall profitability appears unaffected. Undertaking efficient investments thanks to grant reception appears a difficult task. The analysis raises questions on the real return to society on the investment of public money to facilitate the business activity through the use of government grants related to assets.

Pages 52 – 65

Author: Miethy Zaman and A. F. M. Ataur Rahman

Education is one of the prime movers of growth and no matter what level of mechanization and automation a country achieves, it needs to have competent work force for its growth. Importance of education has been emphasised both in theoretical as well as empirical studies. Bangladesh has recently graduated as a country from low income group to middle income group (following the definition of the World Bank). In this process, role of education is more important than ever for Bangladesh. Surviving as a middle-income country and ensuring further growth will be difficult without getting support from adept, articulated workers. Bangladesh has invested huge amount of money along with taking necessary policy measures to enhance education. The most striking of those is mandatory primary education for all and stipends for female students. Using disaggregated data of education (primary, secondary and tertiary) and for the period 1980-2012, preliminary results found considerable evidence for education effecting economic growth. Using Granger Causality test, it shows that all levels of education affects growth in two to four years. Results are found to be robust across different specifications and estimation techniques. For inequality, there is considerable evidence of effect from primary and secondary education.

Pages 66 – 77

Author: Andreas Kiky and Ika Yanuarti

Technical analysis has been well-known by traders as one of the important tools of buying and selling when investors are investing in the capital market. This analysis has been established a long time ago since late 1869 which investors know as Random Walk and in early 1900 as Dow theory. Speculation has been a major goal of technical analysis invented, and most approaches try to capture the right moment to buy, hold or sell the stocks. At the same time, candlestick charts have also been developed in Japan by Munehisa Homma, a Japanese rice trader. Later on Steve Nisson brought this concept to the Western world. The problem arises with the question of which technical tools can be the most accurate. In this research, daily price of a certain stock in Indonesia are examined by the authors and evaluate its accuracy based on its candlestick pattern. 1-day and 2-day patterns of these candlesticks are compared by the authors and hopefully can bring insight about this sophisticated method. This result showed that there is no difference in the candlestick accuracy of 1-day pattern and 2-day pattern. While this research also suggests that an investor that uses technical analysis, especially the candlestick method, tends to be more cautious. It is true this candlestick pattern shows about 40% accuracy, but the authors prefer to be cautious about 60% unpredicted market behavior.

Pages 78 – 87

Author: Laila Shin Rohani, May Aung and Khalil Rohani

The objectives of this study are to identify and compare customers’ preference toward hotel facility and service attributes depending on their travel purpose. Therefore, vacation and business travelers staying in participating hotels were asked to rate important attributes of hotel facility and service. Based on ANOVA results, significant differences were found between hotel guests (survey respondents) in Canada, New Zealand, and the United Arab Emirates in the importance of some hotel attributes.

Pages 88 – 103

Author: Nguyen Le Thai Hoa and Hoang Thi Phuong Thao

The purposes of this study are (i) to develop store personality measurement scale tailor-made for technical consumer goods store chains in Vietnam, An Asian transitional economy, (ii) to explore the impact of store personality antecedents (store attributes) on store personality dimensions, and (iii) to examine the degree of influence of each store personality dimensions on store loyalty. The scale development was conducted in two stages: Item generation and item purification. The new scale was applied for a data survey of 310 shoppers in Ho Chi Minh City (Metropolitan city in the Southern Vietnam) by quotasampling. Multivariate data analysis techniques like exploratory factor analysis, structural equation modeling were used to analyze the data. The results revealed that store personality was constructed by four dimensions: Sophistication, enthusiasm, economy, and reliability, Subsequently, commercial store image, social store image, and strategic store image had positive significant impact on sophistication dimension whereas commercial store image and strategic store image affected on enthusiasm dimension. Reliability and economy dimension was not significantly found to be correlated with any store image dimensions. Finally,there is positive link between store personality dimensions and store loyalty. The findings contribute to the existing literature in brand personality as well as help retail management to understand the symbolic value in branding and brand management. This paper is the first to explore the antecedents and consequence (i.e. loyalty) of store personality in Vietnam and in specialty store chain context.

Pages 104 – 118

Author: Sheriff Touray, Momodou K. Dibba and Momodou O. Jallow

This paper used unrestricted Vector autoregression model to study the exchange rate pass-through to consumer prices in the Gambia. We found that exchange rate pass through is not complete, consistent with other studies on sub-Saharan Africa. Exchange rate depreciation (positive exchange rate shock) results in an increase in domestic prices by 0.2 percentage points in the second quarter. The effect of the shock on CPI peaks at about 0.4 percentage points at the end of the fourth quarter. Furthermore, we also found a declining pass-through consistent with other studies. For robustness, we employed the ARDL method just to ensure that the results are not dictated by the choice of methodology.

Pages 119 – 140

Author: Marco Taliento

This contribution investigates the responsible conduct of businesses in emerging markets, with a focus on the ‘transitional’ economies from the Central-Eastern Europe and Commonwealth of Independent States (CIS). In more detail, the study analyses the relationship between business ethical behavior and the other determinants of competitiveness/productivity. After a theoretical review of literature, a cross-country empirical analysis has been conducted in order to test the hypotheses: data and information from 21 economies drawn from an international executive opinion survey along 8 years are thus scrutinized. It emerges that business ethics (in more recent years not improved) is positively associated especially with some specific corporate governance/performance issues (as the protection of both minority shareholders’ and investors’ interests), as well as with the financial market development; in turn, ethics thrives especially where quality of public institutions and infrastructures is reputed more satisfying and reliable. The findings are robust and for comparison purposes the investigation was repeated to a sample of (17) developing Asian markets, counting China and other “neighbors”. The study can be included in the business ethics academic research framework, a branch of CSR and business & society literature, with the scope to explain the major features and context conditions of business ethics among several determinants in challenging economies, evidencing the relation with indicators and sub-indicators of competitiveness achieved in recent times.

Pages 141 – 150

Author: Samuel Abiodun Ajayi, Olufemi Adebayo Oladipo, Lawrence Boboye Ajayi and Tony Ikechukwu Nwanji

The focus of this study is on the assessment on the effect of interest rate on Economic Growth of Nigeria. The study adopted an Error-Correction Mechanism to test for the short - and long – run relationships among the saving deposit, real interest rate and inflation, ECM is negative and further test of Granger causality indicates that there is a causal relationship between SD and GDP and a unidirectional relationship exists between SD and GDP. Therefore Savings deposit causes Gross domestic product. The study recommends that policies which would boost the saving accumulation in Nigeria that will increase Capital Formation are necessary for economic growth. This will also enhance lending to the real sector of the economy for productive economic activities. This could be done by increasing the deposit rate which would lure the people to deposit their money in banks thereby increasing the supply of loanable funds. This would lead to a fall in interest rate and eventually rise in investment.

Pages 151 – 160

Author: Maya Katenova and Mira Nurmakhanova

The study is emphasized on two types of research. The first is the effect of the economy on stock market development. And the second one is the effect of the stock market development on the economy. Stock investment tends to be pro-cyclical. And pro-cyclical investment behavior may accelerate the development in an economy. However, if investors behave in a counter-cyclical way to exploit the low price advantage during a recession, they may affect the economy in an opposite way, improving economic conditions. Therefore, the study attempts to discuss the effect of stock markets on and from the economy, and to compare the magnitudes of impacts for policy considerations. The results of the study confirm the one way influence to work between the equity market and the economy in Kazakhstan. The stock market does positively affect the economy. The view of one way causality was proved to work in Kazakhstan based on the results of the study.

Total Articles- 11

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