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Asian Economic and Financial Review
Publish by: Production and Hosting by Pak Publishing Group on behalf of Asian Economic and Social Socie
Online ISSN: 2222-6737
Print ISSN: 2305-2147
Online ISSN: 2222-6737
Print ISSN: 2305-2147
Print ISSN: 2305-2147
Total Citation: 1219
The Linkage of Employee Satisfaction and Loyalty in Hotel Industries of Pakistan
Rai Imtiaz Hussain
Most of the hotel industries now a day facemany difficulties in making their employees satisfied. So they are failed to find out the reasons that made their workers satisfied and loyal. This study includes 13 variables of employee satisfaction and 3 variables of employee???sloyalty. Three variables of loyalty include employee service, future of employee in the company, employee recommendation in the company. The study also shows the loyalty of employees in hotel industry in Pakistan. Results of the study show a relationship between the said variables. The other variables as like relation of employee with boss, performance appraisal, the situation and place of working, group work, and coordination have a strong correlation with three variables of employees??? loyalty. The study will give the hotel industry a great help in lowering the cost and give much output as like increase in profit and then it will gives a higher satisfaction to the workers and their loyalty in hotel industry.
- Berry, L.L. (1981).“The employee as customer.Journal of Retail Banking”. PP. 33-40.
- Fitzsimmons, J., and Fitzsimmons M.J. (2006).“Service Management: Operations, Strategy, Information Technology”. (Ed. 5) McGraw Hill. New York.
- Fosam, E.B., Grimsley, M.F.J., and Wisher, S.J. (1998).“Exploring models for employee satisfaction; with particular reference to a police force” Total Quality Management, Vol. 9, No. 2 and 3, PP. 235-47.
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- Hennig T. T. (2004).“Customer orientation of service employees: Its impact on customer satisfaction, commitment and retention”. International Journal of Service Industry Management, Vol. 15, No. 5, PP. 460-478.
- Heskett, J.L, SasserJr, W.E. and Schlesinger, L.A. (1997).“The service profit chain: How Leading Companies Link Profit and Growth to Loyalty, Satisfaction and Value” Free press, New York, NY.
- Hussain, R. I. (2012). Job satisfaction and intention to leave among University teachers of Pakistan, Conference Proceedings ECO-ENA: Economics & Eco-Engineering Associate, Inc., Canada
- Jawahar, I. M. (2006).“Correlates of satisfaction with performance appraisal feedback”. Journal of Labor research, Fairfax: Spring Vol. 27, No. 2, PP. 213
- Jusoff, K., Abdullah, R.B., Karim, N.B.A., Patah, M.O.R., Zahari, H., Nair, G.K.S. (2009).“The linkage of employees satisfaction and loyalty in hotel industry in Klang Valley Malaysia” International Journal of Business and Management, Vol. 4, No.10 PP: 152-160
- Kelley, S.W. (1992).“Developing customer orientation among service employees” Journal of Academy of Marketing Science Vol. 20 No. 1PP. 27-36.
- Lawler, E. E. III, S.A. Mohrman and G.E. Ledford, Jr. (1995).“Involvement and Total Quality Management” San Francisco, Jossey-Bass
- Lawler, E.E III, S.A. Mohrman and G.E. Ledford, Jr. (1992).“Employee involvement and total quality management: Practices and results in Fortune 1000 companies”. San Francisco: Jossey-bass publishers.
- Locke, E.E. (1976).“The nature and causes of job satisfaction. in Dunnette, M.D (Ed), Handbook of Industrial and Organizational Psychology” Rand McNally, Chicago, IL, PP. 1297-349.
- Loveman, G.W. (1998).“Employee satisfaction, customer loyalty, and financial performance” Journal of Service Research Vol. 1 No. 1 PP 18-31.
- Schneider, B, White, S.S. and Paul, M.C. (1998).“Linking service climate and customer perceptions of service quality; test of a causal model” Journal of Applied Psychology,
- Vol. 83 No. 2 PP. 150-63.
- Schneider, B. (1994).“HRM: A service perspective: Towards a customer focused HRM”. International Journal of Service industry Management, Vol. 5, No. 1, PP. 64-76.
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- Vol. 38, No. 12 PP. 20.
- Tarasco J. A. &Damato N. A. (2006).“Build a better career path”. Journal of Accountancy, New York, Vol. 201 No. 5 PP. 37.
