Asian Economic and Financial Review

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Online ISSN: 2222-6737
Print ISSN: 2305-2147
Total Citation: 1219

No.8

The Linkage of Employee Satisfaction and Loyalty in Hotel Industries of Pakistan


Pages: 1098-1105
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The Linkage of Employee Satisfaction and Loyalty in Hotel Industries of Pakistan

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Rai Imtiaz Hussain 
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Rai Imtiaz Hussain  (2012). The Linkage of Employee Satisfaction and Loyalty in Hotel Industries of Pakistan. Asian Economic and Financial Review, 2(8): 1098-1105. DOI:
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.

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The Dynamic Relationship between Stock Volatility and Trading Volume


Pages: 1085-1097
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The Dynamic Relationship between Stock Volatility and Trading Volume

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Muhammad Irfan Javaid Attari, SaubanaRafiq, Hayat Muhammad Awan 
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Muhammad Irfan Javaid Attari, SaubanaRafiq, Hayat Muhammad Awan  (2012). The Dynamic Relationship between Stock Volatility and Trading Volume. Asian Economic and Financial Review, 2(8): 1085-1097. DOI:
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.

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Social Networking A Source for Developing Entrepreneurial Intentions among Entrepreneurs: A Case of Multan


Pages: 1072-1084
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Social Networking A Source for Developing Entrepreneurial Intentions among Entrepreneurs: A Case of Multan

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Mah Jabeen Zafar, Ghulam Yasin, Mariah Ijaz 
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Mah Jabeen Zafar, Ghulam Yasin, Mariah Ijaz  (2012). Social Networking A Source for Developing Entrepreneurial Intentions among Entrepreneurs: A Case of Multan. Asian Economic and Financial Review, 2(8): 1072-1084. DOI:
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.

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Application of Probit Analysis to Factors Affecting Small Scale Enterprises’ Decision to Take Credit: A Case Study of Oyo State, Nigeria


Pages: 1064-1071
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Application of Probit Analysis to Factors Affecting Small Scale Enterprises’ Decision to Take Credit: A Case Study of Oyo State, Nigeria

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F. A. AJAGBE 
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F. A. AJAGBE  (2012). Application of Probit Analysis to Factors Affecting Small Scale Enterprises’ Decision to Take Credit: A Case Study of Oyo State, Nigeria. Asian Economic and Financial Review, 2(8): 1064-1071. DOI:
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


Pages: 1051-1063
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Existence and Nature of Audit Expectation Gap: Nigerian Perspective

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Oseni, Abubakar Idris, Ehimi, Celestina Ojemen 
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Oseni, Abubakar Idris, Ehimi, Celestina Ojemen  (2012). Existence and Nature of Audit Expectation Gap: Nigerian Perspective. Asian Economic and Financial Review, 2(8): 1051-1063. DOI:
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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Logistic Cost Management in Enterprises: The Example of Karaman, Aksaray and Kayseri Provinces


Pages: 1026-1050
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Logistic Cost Management in Enterprises: The Example of Karaman, Aksaray and Kayseri Provinces

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Rabia Ozpeynirci, HalukDuman, Research Associate TalipArsu 
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Rabia Ozpeynirci, HalukDuman, Research Associate TalipArsu  (2012). Logistic Cost Management in Enterprises: The Example of Karaman, Aksaray and Kayseri Provinces. Asian Economic and Financial Review, 2(8): 1026-1050. DOI:
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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Inequality and Economic Growth


Pages: 1013-1025
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Inequality and Economic Growth

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Mohamed Karim KEFI, HadhekZouhaier 
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Mohamed Karim KEFI, HadhekZouhaier  (2012). Inequality and Economic Growth. Asian Economic and Financial Review, 2(8): 1013-1025. DOI:
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


Pages: 1001-1012
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Financial and Non Financial Determinants of Corporate Social Responsibility

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Faris Nasif AL- Shubiri, Abedalfattah Zuhair Al-abedallat, Marwan Mohammad Abu Orabi 
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Faris Nasif AL- Shubiri, Abedalfattah Zuhair Al-abedallat, Marwan Mohammad Abu Orabi  (2012). Financial and Non Financial Determinants of Corporate Social Responsibility. Asian Economic and Financial Review, 2(8): 1001-1012. DOI:
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


