The Business Review Journal

Vol. 18 * Number 2 * December 2011

The Library of Congress, Washington, DC  *  ISSN 1553 - 5827

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The Classical Roots of Contemporary Business Policy and Strategy

Dr. Gordon W. Arbogast, Professor, Jacksonville University, Jacksonville, Florida



The 19th century, Prussian military strategist, Karl von Clausewitz, stated in his classic On War that “Rather than comparing war to art we could more accurately compare it to commerce [business]”. The purpose of this paper is to trace the roots of contemporary business strategy in classical military history.  The earliest strategist to make a significant contribution was the Chinese Sun Tzu (circa 550 B.C.)  He advocated several strategic concepts including: (1) “know yourself, know your enemies and you will win 100 battles”; (2) “the goal of strategy is to win”; and (3) “the best strategy is to win without fighting”.  The first concept is covered in business strategy courses as SWOT (Strengths, Weaknesses, Opportunities and Threats).  Shortly after Sun Tzu, the Greeks developed strategies to defeat the Persians.  The Greek name for a General Officer was “Strategos”. The term strategy is directly derived from this title.  Several Greek and Roman examples of strategic military concepts are discussed in the paper, along with the analogous corporate strategic tenets that are in use today. These include the master strategists: Alexander the Great, Hannibal and Julius Caesar. Lastly, the paper posits a variety of corporate analogs to classical military, strategic concepts.  This is highlighted with a discussion of the five-step strategic management concept that is taught in most business strategy and policy classes. The linkages between early military strategic thought and their integration into modern corporate strategies are also addressed.  The paper concludes with the view that there well may be a relationship between classical military and modern corporate strategy.  The famed 19th century Prussian military strategist, Karl von Clausewitz, stated in his classic On War (Bassford, 1994), that “Rather than comparing war to art we could more accurately compare it to commerce [business]”. 


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Municipal Pension Accounting and Financial Reporting: An Empirical Analysis

Dr. Roberta J. Cable, Professor, Pace University, NY

Patricia Healy, Pace University, NY

Ashton Vines, Pace University, NY



The concern that state pensions are underfunded and may create substantial future economic burdens has been well documented.  Municipalities across the U.S. are facing similar financial pressures as states.  Our research focused on the discount rates and amortization periods used to report pension obligations of municipalities located in states we considered stable because they were solid performers in managing their finances, and in states we considered unstable because there were serious concerns in managing their finances. The relationship of these variables to recording municipal pension obligations has not been addressed.  Our study determined if municipalities located in unstable states made less conservative choices.  The sample in our empirical analysis consisted of two hundred randomly selected municipalities located in stable and unstable states with defined benefit pension systems. We found that the municipalities located in the most financially unstable states were using the least conservative discount rates to value their pension liabilities.  Many of these municipalities were underreporting potentially huge long-term debt, and may not be able to be bailed out with state aid. For these municipalities, it may be a challenge to reflect the reality they may face because they promised overly generous benefits and failed to put adequate money aside.  The only viable option may be declaring bankruptcy. The financial condition of state and local governments has been likened to a train wreck ready to happen.  The Pew Center on States shows that states and local governments face a collective liability of more than $3.35 trillion for pensions and other post retirement benefits.  However, they have put away only $2.35 trillion in assets to pay for these promises. 


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Australian and U.S. Perspectives of Nonprofit Executive Succession Planning

Dr. Joseph C. Santora, ENPC, School of International Management, Paris, France

Dr. James C. Sarros, Monash University, Caulfield, Victoria, Australia

Dr. Brian K. Cooper, Monash University, Caulfield, Victoria, Australia



The aim of this exploratory study was to gather initial data to determine the extent to which Australian and U.S. nonprofit organizations plan for executive succession. We collected data on succession planning from Australian and U.S. nonprofits, and present comparative analyses on nine succession planning indicators.  Our findings indicate that relatively few of the organizations in our study had a formal succession plan and the role of executive directors in succession planning governance issues is indeed limited. Recommendations for future studies are included.  When it comes to the issue of executive succession in nonprofit organizations three themes tend to dominate much of the literature: first, most nonprofits have historically failed to develop a succession plan (Watson & Abzug, 2005). Within the last two decades researchers have reported similar findings. For example, Sinclair (1996) reported that only 69% of the 750 nonprofits surveyed did not plan for succession. Santora and Sarros (2001) have found that 66% of the organizations they surveyed did not have a succession plan. Bell, Moyers, and Wolfred (2006) reported that approximately 71% of the organizations they surveyed did not have a succession plan. Santora, Caro, and Sarros (2007) found 90% of the respondents to their survey did not have a succession plan. Froelich, McKee, and Rathge (2009) found that slightly more than 80% of their respondents did not have a succession plan.  Cornelius, Moyers, and Bell (2011) found that 87% of the organizations they surveyed did not have a succession plan.


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The Acceptability of ProctorU to Insure Online Testing Integrity

Dr. Marian C. Schultz, The University of West Florida, FL

Dr. James T. Schultz, Embry-Riddle Aeronautical University, FL

Dr. Eugene Round, Embry-Riddle Aeronautical University, FL

Joshua J. Schultz, Spring Hill College



Testing integrity consists in part of the measures taken by college administrations to ensure that, “all students are given the same opportunity to demonstrate their abilities and to prevent any student from gaining an unfair advantage over another because of testing irregularities or improper conduct” (Exam Security, 2011). Testing integrity includes the establishment of rules, policies and procedures that all testing participants must adhere to during the administration of the test. Prior to a test being administered, participants need to agree to the code of permissible conduct, and what actions would constitute improper conduct. Testing integrity is achieved when the rules and procedures for test taking are clearly communicated to the test participants, and effectively enforced and utilized during the testing practice.  Testing integrity is a critical aspect of a test since the strength of a test score is directly related to the test’s integrity.  “Unless test scores reflect the actual skills and competencies of those tested, the tests cannot properly perform their vital educational functions” (Caveon Education, 2011).  Tests are instruments developed to evaluate the abilities and competencies of a group of people on a particular body of knowledge.  The test scores provide a measure by which test participants can be evaluated against the test and one another.  Consistency among participants in the testing process is necessary in order for test scores to be viewed as valid measures of knowledge of the subject matter.  Testing integrity also ensures consistency among test participants. Without strong testing integrity, the reliability of the testing method and experience cannot be verified, and the test scores could be flawed due to a lack of data integrity and uncertainty. 