The Dynamic Relationship between Stock Volatility and Trading Volume
Muhammad Irfan Javaid Attari, SaubanaRafiq, Hayat Muhammad Awan
The objective of the study is to measure the relationship between trading volume and returns; and change in trading volume and returns of stocks in Pakistan.Various techniques such as Unit root tests and GARCH have been applied on the data to determine the relationship between aforesaid variables. For this purpose, weekly data of Karachi Stock Exchange (KSE-100 index) has been collected and analyzed from January 2000 to March 2012.The GARCH results indicate a significant positive relationship between trading volume and returns; and change in trading volume and returns.This relationship is of great importance to individuals from investment and policy making perspective as trading volume reflects information about market expectations, and its relationship with price can have important implications for trading, speculation, forecasting and hedging activities.
- Bundoo, S. K. (2000)"The Mauritius stock exchange: sectorial analysis, risk and return" Department of Economics and Statistics, Faculty of Social Studies and Humanities, University of Mauritius, Reedit, Mauritius.
- Chen, G., Firth, M. and Rui, O. M. (2001) "The dynamic relation between stock returns, trading volume and volatility" The Financial Review Vol.38, pp. 153-174.
- Clark, W. (1973)"The economics of overexploitation "Science Vol. 181, pp. 630-634.
- Crouch, R. L. (1970)"The volume of transactions and price changes on the New York stock exchange" Financial Analysts Journal Vol.26, pp. 104-109.
- Darwish, M. J. (2012) "Testing the contemporaneous and causal relationship between trading volume and return in the Palestine exchange" Interdisciplinary Journal of Contemporary Research in Business Vol.3, pp. 55-64.
- Engle, R. (1982) "Autoregressive Conditional Heteroskedasticity with Estimates of the Variance of United Kingdom Inflation "Econometrical Vol. 50, pp. 987-1007.
- Epps, T. W., and Epps, M. L. (1976)"The stochastic dependence of security price changes and transaction volumes: implications for the mixture of distributions hypothesis"Econometrica Vol. 44, pp.305-321.
- Floros, C. and Vougas, D. V. (2007)"Trading volume and returns relationship in Greek stock index futures market: GARCH vs. GMM "International Research Journal of Finance and Economics Vol. 12, pp. 98-115.
- Granger, C. W. J., and Morgenstern, O. (1963) "Spectral analysis of New York Stock Market Prices" International Review for Social Sciences Vol. 16, pp. 1–27.
- Gunduz, L., and Hatemi-J, A. (2005) "Stock Price and Volume Relation in Emerging Markets" Emerging Markets Finance and Trade Vol.41, pp. 29-44.
- Harris, L. E. (1986)"Cross–security tests of the mixture of distributions hypothesis "Journal of Financial and Quantitative AnalysisVol. 21, pp. 39-46.
- Henry, O. T. and McKenzie, M. (2006)"The impact of short selling on the price?volume relationship: Evidence from Hong Kong" The Journal of Business Vol.79, pp. 671-691.
- Hiemstra, C. and Jones, J.D. (1994) "Testing for linear and nonlinear granger causality in the stock price- volume relation" The Journal of Finance Vol.49,pp. 1639-1664.
- Jain, P.C. and Joh, G.H. (1988) "The dependence between hourly prices and trading volume" The Journal of Financial and Quantitative AnalysisVol. 23, pp. 269-283.
- Karpoff, J. M. (1987)"The relation between price changes and trading volume: A survey" The Journal of Financial and Quantitative Analysis Vol.22, pp. 109-126.
- Khan, S. and Rizwan, F.(2008)"Trading volume and stock returns: evidence from Pakistan’s stock market" International Review of Business Research Pipersville. 4, pp. 151-162.
- Mala, R. and Reddy, M.(2007) "Measuring stock market volatility in an emerging economy" International Research Journal of Finance and Economics, Vol. 8, pp. 126-133.
- Muradoglu, G., Berument, H., and Metin, K. (1999) "Financial crisis and changes in determinants of risk and return: an empirical investigation of an emerging market "Multinational Finance Journal Vol. 3, pp. 223–252.
- Pathirawasam, C. (2011)"The relationship between trading volume and stock returns" Journal of CompetitivenessVol. 3, pp. 41-49.