Pages: 991-1000
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Wo-Chiang Lee, Joe-Ming Lee 
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Wo-Chiang Lee, Joe-Ming Lee  (2012). A Study on Taiwan’s Bond Market Integrity and Market Timing Ability - Based on The Armax-Garch Model. Asian Economic and Financial Review, 2(8): 991-1000. DOI:
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


Pages: 983-990
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Impact of Real Effective Exchange Rate on Inflation in Pakistan

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Imrana Asad, Nisar Ahmad, Zakir Hussain 
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Imrana Asad, Nisar Ahmad, Zakir Hussain  (2012). Impact of Real Effective Exchange Rate on Inflation in Pakistan. Asian Economic and Financial Review, 2(8): 983-990. DOI:
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


Pages: 966-982
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Effects of Working Capital Management on Profitability: Evidence from the Topfive Beer Brewery Firms in the World

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Ani, Wilson Uchenna, Okwo, Ifeoma Mary, Ugwunta, David Okelue 
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Ani, Wilson Uchenna, Okwo, Ifeoma Mary, Ugwunta, David Okelue  (2012). Effects of Working Capital Management on Profitability: Evidence from the Topfive Beer Brewery Firms in the World. Asian Economic and Financial Review, 2(8): 966-982. DOI:
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.

  1. Abbasali, P. and Milda, E. (2012), “Impact of Working Capital Management on Profitability and Market Evaluation: Evidence from Tehran Stock Exchange”, International Journal of Business and Social Science Vol. 3 No. 10, [Special Issue], pp. 311 – 318.
  2. Abdul, R. and Mohamed, N. (2007), “Working Capital Management and Profitability – Case of Pakistani Firms”, International Review of Business Research Papers  Vol. 3 No.1. pp.279 – 300.
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Assessment of Budget Sustainability in Sarawak


Pages: 952-965
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Assessment of Budget Sustainability in Sarawak

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Chin-Hong Puah, Evan Lau, Hui-Fern Teo 
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Chin-Hong Puah, Evan Lau, Hui-Fern Teo  (2012). Assessment of Budget Sustainability in Sarawak. Asian Economic and Financial Review, 2(8): 952-965. DOI:
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


Pages: 935-951
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An Analysis of Perceptions on Financial Education and Asset Building in the Alabama Black Belt

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Nii O. Tackie, Syreeta Sarpong, Ntam Baharanyi, Henry J. Findlay 
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Nii O. Tackie, Syreeta Sarpong, Ntam Baharanyi, Henry J. Findlay  (2012). An Analysis of Perceptions on Financial Education and Asset Building in the Alabama Black Belt. Asian Economic and Financial Review, 2(8): 935-951. DOI:
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


Pages: 921-934
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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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Obasi Rosemary 
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Obasi Rosemary  (2012). Accounting Clarity through the Proposed two Column Profit and Loss Account; A Comparative Study of Accountants and Investors’ Perceptions. Asian Economic and Financial Review, 2(8): 921-934. DOI:
This paper titled ???accounting clarity through the proposed two column profit and loss account; a comparative study of accountants and investors??? perceptions, investigates the Relevance, Understanding, Reliability, Importance and Clarity (RURIC) of the proposed Two Column Profit and Loss Account (TCPLA) among accountants and investors in Edo State of Nigeria. The survey questionnaire was employed as the study???s tool to elicit information from the selected respondents. The mean scores of both units of analysis were compared using stata 9 software and the hypotheses were tested using the t-test statistics. The results showed that, both investors and accountants perceived the TCPLA to be RURIC in absolute terms, but Investors??? perception is greater than those of the Accountants and showing higher support for TCPLA as an indication of improvement in the quality of accounting report with the characteristics of clarity or transparency.

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Capital Inflows and Asset Prices: The Recent Evidence of Selected East Asian Economies


Pages: 902-920
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Capital Inflows and Asset Prices: The Recent Evidence of Selected East Asian Economies

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Hiroyuki Taguchi 
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Hiroyuki Taguchi  (2012). Capital Inflows and Asset Prices: The Recent Evidence of Selected East Asian Economies. Asian Economic and Financial Review, 2(8): 902-920. DOI:
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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