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Utilizing an Intelligent Tutoring System In Lieu of Teaching to the Fat Part of the Curve

Dr. Leonard Presby, William Paterson University, Wayne, New Jersey



This paper presents findings from a study with the purpose of exploring the effectiveness of using an online intelligent tutoring system in learning business math principles. Incorporating a traditional course delivery approach, two different classes were exposed to an adaptive learning method with regard to learning and reviewing basic math required for business studies.  Three compelling tools of Placement, Prep and Course were utilized. Students demonstrated more motivation using this method. The results show a remarkable increase of learning using this system. All the students preferred this manner of learning compared to the traditional one. Results of this study have strong implications to help independent learning, reduce the problem of students dropping courses and the cycle of repeated failure.  Education is more essential than ever to an individual’s economic future. Unfortunately, many students are beginning their post-secondary studies unable and unequipped to succeed, especially in quantitative type courses. In a typical business curriculum, students are expected to enter a course such as business statistics, managerial economics, financial accounting, and corporate finance having some math under their belt. According to a study by the National Assessment of Educational Progress, less than twenty five percent of high school seniors are considered proficient in mathematics. Unfortunately, early failure in math is often a predictor of failure in other disciplines. This crisis of student readiness poses enormous challenges for higher education institutions (1). Almost fifty percent of all college students take at least one remedial course. More than half of students who take remedial math courses fail to graduate. There is a crises of student readiness in higher education, instructional costs are soaring while student learning outcomes are declining. The Commission on the Future of Higher education recently recommended that institutions develop new pedagogies, curricula and technology to improve learning particularly in the area of science and mathematics.


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Social Media: More Available Marketing Tools

Dr. Stacy M. P. Schmidt, California State University, Bakersfield, CA

Dr. David L. Ralph, Pepperdine University, CA



 Networking is not new to the world or to business.  Networking just has a new medium.  Social media has created more opportunities to connect and network with friends, family, and customers.  This means that marketing has  new tools as well.  Four types of social medias are:   1. Social Networks or Online Communties: 2.  Blogs   3. MicroBlogs;   4. RSS – Really Simple Syndication Companies can use Blogs, Microblogs like Twitter, Social Networks like Facebook, MySpace, Bebo, and LinkedIn, and RSS – Really Simple Syndication to market products, services, and companies.  These new tools require new skills as well as different approaches.  They have not changed the basic question of when and how to use it to be effective, efficient, and successful.  Companies also need to be able to determine which of the different social media the company should or should not use in marketing their products, services, and/or company.  One of the most important uses of social media sites is data collection.  It not only provides companies with the ability to obtain massive amounts of information from a wide range of places about their products, services, and company, it also gives them valuable information about their competitors.  Social media can be used by a variety of companies and people.  Anyone in a company can use social media for a various reasons and purposes.  The size and type of the company does not prevent the use of social media as a marketing tool.  Companies need to be careful that it is used properly and effectively.   Marketing tools have changed and advanced over the years as new technologies have made it possible to reach the market in new innovative ways. 


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Corporate Social Responsibility and Ethics in the Tourism Industry:  Using a Survey of Managers

Dr. Jung Eun Kim, University of Florida, Gainesville, FL

Dr. Lori Pennington-Gray, University of Florida, Gainesville, FL



 This study was a starting point to examine tourism managers’ ethical attitudes and sense of corporate social responsibility. Guided by marketing theory, this study revealed that an organization’s environment, such as corporate ethical values, affects the tourism professionals’ ethical decision-making. The results suggest tourism practitioners’ attitudes toward corporate social responsibility of tourism companies were influenced by the corporate ethical values and perceived importance of ethics and social responsibility. This study implies that tourism managers are more sensitive to socially responsible and ethical issues when the organization sets clear ethical standards and values. Thus, this study suggests that by providing a clear set of goals and standards, an organization may improve their ethical and socially responsible perceptions of employees, and ultimately lead to better ethical behaviors and socially responsible performance.  Tourism is recognized as one of the world’s largest industries. The World Travel and Tourism Council (WTTC) has estimated that tourism industry generated 9.1% of the global Gross Domestic Product (GDP) directly or indirectly and 258 million jobs in 2011 (WTTC, 2011). This growth in tourism development has led to many changes made by host societies (Brunt & Courtney, 1999). Some of these changes are positive, such as improved income, education, employment opportunities, and local infrastructure and services (Lankford, 1994), while others are negative, such as changes in social and family values, the emergence of economically powerful groups, and cultural practices adapted to suit the demands of tourists (Ap & Crompton, 1993; Johnson, Snepenger, & Akis, 1994).  


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Queuing in Supermarkets:  Satisfying Customers at the Point-of-Sale

Dr. Jim Mirabella, Jacksonville University, FL



 In 1998, Roger Bennett conducted a study in the UK to determine customer attitudes toward waiting in lines at local grocery stores.  His research found that income level, total purchases, and personality type were significant factors in determining a customer’s willingness to wait in line.  With the advent of self-checkout lines aided by scanners, customer options have evolved in the last 13 years, and grocery stores have been manipulating the checkout processes to get the right formula for success.  Some stores are adding technology while others are removing technology, and still others are just rearranging lines, all in the hope of garnering market share and keeping customers happy.  This study looks at the difference in the tolerance for queuing and the difference in willingness to use a self-checkout line, looking at spending level, income, gender and age as factors.  Findings showed that those in higher income areas were less tolerant of lines and more willing to use self-checkout lines, and those with larger purchases were understandably more tolerant of waiting in line, and less willing to self-checkout.  While gender didn’t prove to be a factor, age showed itself as important, as older customers were more tolerant of lines but less willing to use self-checkout technology.  Open-ended opinions about the scanners were diverse, with some customers anxious to use them, others oblivious to them, and others with very negative feelings toward them.  With grocers learning so much about the psychology of waiting lines, and realizing that the point-of-sale is a point of contention, future research should focus on how customer loyalty is truly impacted by the checkout process. 