- Pisedtasalasai, A., and Gunasekarage, A. (2008)"Causal and dynamic relationships among stock returns, return volatility and trading volume: Evidence from emerging markets in South-East Asia"Asia-Paci?c Finance MarketsVol. 14, pp. 277–297.
- Rehman, A., Burhan, M., Shah, S. Z. A., and Rizwan, M. (2012) "The empirical relationship between risk-return and trading volume in Karachi stock exchange" Journal of Risk and Diversification Vol. 4, pp. 36-43.
- Rogalski, R. J. (1978)"The dependence of prices and volume "Review of Economics and Statistics Vol. 60, pp. 268-274.
- Tauchen, G. E., and Pitts, M. (1983)"The price variability-volume relationship on speculative markets" Econometrical: Econometric Society Vol. 51, No. 2, pp. 485-505.
- Tripathy, N. (2011)"The relation between price changes and trading volume: a study in Indian stock exchange "Interdisciplinary Journal of Research in Business Vol. 51, No.2, pp. 485-505.
- Westerfield, R. (1977)"The distribution of common stock price changes: An application of transactions time and subordinated stochastic models "Journal of Financial and Quantitative Analysis Vol. 12, pp. 743-765.
Social Networking A Source for Developing Entrepreneurial Intentions among Entrepreneurs: A Case of Multan
Mah Jabeen Zafar, Ghulam Yasin, Mariah Ijaz
The present research aims at measuring how social networking is a source of developing entrepreneurial intentions among entrepreneurs. The study was designed with the intent to find the components of social networking which help in entrepreneurship. The universe for the present study consisted of all enterprises registered with Trade of Chamber and Commerce (Multan). A sample of 5 respondents was selected for interview through convenient sampling. Detailed interviews were conducted for data collection and analyzed by using critical analysis procedure. From the analysis it was found that social networking helps the entrepreneur in developing entrepreneurial intention through which peer group and family and educational institutions in general and universities in particular contribute a lot. Mass media found as a main source in providing the platform for entrepreneurship in the realm of networking. It is suggested that universities should create network nexus through old students (alumni) that might develop in to business. Government should facilitate the self-employed people while providing them opportunities of strengthen their social networks through its various means.
- Acquaah, M., Gyampah, K., and Jawaram, J., (2011), “Resilience in family and nonfamily firms: an examination of the relationships between manufacturing strategy, competitive strategy and firm performance”. International Journal of Production Research, Volume 49, Issue 18, 2011
- Aldrich, H., Cliff, J., (2003), “The Pervasive Effects of Family on Entrepreneurship: toward a family embedded perspective”. Journal of business venturing, Vol.18, pp.573-596
- Allen, W., (2000), “Social networks and self employment”. Journal of socio-economic Vol.29, pp.487-501
- Anderson, A., Jack, S., Dodd, S., (2005), “The role of family members in entrepreneurial networks: beyond the boundaries of the family firm”. Family business review Vol. 13, No.2
- Anwar, W., Tabassum, A., (2011), “Impact of Ownership Concentration on the operating Performance of Pakistani Firms”, Asian Economic and Financial Review, Vol.1, No.3, pp.147-150
- Autio, E., wennberg, K., (2010), “You think, therefore I become: social attitudes and the transition to entrepreneurship”, Paper presented at the summer conference 2010 Druid
- Block, J., collinger, P., (2008), “Entrepreneurship and Innovation-Organizations, Systems and Regions: Peer pressure in network markets- an empirical investigation Denmark” Paper to be presented at the DRUID 25th Celebration Conference
- Bonte, W., Falck, O., Heblich, S., (2009), “The impact of regional age structure in entrepreneurship”. Journal of economic geography, Vol.85, No.3, pp. 269-287
- Bosma, N., Praag, M., Thurik, R., Wit, G., (2002), “The value of human and social capital investments for the business performance of startups”. Paper presented at Netherland.
