1) The Environment of Organizational Entities and its Influence on Decisional Communication
PhD I.C. Dima, University “Valahia” of Targoviste, Romania
Assoc. PhD S. Vladutescu, University of Craiova, Romania
ABSTRACT–The complete operating cycle of the organisational economic entity provides a connection between its actions and those actions that take place in the environment where it operates, which are deemed to be natural reactions of the environment to the operation of the organisational economic entity. The way in which the environment reacts to its operation must be understood as being the nature of the relations between events, factors and structures of the environment and not as an answer to what the organizational ecomic entity does. The same action of the organisational economic entity could therefore determine different environmental reactions to various moments and various actions. This is because organizational economic entities act under the conditions of the restrictions imposed by the environment. There are few cases where these restrictions are not observed and the environment reacts unambiguously. But, most of the time, the operating range is relatively tight, and inside of it only a very low part of it can be assigned to the actions taken by the organization. It is not insignificant for a system to ensure that the events observed are representative for its universe, that they are observed in a precise and coherent manner and that there are analysis patterns, deeds scientifically established to enable valid estimations and deductions.
Key words: ambiguous environment, preferences, division. / information engineering, decision, intelligence of complex systems
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2) Petroleum Profit tax and Economic Growth in Nigeria
Authors:Appah Ebimobowei-Department of Accounting, Bayelsa State College of Education,Okpoama,Brass-Island,Yenagoa,Nigeria.
Ebiringa, O.T.-Department of Management Technology, Federal University of Technology, Owerri, Nigeria.
ABSTRACT–This study investigates the impact of petroleum profit tax on the economic growth of Nigeria. To achieve the objective of this paper, relevant secondary data were collected from the Central Bank of Nigeria (CBN) and the Federal Inland Revenue Service (FIRS) from 1970 to 2010. The secondary data collected from the relevant government agencies in Nigeria were analysed with relevant econometric tests of Breusch-Godfrey Serial Correlation LM, White Heteroskedasticity, Ramsey RESET, Jarque Bera, Johansen Co-integration, and Granger Causality. The results show that there exists a long run equilibrium relationship between economic growth and petroleum profit tax. It was also found that petroleum profit tax does granger cause gross domestic product of Nigeria. On the basis of the empirical analysis, the paper concludes that petroleum profit tax is one of the most important components direct taxes in Nigeria that affects the economic growth of the country and therefore should be properly managed to reduce the level of evasion by petroleum exploration companies in Nigeria. The paper recommends among others that companies involved in petroleum operations should be properly supervised by the relevant tax authority (FIRS) to reduce the level of tax evasion; government should show more accountability in the management of tax revenue and finally, the level of corruption in Nigeria and that of government officials should be drastically reduced to win the confidence of tax payers for voluntary tax compliance.
Keywords: Tax, Petroleum profit tax, economic growth, co-integration, Nigeria
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3)About the financial crisis: a report on stock indices
Marco Mele-School of Political Science, LUSPIO University, Rome, Italy ,Italian Society of Economist (S.I.E.).
Stefano Amighini-Finanza & Futuro Banca S.p.A.Deutsche Bank Group, €FA Financial Advisor.Italy
ABSTRACT-The financial crisis, after pushing governments to adopt exceptional measures to bail out banks and launch challenging plans to revive the economy, has come to expose the sovereign debt of many countries at risk of ”default”. For this reason, the European institutions and national governments have had to intervene and to develop tools for crisis management, such as loans to Greece and the mechanism of European financial assistance, both to strengthen the devices of crisis prevention, based on fiscal consolidation. Pending the completion of the institutional strategy aimed at coordinating European economic policy and budget, all states were required to adopt drastic measures to rebalance national accounts and return to the Maastricht’s criteria.
This paper aims to analyze the performance of financial markets over the past tree months, thus representing a true report of what that was and what will happen.
Keywords: bail out banks, financial crises, financial markets
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4)A Comparative Study of Managerial Talent of Professional versus Non-Professional Managers in Banking Sector.
Aneeqa Afaq-Phd student at Faculty of Administrative Sciences, University of Azad Jammu and Kashmir Kotli, Pakistan.
Dr. Mushtaq A.Sajid-Dean, Faculty of Administrative Sciences, University of Azad Jammu and Kashmir Kotli, Pakistan.
Adeel Arshad-Lecturer, Faculty of Administrative Sciences, University of Azad Jammu and Kashmir Kotli, Pakistan.