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Socially-Influenced Consumption and Savings: An Agent-based Approach

Dr. Daniel Farhat, University of Otago, Dunedin, New Zealand



 In this study, an agent-based model is created in which consumption and savings decisions made by virtual households are determined within a socio-economic environment. Using a shopping algorithm first described by Becker (1962), consumer choices exhibit both habit and capriciousness. Within this algorithm, exuberance for spending and saving is assumed to be socially-influenced. These virtual consumers are then placed within an economy similar in nature to the United States (1987 – 2007). Their consumption and savings decisions, which are a product of both the state of the economy and interactions they have with each other, are then assessed by inspecting single-runs of simulations with different parameter specifications. Local unemployment and bankruptcy rates are shown to generate improved dynamics of aggregate savings and bankruptcy rates. The model provides a starting point for future work on social influence and aggregate spending decisions. This paper explores the relationship between social influence and spending decisions. The approach considered here differs from that typically taken in standard macroeconomic theory. Usually, consumers are modeled as hyper-rational, self-oriented, identical entities. They are assumed to have well-defined preferences over consumption across their entire lifespan which is captured by specific utility functions. They have infinite memories and limitless computational capabilities.


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Experiencing IT Security in an Organizational Environment: Conceptualization and

Measurement Development of an Individual Level IT Security Climate Construct

Dr. Janis Warner, Sam Houston State University, Huntsville, TX



 With the increasing globalization of organizational systems and growing value of corporate data assets, never has it been more important to understand organizational environmental elements that influence user perceptions of IT security.  A rigorously developed model providing a clear understanding of the environmental factors’ influences on IT security behavior has yet to be established in the literature.  This study begins to address this gap through a preliminary phase of model development starting with the development of a facet specific, multidimensional, individual level construct, conceptualized as IT security psychological climate.  Rapidly expanding technologies such as the Internet, cloud computing, social networking and wireless access have led to significant growth in IT vulnerabilities and related losses for organizations (McCafferty, 2010).  Internal user practices and human factors focusing on end user perceptions and attitudes leading to behavior are identified as critical elements for understanding how to move forward with IT security (Dhillon & Backhouse, 2001).  Recent IT security studies have demonstrated that human factors are critical (e.g. Dinev & Hu, 2007), however there is a lack of studies on the influence of organizational cues, such as signals from top management through policies and procedures, on internal user attitudes and behavior.  To address this gap our study focuses on developing a measurement of users’ experience of the organizational cues in the environment regarding IT security, conceptualized as IT security climate.  


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Who Holds the Pen?  Strategies to Student Satisfaction Scores in Online Learning Environments

Dr. Debra Y. Hunter, Troy University



 As more nontraditional students demand educational opportunities that consider professional and personal obligations, universities are faced with a remarkable challenge to offer courses in formats that meet the needs of professional learners.  Most often, these courses are facilitated in cohorts that meet weekly, weekend intensive courses, hybrid (ground and online) or exclusively virtual formats.  While the array of course formats provides flexibility to professional students seeking to continue their education, the teaching methods, interaction with instructor and collaboration with peers will vary according to the course delivery platform. Consequentially, the student satisfaction levels may vary based on the experiences that one encounters with each platform.  In most traditional classroom settings, the level of interaction is greatest because students have face-to-face contact with the instructor. In such case, the instructor can establish a rapport with the students and such relationships can enhance the overall student experience. On the other hand, students in exclusively online settings share different experiences due to the challenging nature of the distance learning format.  Based on a student’s expectations, a less than desirable experience may result in lower satisfaction scores and ultimately a loss in employment for the instructor in some cases.   However, there are a variety of opportunities to increase interaction with online students, provide learning opportunities similar to live classes and establish rapport necessary to exceed student expectations. 


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Systematical Accounting and Evaluation of Energy Consumption and Carbon Emission of Urban Production

Dr. Xi Ji, School of Economics, Peking University, P.R. China

Dr. Yan Qin, Director of China-India Economics Research Center, U.S.A.

Dr. Zhu Li, Personal Banking Division, Bank of China

Dr. Zhanming Chen, College of Engineering, Peking University, P.R. China



 Cities are the main material carriers of industrialization. The development of urban production based on fossil fuel is the major contributor to the rise of greenhouse gas density and global warming. The idea of low carbon cities is a new approach to both urban sustainable development and global climate issues as well. The development of low carbon production is the key to low carbon cities. Quantitative accounting and evaluation of energy consumption and carbon emission of urban production is critical to identify problems in this regard and find out potentials in energy-saving and emission-reduction. Conventional indicators of “energy consumption per unit output value” and “emission per unit output value” are concerned only with immediate consumptions and emissions while the indirect consumptions and emissions during the production processes are ignored, which does not serve the optimization of the overall urban production system. This paper first discusses the disadvantages of conventional evaluation system, and then constructs the new indicators based of the concepts of "embodied energy" and "embodied carbon emission" for systematical evaluation of urban production. Taking Beijing as a case, this paper compares the calculations based on conventional and newly constructed indicators, and the results show energy consumption and emissions of urban sectors can be better reflected by the new indicators, which provide useful information to build low carbon cities.


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An Examination of the Extent of Influence of the Post 2007: Global Economy on the

Determination of Global Marketing Strategy

Dr. Mary Werner, Jacksonville University, Jacksonville, Florida

Dr. Mohamad Sepehri, Jacksonville University, Jacksonville, Florida

Dr. Richard Murphy, Jacksonville University, Jacksonville, Florida



 This is an examination of the status of work available to aid in the determination of global marketing strategy in this post 2007 global economy and how the post global 2007 financial crisis has affected the determination of global marketing strategy. An examination of the relationship between global business, global marketing and the economy in general illustrates that there is concern expressed over the recent developments with respect to the post 2007 global economy and the importance of the impact on business and marketing as a result of the situation in the post 2007 global economy.  Then this study narrows its’ focus concerning the examination of global marketing strategy issues and information post 2007 global financial crisis available to aid in the determination of global marketing strategy in the post 2007 economy.  The global marketing mix areas of product, price, place/distribution and promotion are examined individually.  Although there could be more research done in the price area, overall the amount of work done on this topic of global marketing strategy post 2007 given the short period of time since the 2007 global financial crisis, is impressive and does appear to provide good information to businesses interested in engaging in marketing post 2007.  It is felt research with respect to this topic should continue in an aggressive manner since it appears the global financial crisis will continue for some period of time.