- Brockhaus, R., Horwitz, P., (2002), “The Psychology of the entrepreneur”. Journal of art and science of entrepreneurship, pp.25-48
- Carland, J., (2002), “Who is an Enterpreneur? Is a question worth asking”. American Journal of small business, Vol.12, No.4, pp.33-39
- Chamlee, E., Mayer, W., (2008), “Discovery and social learning in non-period environments: An Austrian view of social network theory”, Journal of Austrian economics, Vol.21, pp.151-166
- Chunyan, J., Shuming, Z., (2009), “Does stage matters: The role of organizational learning, social network and corporate entrepreneurship in Chinese new ventures”. Journal of management science, Vol.3, No.3, pp.362-392
- Donnell, A., Gilmore, A., Cummins, D., Carsom, D., (2001), “The Network Construct in Entrepreneurship research: A review and critique”. Journal of management Decision, pp.749-760
- Estrin, S., Aidis, R., Mickiewics, T., (2007), “Institutions and entrepreneurship development in Russia: A comparative perspective”, William Davidson institute working paper No.867
- Eysenbach, G., (2008), “Social networking, Collaboration, Participation, Apo mediation and Openness”. The journal of leading health, Vol.10, No. 3.
- Fernandez, J., Iinan, F., Santos, F., (2009), “Cognitive aspects of potential entrepreneurs in Southern and Northern Europe: An analysis using Gem-Data”, pp.151-178
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- Greve, A., and Salaff, J., (2003), “Social Networks and Entrepreneurship”. Entrepreneurship Theory and Practice, Volume 28, Issue 1, pages 1–22,
- Hoang, H., and Antoncic, B., (2003), “Network-based research in entrepreneurship: A critical review” Journal of Business Venturing, Volume 18, Issue 2, pp.165–187.
- Hooi, P., (2002), “The role of networking alliances in information acquisition and its implications for new product performance”. Journal of Business Venturing, Volume 18, No.6, PP. 727–744
- Kamau-Maina, R., (2006), “Stimulating Youth Entrepreneurship in Kenya”, Structured Qualitative Methods. EDMP 638. Concept Paper
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- Kefela, G., (2011), “Driving Forces of Globalization in Emerging Market Economies Developing Countries”, Asian Economic and Financial Review, Vol.1, No.2, pp.83-94
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- Mika, P., (2007), “Social networks and semantic web”, Paper presented at international conference on web intelligence.
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- Prell, C., (2006), “Community Networking and social capital: Early investigations”. Journal of computer-mediated communication, Vol.8.
- Salimath, M., (2006), “Social institutions and culture as drivers of cross-national entrepreneurial activity: application and extensions of institutional anomie theory of entreprenurship”, Dissertion submitted in partial fulfillment of the degree.
- Shaw, E., Carter, S., (2007), “Social entrepreneurship Theoretical antecedents and empirical analysis of entrepreneurial processes and outcomes Journal of Small Business and Enterprise Development Vol. 14 No. 3, pp. 418-434
- Sumra, A., Safarish,H., Suhail, S., Ahmad, S., (2011), “Factors responsible for low inclination towards Entrepreneurship in the public sector institutions of Pakistan”. Journal of Public Administration and Governance, Vol.1, No.1, ISSN 2161-7104
- Zhang, J., Wong, P., (2008), “Networks vs. market methods in high-tech venture fundraising: the impact of institutional environment”. Entrepreneurship & Regional Development: An International Journal, Vol.20, No.5, pp. 409-430
Application of Probit Analysis to Factors Affecting Small Scale Enterprises’ Decision to Take Credit: A Case Study of Oyo State, Nigeria
F. A. AJAGBE
The study assessed the application of porbit analysis to factors affecting small scale enterprises??? decision to take credit: case study of Oyo State, Nigeria. Both questionnaire and interviewed techniques were used for data collection from 35o respondents chosen through stratified sampling techniques. In analyzing the data probit regression was employed in addition to conventional descriptive statistics such as tables, frequency distribution and percentages. The results showed that demand for credit is strongly influenced by gender, age, education, location, value of assets owned and other dwelling characteristics at 1%, 5% and 10% level of significant. The percentage of correct predications which are choice of explanatory variable correctly predicted the household???s demand decisions are good at 70%, 72% and 99% for personal savings, Relatives/ friends and bank. While money lender and multiple sources were insignificant. A comparison of households and enterprise characteristics between those who had used credit and those who had not, as well as between those who used formal sources and those who used informal sources, showed that the differences were not significant in both cases. It is against this background that this recommendation was made that, the credit policy for rural and small-scale lending terms and conditions need to be formulated in order to mobilize savings and maximize the availability of credit to the population in rural and urban areas of Oyo State.