ABSTRACT- The research paper focuses on the assessment of managerial talent in professional and non-professional managers. It also examines that whether the professional management education is proficient enough to produce such managerial competencies in individuals which contribute the most to success in organization or not. In order to achieve research objectives a sample of professional and non-professional managers was randomly selected from different regions of Azad Jammu and Kashmir. The study sample consisted of 250 managers from selected banks. The number of questionnaire returned was 142 managers representing response rate of 56.8 percent. Data was analyzed by computing the corresponding means, standard deviations and the coefficients of variance for each of the group of the professional and non-professional managers using SPSS package. The result indicated that Non Professional managers exhibit reasonable social skills as they were capable enough to maintain a better relationship with customer and in team and people leadership. To some extent entrepreneurial characteristics in terms of ability to take risks, accepting challenges and availing opportunities seemed to be higher in Non Professional as compared to Professional ones. While on the other hand, the ability to analyze something observed to be higher in professional managers. Because they were proved to be better in taking good decisions, problem solving and managing change. The communication pattern of professional managers was also seemed to be better than non professional managers.
Keyword: Professional, Non Professional, Azad Jammu and Kashmir, managerial talent
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5)Who’s Polluting the Hoosier Air? An Examination of International versus Domestic Industry Operating in IndianaAuthor:
James Tanoos, PhD,Asst. Professor-Business & CIS Dept ,Saint Mary-of-the-Woods College 012 Hulman Hall
ABSTRACT-The unstable US economy has forced many executives to make the difficult decision to close factories and set up operations elsewhere to take advantage of low-wages and better business environments. The loss of production jobs has been particularly economically devastating in the traditionally manufacturing-based areas of the country (Teaford, 1994). The Rust Belt, often referred to as the Manufacturing Belt, consists of northern Midwestern and Northeastern US states, generally from Iowa to Pennsylvania (Lopez, 2004). These states’ economies were built on manufacturing during the industry’s boom, but with the nationwide shift to service and high-tech industries, they face great challenges in reshaping their economies and retraining their workforces to better handle the realities of the global marketplace (Florida, 1996). The most production-intensive state in the US is Indiana, where one in six residents (nicknamed “Hoosiers”) hold jobs in manufacturing (Charles & Hicks, 2008). As a result of the recent economic downturn and other factors, Indiana’s economy has struggled when industry-based jobs have been lost because there is little readily available employment to replace them (Evanoff & Russell, 2008).
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6)Capital Structure of Real Estate Firms in Chinese Stock Market
Thian Cheng Lim-BEM department, Xi’an Jiaotong-Liverpool University ,111 Ren’ai Road, Dushu Lake Higher Education Town, Suzhou Industrial Park 215123, China
Dan Zhao1-111 Ren’ai Road, Dushu Lake Higher Education Town, Suzhou Industrial Park 215123, China
Ruiyang Chai2-145 Forest Street, Waltham, Boston USA
ABSTRACT-This paper investigates the determinants of capital structure of real estate firms in China. An empirical study on determinants of capital structure of real estate in Chinese listed firms is conducted using a relatively regression of accounting data for 44 A-share financial listed companies over the quarter from 2008 to the third quarter of 2011. First, this paper identifies that the pecking order theory in China is different from western countries. Second, the results show that profitability, non-debt tax shields and liquidity are significant influence factors in financial sector, while others like size, growth, tangibility and non-circulating share should be judged by the size of the company. Moreover, firm size and non-circulating shares are almost positively related to the corporate leverage ratio. It is also found that Chinese institutional characteristic affects the capital choice decision and the largely state ownerships do affect capital structure choices.
Keywords: China, real estate firms, capital structure, theory, leverage, financing characteristic.
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7)Review of China Financial System
Authors:Thian Cheng Lim-BEM department, Xi’an Jiaotong-Liverpool University, 111 Ren’ai Road, DushuLake Higher EducationTown, SuzhouIndustrial Park 215123, China
2)Dan Zhao-3)Haozhe Jiang 4)Yun Liu 5)SiweiGan
ABSTRACT–China financial system design is reviewed. Past academic and non- academic publish material is perused to formed an understanding of the present financial system. Discussion and recommendation suggested to strengthen the present reform of financial system.
Keywords: China, financial reform, financial system, design
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8)Bankruptcy Prediction: Theoretical Framework Proposal
Thian Cheng Lim-BEM department, Xi’an Jiaotong-Liverpool University,111 Ren’ai Road, Dushu Lake Higher Education Town, Suzhou Industrial Park 215123, China
Lim Xiu Yun, Jessica-Kent Ridge Hall, 10 Heng Mui Keng Terrace, National University of Singapore
ABSTRACT: Bankruptcy prediction studies lack a strong theoretical framework but were driven by empirical testing and exploration of new econometric models to identify potential bankrupt firms. This paper examines this phenomenon by reviewing existing literatures and proposed a theoretical framework to govern the direction and future development of this area of finance. Liquidity, Profitability and Wealth Theory, Cash Flow Theory, Merton Model, &Gambler’s Ruin Theory were investigated. Liquidity, Profitability and Wealth theory was discovered to be most popular.
Keywords: Bankruptcy prediction, theoretical framework, Merton Model, Gambler’s Ruin
[Download Full PDF] [Page 75 -85]