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The Financial Crisis 2008 – 2010; Winners & Losers.  U.S.A., Canada, France, Mexico and India´s Perspective

Dr. Hyun Sook Lee, National Autonomous University of Mexico, Mexico

Dr. Beverlee B. Anderson, California State University, San Marcos, CA

Dr. Eric Viardot, EADA, Spain

Dr. R. K. Srivastava, University of Mumbai, India

Professor Raymond Ilson, Dalhousie University, Canada



 In this paper, the authors compare the impact of the financial crisis of 2008 – 2010 in selected countries; three developed countries (Canada, France and U.S.A); two developing economies (India and Mexico).  Most of the selected countries showed lower GDP growth rate, although results and trends were mixed.  However, there were also winners, which included countries/states as well as individual firms.  Among Fortune global 500 companies (2007 - 2008), the U.S.A. laid claim to the largest global companies, in significant numbers, followed by Japan, France, Germany and China as Table 1 depicts..   During 2009 – 2010, the U.S.A. again led the world economies, albeit with fewer numbers of companies.   China ranked number 3 while France and Germany remained at four and five respectively.  In terms of GDP per capita, which is the common criterion for understanding economic activity levels, China is at a level about ten times lower than other advanced countries such as U.S., Japan, France, Germany and Canada; and even less than half that of Mexico.  Financial and underlying social issues in many countries, including the U.S.A. since 2007, are still unresolved and threaten to be an ongoing drag on the recovery.  The financial crisis of Europe started in Greece during 2009/2010 and has spread steadily.  The euro-zone crisis has focused on Spain and Italy, but other countries, at both ends of the size spectrum, keep coming into view.  Cyprus, a midget within the monetary union, has been pushed to the brink of a bail-out. 


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Is An Asset and Liabitity Approach to Revenue Recognition Suitable for

IFRS and US GAAP Convergence Purpose?

Dr. Hana Bohusova, Mendel University, Brno, Czech Republic

Dr. Danuse Nerudova, Mendel University, Brno, Czech Republic



 Revenue is a crucial number to users of financial statements in assessing a company performance and prospects. Revenue recognition requirements in the US GAAP differ from the IFRS revenue recognition principles, and both sets of requirements need to improve. The FASB and the IASB have been working on the development of the common standard on revenue. The common revenue recognition standard should help to eliminate weaknesses of current revenue recognition and recording treatments. The paper is concerned with an evaluation of approach to revenue recognition which is intended to replace current approaches under the IFRS and the US GAAP.  The main world's accounting standards-setters the International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB) have been working on convergence of the U.S. Generally Accepted Accounting Principles (U.S. GAAP) and the International Financial Reporting Standards (IFRS) since 2002. In September 2002 the IASB and the FASB agreed to work together to remove the differences between IFRS and US GAAP. This decision was embodied in the Memorandum of Understanding (MoU) between the boards known as the Norwalk Agreement. The specific milestones to be reached by 2008 were set in the document known as “A roadmap for convergence 2006-2008”. It identified priorities and milestones to complete the remaining major joint projects by 2011, emphasising the goal of joint projects to produce common, principle-based standards. In June 2010 the IASB and the FASB announced a modification to their convergence strategy, responding to concerns from some stakeholders regarding the volume of draft standards due for publication in close proximity. 


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Inter-organizational Relationships in Enhancing Information Sharing: The Role of Trust and Commitment

Ipek Kocoglu, Gebze Institute of Technology, Turkey

Dr. Salih Zeki İmamoğlu, Gebze Institute of Technology, Turkey

Dr. Huseyin Ince, Gebze Institute of Technology, Turkey



 Prior research on supply chain management (SCM) suggests that information sharing (IS) has become a major driver of competitive advantage. The accelerating trend of  new manufacturing paradigms forcing SCs to be agile (Cousins and Menguc, 2006), adaptable and aligned to meet the needs of cooperative, mutually beneficial SC partnerships in the value networks (Flynn et al., 2010), lead firms to refocus on forming tighter and deeper relationships (Yeung et al., 2009). Little attention has; however, been paid to the effect of trust and commitment on IS. This study focuses on the influence of these two relationship management mechanisms on IS and supply chain performance (SCP) and the role of IS in shaping SCP. The conceptual model comprises of 3 research hypotheses with 4 main constructs; trust, commitment, IS and SCP. Yet we categorize the four types of IS as; IS with customers, IS with suppliers, inter-functional IS, and intra-organizational IS, and the 4 constructs of SCP as; expenses of costs, asset utilization, supply chain reliability, and supply chain flexibility and responsiveness. The constructs are measured by well-supported measures in the literature. The hypotheses are tested via an empirical study in which data are collected from 158 manufacturing firms in Turkey mainly Marmara Region, that are among the top 500 Turkish manufacturing firms of 2010 listed by Istanbul Chamber of Commerce.   The results suggest that the roles played by trust and commitment is critical in IS process as it reinforces connectedness, coordination and collaboration among SC members. Moreover the findings of the study provide useful insights on how organizations should benefit from IS so as to improve their SCP.


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Investors’ Exposure to Currency Risk in Central and Eastern Europe: are Turbulent Times Different?