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Existence and Nature of Audit Expectation Gap: Nigerian Perspective
Oseni, Abubakar Idris, Ehimi, Celestina Ojemen
The audit expectation gap is critical to the auditing profession because the greater the unfulfilled expectation from the public, the lower the credibility earning potential and prestige associated with the work of auditors. The study examined the level and nature of expectation gap (performance gap) between auditors and users of financial statements. It sought to establish whether audit expectation gap exists in Nigeria and the perception of the users??? group on its existence. Respondents view was also sought on how the gap could be narrowed. Chi-square (??2) was used to analyze the data obtained from the study. The data were obtained through questionnaire. One hundred and sixty (160) copies of the instrument were distributed using purposive sampling technique. In this study, a cross-sectional survey was conducted to capture the perceptions of users of financial statements in Nigeria. The tests of hypothesis were done using Microsoft Excel 2010 version. Tests were carried out at a significant level of 5% and three degree of freedom. The findings of the study indicated that there is a wide expectation gap in the areas of auditors??? responsibility for fraud prevention and detection. Audit expectation gap has negative impact on auditor???s credibility. The users of financial statements should be enlightened more on the responsibilities of auditors on the financial statements, the role of the auditor should be clarified and quality control measures should be observed in audit firms.
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- Atu, O. K. & Atu, E. R. (2010). Auditing: The Journey so far and its Expectation Gap. The Nigerian Accountant, April/June
- Best, P. J., Buckby S, Tan C (2001). Evidence of the Expectation Gap in Singapore, Management Audit. Journal, Vol. 16 No. 3 pp. 134-144.
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Logistic Cost Management in Enterprises: The Example of Karaman, Aksaray and Kayseri Provinces
Rabia Ozpeynirci, HalukDuman, Research Associate TalipArsu
Logistics management is the customer, market and distributional channel based planning of logistic activities and determining the execution of these activities through outsourcing or within the enterprise and conducting the process. And logistic cost management is the preparation of product-based cost and income analysis of the planned logistic activities. Logistics management has two dimensions for the market (external environment) in one aspect and for the enterprise (internal environment) in another aspect. Logistic cost management, on the other hand, requires three-dimensional analysis which also includes product and service based performance analysis involving the other two dimensions. Logistics, the importance of which has gradually increased in recent years in terms of providing the enterprises with competitive advantage, has been studied with regards to cost and management in an attempt to measure the logistic cost management perception of the enterprises active in the organized industrial zones of Karaman, Aksaray and Kayseri provinces in Turkey.
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- Delivand, M. K., Barz,M. and Gheewala, S. H. (2011) “ Logistics Cost Analysis of Rice Straw for Biomass Power Generation in Thailand” Energy Vol. 36, No. 2011, pp. 1435-1441.
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- http://www.tdk.gov.tr/index.php?option=com_gts&arama=gts&guid=TDK.GTS.50621e3b0e23e8.40414894ErisimTarihi 25.09.2012.
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Inequality and Economic Growth
Mohamed Karim KEFI, HadhekZouhaier
The objective of thispaperis to studythe effect of inequalityon economic growthof a set ofeightdevelopingcountriesduringtheperiod 2000-2009, usingadynamicpaneldata model andasimultaneous equations model.Thekeyfindingsgenerated from thesetwo empirical testsstipulatea negative effectof inequality oneconomicgrowthand vice versa.
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Financial and Non Financial Determinants of Corporate Social Responsibility
Faris Nasif AL- Shubiri, Abedalfattah Zuhair Al-abedallat, Marwan Mohammad Abu Orabi
Accounting, economic, social and political, and slack resources theories provide different perspectives to addressing corporate social responsibility in relation to disclosure, corporate financial performance e.t.c. This paper aims to identify the determinants financial and non financial of corporate social responsibility (CSR) in Jordan .The annual reports determine a sample of 60 industrial companies listed on the Amman Stock Exchange for a period from 2006 to 2010 in Jordan were used as a basis for the study. The results of the analysis imply that companies that are expected to be large in size firm, age of firm, maintaining growth and are highly leveraged are more likely to voluntary disclose social responsibility information. The result lends partial support to agency and political economy theories
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A Study on Taiwan’s Bond Market Integrity and Market Timing Ability - Based on The Armax-Garch Model
Wo-Chiang Lee, Joe-Ming Lee
Due to the market???s integrity and lack of liquidity of Taiwan???s bond market, a bond manager finds it difficult to flexibly adjust portfolio allocation and systemic risk. No matter in the T-M model, T-M ARMAX-GARCH model, or H-M ARMAX-GARCH model, this study???s results show that most bond funds do not have selective ability and significant systemic risk and timing ability, except for the H-M model. Hence, we recommend that Taiwan???s bond market should develop more investment products, improve liquidity in the market, and enlarge the operating space of the fund manager.