Dr. Alexandra Horobet, Academy of Economic Studies Bucharest, Romania

Dan Gabriel Dumitrescu, Academy of Economic Studies Bucharest, Romania

Adriana Sofia Dumitrescu (Raileanu), Academy of Economic Studies Bucharest, Romania



 The paper investigates the impact of exchange rate risk on the risk-return profile of investments in emerging countries. The emerging countries under scrutiny are Czech Republic, Hungary, Poland, Romania, Russia and Turkey, all from Central and Eastern Europe. We examine the importance of currency risk from the perspective of a US dollar based investor, by looking at the contribution of changes in exchange rates of these countries’ currencies against the US dollar to the total risk of investments in these markets, on one hand, and to the correlation between these markets’ returns and the US market return. Our analysis spans over an interval between January 2000 and August 2010, thereby taking into account the exchange rate risk contribution in normal versus turbulent times. We find that exchange rate volatility is an additional factor for the volatility of CEE markets when returns are denominated in US dollars. In general, exchange rate risk is a positive contributor to the risk of an investment in CEE markets, and that in more turbulent times, as the ones after September 2007, the impact of exchange rate risk is higher than in normal times. Moreover, a US investor in the CEE area should have been also about the positive and increasing contribution of currency risk to the correlation between any of the CEE markets and the US market.  In a framework of increasing international portfolio investments and of business opportunities diversification at the global level, but also of higher capital market integration, investors critically evaluate the exchange rate risk, particularly when investments are made in emerging markets.


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Tax On Dividend Distribution, Agency Problem And Firm Value –  Unique Indian Perspective

Dr. Santanu K. Ganguli, Professor, Institute of Management Technology, Ghaziabad



 Due to provision of income tax on distribution of corporate profit by way of cash dividend, India presents an unique opportunity to examine stock price reaction to dividend payout decision in the backdrop of signaling and agency cost of free cash flow literature. India’s dividend payout is quite low – one of the major reasons might be payout is costly as it invites tax on dividend distribution  favouring retention of  corporate profit to be capitalized that attracts lower or no tax on capital gain.   Most of the listed companies in India that earn profit on a sustained basis pay cash dividend to the shareholders (investors).  Way back in 1961, Miller and Modigliani (MM)- in their seminal  theoretical paper - advocated dividend irrelevance hypothesis according to which  in a well functioning capital market, in absence of transaction cost and tax,  dividend does not matter.  When dividend is paid there should be corresponding reduction in value of shares to the extent of dividend paid. Hence, dividend is irrelevant as it is nothing but distribution of value rather than creation of the same.  Barring some tax havens, MM’s  world of no tax hardly exists. In most of the countries, when a company pays dividend the shareholders receiving dividend is required to pay tax on the dividend income. If a company earns profit from operation and dividend is not paid, the profit gets capitalised in share price, the shareholders selling the shares are to pay tax on capital gains that arises from sale of shares. Therefore, tax provision and rates of taxes on dividend and capital gain of a country should play an important role in dividend payment decision. In US context Black (1976) questions why do the companies pay dividend at all if dividend is taxed at a higher rate than the capital gain?


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Hotel Services as Experiential Products and the Influences on Purchase Decisions

Sandra Heiden, University of Latvia and University of Applied Sciences Kufstein, Austria



 The hotel industry offers services to customers who are characterized by a certain degree of uncertainty. The reason behind this uncertainty is that customers have to experience the service first to be able to evaluate the quality and the degree of satisfaction. Hence, every first stay in a hotel is linked to a decision under uncertainty, which leads to the assumption that hotel services can be regarded as experiential products. The purpose of this paper is to find out if hotel customers tend to spend less during their first stay than following stays, due to risk aversion. To accomplish this aim, data of different leisure hotels within Western Europe were gathered and examined. The data were analyzed with regards to the spending behavior of guests as well as the length-of-stay patterns. Especially in the last years, it is quite difficult for companies in the hospitality industry to increase or stabilize their market share. There are various reasons, including rising international competition, slow or decreasing economic growth rates, decreasing population growth and often oversupplied and mature markets (Tepeci, 1999). To stabilize economic success, hotels should go one step further and start understanding their customers and customer behavior. Only if a company understands why and how their customers make purchase decisions, they will be able to influence these judgments.  Understanding guests’ needs and having a clear picture about the guests will be a prerequisite for hoteliers in the future, and only then is it possible to survive and prosper (Yavas and Babakus, 2005). Hence, marketing of the future should choose the customers’ perspective.


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The Osaka Model: New Methods of Joint Development Promotion in Japan

Dr. Nobuhiro Takahashi, Osaka City University, Japan

Dr. Mita Takahashi, Osaka University of Economics and Law, Japan



 This study examines new methods for locating business partners for joint development of manufactured products in Japan. These methods, collectively called the Osaka Model, enable a company with outstanding technology capabilities to locate a need for those capabilities in a new company partnership. In other words, a company that needs outstanding technology capabilities locates a business partner with whom the company solves high-level technological issues. This model promotes new partnerships using open inter-business relationships.  Joint development has attracted the attention of firms, central and local governments, and many other organizations in Japan. For example, the central government began the Industrial Cluster Project in 2001. In this project, the government conducts seminars, parties, and matching sessions for companies to encourage the development of new products and start-up companies. Local governments, chambers of commerce and industry, and other organizations also conduct matching sessions for companies to encourage the development of new products and transactions. However, these partnerships—along with their potential new developments—occur sporadically.  This experience indicates that creating opportunities for encounters among firms is insufficient; methods must match companies effectively. Therefore, this paper addresses five new methods for approaching joint development in Japan.


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Relationship Between Personality Traits And Readiness for Organizational Change: A Case From Croatia

Dr.  Mislav Ante Omazic, University of Zagreb, Croatia

Rebeka Danijela Vlahov, University of Zagreb, Croatia

Marino Basic, University of Zagreb, Croatia



 Since the environment in which organizations operate today is changing faster than ever before, only those that effectively and efficiently implement organizational change can survive. The emphasis is no longer on whether they will do it or not, but on when and how will they do it. However, as much as change is needed in the organization, it can bring adverse effects to its employees as it changes the way they had been working, thus making them resist to change. Therefore, the understanding of resistance nature, the ability to predict how employees will react and the application of appropriate means for implementing organizational changes are all necessary for successful change implementation. The research in this paper strives to comprehend the relationship between personality traits and readiness for organizational change. The subject of the research is the need to analyze the relationship between personality traits and readiness for organizational change among Croatian professionals, as well as the perception of these relationships and the efficiency of implementing organizational changes in an organization. Therefore, the main goal is to analyze a possible correlation between personality traits of employees and their readiness for organizational change, starting from the assumption that sources of specific employee behaviors should be found in his/her personality, stable over time and in different situations, and that personality traits determine whether the employee is resisting change or accepting it.


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Harmonisation of the Croatian Company Law with Aquis Communitare of the European Union

Dr. Hana Horak, University of Zagreb, Croatia

Kosjenka Dumancic, LL.M., University of Zagreb, Croatia



 At the present time, the European Union company law is considered to be a domain in which numerous obligations and liabilities are introduced, particularly as regards data publication, in order to protect company members and creditors i.e. third persons themselves, as well as other interested parties (Preamble of the Directive 2009/101/EC of the European Parliament and of the Council of 16 September 2009 on coordination of safeguards which, for the protection of the interests of members and third parties, are required by Member States of companies within the meaning of the second paragraph of Article 48 of the Treaty, with a view to making such safeguards equivalent, OJ L 258, 1.10.2009, p. 11-19). Some of these obligations are considered to be too comprehensive or out-of-date. Therefore, they are continuously being analysed in the European Union with the intention to reduce, whenever possible, an administrative burden set on the companies and corporations. In addition, considering the increased cross-border activity of the corporations, it is essential to ensure as much corporate data availability as possible with the help of modern means of communication. In this respect, a number of regulatory activities are the result of such conduct.  Numerous changes in Croatian legislation are the consequence of complying with the aquis communitare of the European Union, but in respect of the aforesaid, these changes are also the result of the need to modernize and reduce administrative barriers (Jurić, 2003).


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Reseller-perceived Value of Digital Channel Marketing in IT Security Business

Dr. Mika Westerlund, Aalto University, Finland and University of California Berkeley, CA

Dr. Risto Rajala, Aalto University, Finland



 The generation of superior customer value is at the base of a company’s competitive advantage. However, the determinants of reseller-perceived value (RPV) in supply chains remain unclear to many suppliers and are largely underexplored in academic research. As existing research focuses on the value of product/service offerings or the supplier-reseller relationship, more research is required on how supplier’s activities beyond the core attributes contribute to RPV. This study focuses on the RPV of supplier’s digital channel marketing (DCM) in the IT security business, because suppliers increasingly use DCM to promote their value propositions to resellers. Our empirical results show that the RPV of supplier’s DCM consists of relationship value, information value, and instrumental value. Together, they influence the reseller’s sales intentions and efforts. The reseller’s positive attitude and acceptance of digital marketing communication further strengthens the effect.  Customer value has emerged as crucial for customer relationship management efforts and achieving organizational goals (Menon et al., 2005). Knowing where value resides from the customer’s perspective is important for companies (Ulaga and Chacour, 2001). According to Haksever et al. (2004), value is created for customers when the company provides them with superior quality products at competitive prices. However, Shaw and Ivens (2005) show that as many as 85 percent of senior business managers believe that differentiating solely on the core elements, such as price, product, and quality, is no longer a sustainable competitive advantage.


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A Secondary Analysis in Team Performance to Determine Behavior in a Software Population

Andreas Michael Giesa, University of Riga, Latvia and University of Applied Sciences Kufstein, Austria



 Human resources, the economy, and large organizations still facing dramatic changes based on the worldwide financial crisis and thus Behavioral Economics is becoming more and more a part of daily business in large organizations. Since the 1940s, teams have played an important role and today the use of formal developed teams in organizations continues to increase. As the interest in Team Performance rises, empirical and theoretical attention has been focused on varying themes such as conflict, social networking, and decision-making. The new drive of Behavioral Economics into the business environment has given rise to the idea to measure Team Performance including behavior. The paper presents an executive summary of how indicators and measurements could be designed and tested. It drives an approach to measure Team Performance, including the determination of behavior, in a brief and non-representative way, with the goal to determine a trend by using a secondary analysis research method.  This paper is based on the fact that Behavioral Economics is entering the economic business area. It summarizes aspects of Team Performance & Behavioral Economics, outlines a way to measure behavior by Team Performance and presents a result of a detailed Secondary Analysis.  The research into the field of Team Performance proposes a selection of Team Performance dimensions. A team should have a mix of competences, i.e., technical skills, problem solving, and interpersonal skills, with the goal to approach and accomplish a high level of team results.


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Considering the Effect of Targeting the Energy Carrier Subsidy on Urban Families’ Food Expenses in Kerman

Dr. Mohsen Zayandheroody, Islamic Azad University-Kerman Branch, Kerman, I.R. of Iran



 Targeting energy subsidy means removing the subsidy on the energy carrier price, which can both increase economic efficiency (optimized balance between supply and demand, increase in consumption efficiency and changing its pattern) and fair income distribution.  For this, first the consumption patterns of urban families in Kerman were considered, by using the Quadratic Almost Ideal Demand System and families’ income-expense data between 2002-2007, by income deciles. Then income and price elasticity were examined. The relevant groups include food, energy, clothes, transportation, communication, and other goods. For all income deciles, as was expected, the price elasticity is less than zero and the income elasticity is more than zero.  Then the food support boundary of consumers in 2007 was defined and the effect of targeting the energy  subsidy on the food support boundary was measured.  The results show that by increasing energy carriers’ price and the payment of  a cash subsidy to consumers, the food support boundary of each citizen decreases from 211699 Rial to 165229 Rial This project, generally, shows that before implementation of the subsidy targeting policy the first, second, and third deciles enjoyed food support and that after implementation the first and second deciles enjoyed food support.  The aim of government subsidies over the past three decades has been to help low-income classes of society, while subsidies are distributed equally between low-income, middle, and affluent classes.