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Impact of Real Effective Exchange Rate on Inflation in Pakistan
Imrana Asad, Nisar Ahmad, Zakir Hussain
The determination of inflation is widely debated all over the world. The macroeconomic variables namely: money supply, income velocity of circulation, real effective exchange rate and real income of the economy are the main affect of inflation. The objective of the study was to investigate the impact of real effective exchange rate on inflation in Pakistan. The time series data of real GDP, nominal GDP, real effective exchange rate, prices and money supply for the period of 1973 to 2007 was used in the study. It was concluded that the real effective exchange rate has impact upon inflation in Pakistan. The correlation matrix of the explanatory variables was calculated to establish the relationship among real effective exchange rate and with other variables. A positive and strong relationship between the real effective exchange rate and inflation was found.
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Effects of Working Capital Management on Profitability: Evidence from the Topfive Beer Brewery Firms in the World
Ani, Wilson Uchenna, Okwo, Ifeoma Mary, Ugwunta, David Okelue
The impact of working capital management on the profitability of manufacturing firms has attracted the attention of researchers in different countries of the world in recent times. This research expands the horizon of knowledge in this area by shedding more light on working capital management as measured by the cash conversion cycle (CCC), and how the individual components of the CCC influence the profitability of world leading beer brewery firms. Multiple regression equations were applied to a cross sectional time series data of five world leading beer brewery firms after ensuring that the data are stationary and co-integrated. The outcome of the analysis clearly pinpoint that working capital management as represented by the cash conversion cycle, sales growth and lesser debtors??? collection period impacts on beer brewery firms??? profitability.
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Assessment of Budget Sustainability in Sarawak
Chin-Hong Puah, Evan Lau, Hui-Fern Teo
This study reexamines the sustainability of budget stance of Sarawak state, 1970-2008. Using the intertemporal borrowing constraint as a framework, the study tests the long-run relationship between government revenue and expenditure. Empirical results demonstrate a long-run equilibrium relationship among the variables. The cointegration test result suggests that Sarawak state???s fiscal stance satisfies the weak sustainability condition. In addition, the Granger causality test result reveals a bi-directional relationship between government revenue and expenditure. This means that fiscal authorities made simultaneous decisions on expenditure and revenue. Government revenue and expenditure will mutually reinforce each other.
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An Analysis of Perceptions on Financial Education and Asset Building in the Alabama Black Belt
Nii O. Tackie, Syreeta Sarpong, Ntam Baharanyi, Henry J. Findlay
The study focused on analyzing perceptions on financial education and asset building in the Alabama Black Belt. Data were obtained from a convenience sample of 204 participants from several Alabama Black Belt counties. The data were analyzed using descriptive statistics. The results on demographics reflect a low number of persons in households, more females, relatively younger participant group, with relatively lower educational level, with relatively lower annual household income level, and a higher proportion of single, never married persons. A majority (71%) had not taken financial education classes, and 64% were willing to participate in an asset building program. Chi-square tests revealed that educational level and annual household income played a major role in having taken financial education classes; persons under 18 years of age in household, age, and marital status played a major role in willingness to participate in an asset building program. It was recommended that policy makers, academic institutions, and community-based organizations should help bridge the financial knowledge and asset building gap by implementing financial education and asset building programs in the study area, with considerations for socioeconomic factors such as educational level and marital status that appear to be related to financial education and asset building.
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Accounting Clarity through the Proposed two Column Profit and Loss Account; A Comparative Study of Accountants and Investors’ Perceptions
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This paper aims at providing empirical evidence on the relationship between capital inflows and asset prices, focusing on China, Hong Kong, Indonesia, Korea and Thailand. Main findings are: the positive responses of share prices to portfolio inflows shocks were verified in all the estimated economies, which implies the function of the direct channel into stock market; the indirect channel through domestic money supply appeared to work in the economies with peg regime like Hong Kong, whereas it did not in those with floating regime like Indonesia, Korea and Thailand, due to the sterilization of intervention in foreign exchange markets.
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