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A Preliminary Study on the Efficient Marketing Strategy Applied by Mexican

Companies During the Financial Crisis 2009 - 2010

Dr. Hyun Sook Lee, National Autonomous University of Mexico, Mexico City



 This paper includes three hypotheses to test.  Testing of Hypothesis 1 revealed that not all company respondents have indicated negative results because of the financial crisis of 2009 – 2010, but some  report positive results.  The result indicates a significant lesson - that managerial/directional ability may benefit a company regardless of the financial condition of the market.  This effect cannot be classified by type of company  but is apparent for individual ones.  Hypothesis 2 tested the importance of a product quality improvement strategy accompanying a lower pricing strategy in order to survive under financial crisis conditions, without ignoring other factors such as promotion and distribution channel improvement strategies.    Moreover, Hypothesis 3 confirmed the importance of efficient government (or national actions) in overcoming the financial crisis.  While the overwhelming effects of the recession have affected every section of the apparel and textiles sector, they have also perhaps given rise to a reflection of business practices and, in some cases, an evaluation of traditional ways of working that are no longer viable (Seven macro trends …, 2009).   Recently, there have been several financial crises in the world or in specific countries.  Under each circumstance, enterprises had to survive through innovative strategies to avoid lowered sales or unexpected bankruptcy.  This paper presents a brief background of the financial crisis of 2009 – 2010 in the world, the impacts of this crisis, a literature review, a field survey conducted in Mexico, and conclusions and recommendations. 


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Competitive Advantages and Limitations of the Serbian Agroeconomy Within the Global Context

Dr. Radovan Tomic, Professor and Dr. Dragica Tomic, Professor

Higher School of Professional Business Studies, Serbia

Gordana Tomic, Belgrade Business School, Serbia

Denis Bugar, Higher School of Professional Business Studies, Serbia



 In this paper, the authors point to the importance of improving competitiveness based on an analysis of advantages and limitations which Serbian agroeconomy has in the global business. Main advantages of Serbian agroeconomy are: area of arable land, tradition and participation of the agricultural population in total population, the installed production capacity, while constraints include: the participation of a small percentage of large estates, the unused production capacity. This leads to low productivity which has the greatest impact on competitiveness products. SWOT analysis is used as a method of assessment of competitiveness. Based on the date of analysis we can conclude that agroeconomy in the economic system of Serbia achieves a surplus in foreign trade of agricultural and food products. Finally, authors provide suggestions and measures to be taken in order to achieve better competitiveness.  Creating a global environment, the process of globalization are the key phenomenon that dominated the late twentieth century and early twenty-first century. Many authors point out that globalization, ie. striving to create a global environment,  is not a new phenomenon, but occurs from the emergence of the modern state. Countries have always had the need for cooperation between countries. Today's globalization is especially actual due to the interaction between people which is much deeper and more intense. Globalization offers great opportunities for sustainable development on a permanent basis.


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Adoption of IFRS for SMEs over the World

Dr. Hana Bohusova, Mendel University, Brno, Czech Republic



 Small and medium sized companies (SMEs) have an important position in the economy, mainly in the area of employment. SMEs are crucial to most developed and developing economies as well. SMEs are a heterogeneous group, possessing different size, sector, or location. The IASB has published an International Financial Reporting Standard (IFRS) designed for use by SMEs. The aim of this paper is to evaluate the current approach to IFRS for SME implementation over the world, and to analyze the problems connected with a harmonization of financial reporting legislation used by SMEs all over the world. The survey of an adoption process in approximately 40 countries across the world was made. Conclusions of studies concerning the IFRS for SMEs implementation were used for comparison of the attitude to IFRS for SMEs implementation and benefits and problems identification.  Small and medium sized companies have an important position in the economy, mainly in the area of employment. SMEs are crucial to most developed and developing economies.In the European Union, SMEs contribute to over 99% of all enterprises and 100 million jobs, representing 67,1% of private sector employment (IFAC, 2010). SMEs are a heterogeneous group, possessing different size, sector, or location. Their activities on the international markets are limited by a great deal of obstacles in comparison to large enterprises.


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Obstacles to the Entrepreneurial Start-Up Process in Zimbabwe:  A Dynamic Market Perspective

Dr. Alex J. Antonites, University of Pretoria, South Africa

Emmah M. Mungoni, Gordon Institute of Business Sciences (GIBS), University of Pretoria, South Africa



 The current economic renaissance occurring in Sub-Saharan Africa encapsulates very unique emerging market trends, also popularly referred to as dynamic markets, where continuous socio-economic changes represent the rule. The case of Zimbabwe with its much alluded instability and political turmoil seeks immediate attention pertaining to economic revival and upliftment. The three main political parties in Zimbabwe signed a Global Political Agreement (GPA), the first of its kind in the history of the country, which seeks to bring political and social stability.  The GPA, through the Government of National Unity (GNU) will seek to rebuild the economy of the country from the one with high inflation and negative growth and to a growth economy. Entrepreneurship is an identified area for growth opportunities in any economy and the Zimbabwean economy is no exception. This study seeks to empirically identify the obstacles to entrepreneurship in Zimbabwe, focusing on the start-up process. The study in addition endeavors to understand what these obstacles are. These assumed obstacles are unique to emerging or dynamic markets with blemishing socio-economic conditions. The study further seeks to understand the entrepreneurial skills and the enabling environment that allows the entrepreneurial start-up process to take place in Zimbabwe and hence give the opportunity for sustained growth.  The blemishing state of the Zimbabwean economy calls for radical interventions to arrest the continued declining of the economy and to establish sustainable growth opportunities.  As Zimbabwe attempts to rebuild the economy after signing the Global Political Agreement (15 September 2009), it is important that the country identifies the key areas for growth and implement policies that allow for that growth. 


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Arrogance at the Top

Dr. Richard Murphy, Jacksonville University, Jacksonville, FL

Dr. Maja Zelihic, Jacksonville, FL



  In the recent past, there has been a plethora of media reports citing corporate scandals. Mr. John Rigas, the founder of Adelphia Communications, the fifth largest cable operator in the United States, is one of the many corporate officers removed by Federal Authorities in handcuffs. The elderly Mr. Rigas, along with his sons, and other top leadership at Adelphia were indicated. This paper will center on the application of business ethics, and inappropriate decisions that Mr. Rigas may have made when he was at the helm of Adelphia Communications. This paper will also demonstrate examples of business practices that may not be illegal; however, they allow serious ethical concerns to remain when inaccurate financial reporting is not questioned in public companies. Ethics is "the study of general nature of morals and specifics moral choices an individual makes in relating members of a profession..." not only when making professional decisions but personal choices as well (Dictionary, 2011, p. 385). Researchers tie the concept of business ethics with a concept of constant struggle and pursuit of moral behavior which sometimes appears to be in a direct conflict with both business and human nature (Weaver, 2011). Sometimes it is hard to make the right choice, especially when pleasure is involved in choosing a behavior that seems to be good for us, but it may not be the right thing to do as it is described by the deontology theory "the good is defined independently of the right" meaning not everything that is good is right or vice-verse.


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Technical Cooperation Flows to Sub-Saharan Africa: An Exploratory Analysis of Developmental Impact

Oluyele Akinkugbe, Professor, University of Namibia, Windhoek, Namibia



 This paper examines the quantitative nature of the relationship between Human Development Index (HDI) in SSA and inflow of Technical assistance (TA or TC). Results from the analyses undertaken are inconclusive; positive but insignificant relationship in some cases. These suggest the need for more studies on the human development impact of aid, as opposed to the current practice of investigating the overall growth effect of aggregate aid. Output of these studies may provide empirical basis that support some of the aspects of the Paris Declaration on aid effectiveness (PD) and the Accra agenda for Action (AAA). The paper concludes by recommending that for technical assistance to be 'real', reform needs to be anchored in four underlying principles—putting recipient countries in the lead; giving them the freedom to choose their own development path; mutual accountability between donors and recipients; and country specificity.  Theories and policy prescriptions for economic development have gone through a number of paradigms in the last four to five decades (see Adelman, 2003; Mavrotas et al, 2007 for surveys). One of these is based on the dual gap analysis of Chenery and Strout (1966), which perceives that for a typical developing county, the major obstacle to development is either capital or foreign exchange shortage. Another paradigm, focusing specifically on the private sector, contends that private sector entrepreneurial shortage constitutes the major obstacle to development (see Odedokun, 2004).


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Do Territorial Digital Patterns Matter?

Dr. Teresa Borges Tiago, University of the Azores, Portugal

Dr. Flavio Borges Tiago, University of the Azores, Portugal



 This article discusses the relationship of digital patterns to knowledge management practices. It argues that some of the enablers and inhibitors come from firms’ regional and local environment. Understanding the factors that determine technology and knowledge management adoption is thus a highly relevant topic from the policy point of view. Considering the growing impact of e-business on regions, this research sets the background for the assessment of the relationship among ICT, knowledge management, and e-business practices.  Since the 1990s, especially in developed countries, there has been a rapid diffusion of information and communication technology (henceforth, ICT) and Internet use. The Internet has introduced a wave of changes, not only on how to trade and do business (Barnes & Cumby, 2002; Brännback, 1997; M.T.B. Tiago, Couto, Tiago, & Cabral Vieira, 2007) but also to firms’ internal and external characteristics (Pires & Aisbett, 2001).   Several research organizations and academic researchers have attempted to quantify the extent of national investment in ICT by deriving generalized indexes of IT or “e-readiness” (e.g. Colecchia & Schreyer, 2001).  Three effects on economic growth and productivity driven from ICT are common to most of these studies. The first is the investment made in ICT and its contribution to capital deepening, thereby helping to increase labour productivity. Secondly, the rapid technological evolution in the production of ICT goods and services may also leverage the efficiency of capital and labour, or multifactor productivity (MFP), in the ICT-producing sector. The third aspect considers the greater adoption of ICT in all the economy domains which helps firms to increase their overall efficiency.


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The Free Market, Manifest of the Human Nature

Ligia Munteanu, Alexandru Ioan Cuza University, Iasi, Romania



 As empirical studies prove the free market within the capitalistic era seems to be also the best way of achieving the wealth of nations and the main blamable factor for the great economic crisis. Not few are those who point the finger at the free market and call for intervention of governments in these unstable times. This paper underlines some contra arguments for this vision, counting on the moral values behind this libertarian economic practice. The origins of the institution of the free market stand out the interdependence with the human nature and form philosophical and economical arguments to sustain the fact that the free market is defined by the complexity of human nature, it depends on a natural, spontaneous order and it has been developed around human cooperation, that led to a civil society of today.  Along history, the theme of economic development was the main subject of debate from media to scientific forums. Haw can societies have progress, growth, richness, was the question with such a variety of answers. In the end, this was what Adam Smith said to be the aim of any economist, which is to find the best way to form the "wealth of nations"; and not few were the ones who devoted their life to this dream.   It is certain that progress relies on a strong economy and that the power of a developing state depends on the economic flow. But the way in which the economic life was understood, led to different models of policies, visions, concretized in many forms of government.  


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Measuring Tax Effort for a Small Open Economy:  The Case of Barbados

Chrystol Thomas, Economist, Central Bank of Barbados

Tracy Maynard, Economist, Central Bank of Barbados



 This paper attempts to calculate the tax effort for a small emerging economy during the period 1987 to 2009. The study adopts an econometric technique that gives more ‘unbiased’ results in measuring tax effort. Evidence from Kim (2007) found that the Kalman filter estimator is more accurate than other methods employed in the past. The results from this study are useful as it provides an indication of how a country is doing in terms of tax collection relative to what could be reasonably expected given its economic potential.  Governments all over the world are faced with the challenge of generating sufficient revenue to meet rising expenditure levels. Given that some of these economies lack physical resources in which to derive revenue, statistics have shown that the majority of these countries have relied significantly on taxes as a means of reducing the fiscal deficit gap. Today, the world economy is undergoing various economic shocks, which are further threatening the sustainability of the fiscal position of economies, particularly small nations that are dependent on economic powerhouses such as the United States and the United Kingdom. As such, there has been greater pressure on governments to implement fiscal measures that would help contain this growing deficit.  


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Sustainable Tourism as a Springboard for Sustainable Community Development: From Theory to Practice

Acha Anyi Paul Nkemngu, Tshwane University of Technology, Pretoria, South Africa



 The purpose of this study is to test the applicability of sustainable tourism theory within the sustainable community development framework. Starting with a review of literature on sustainable tourism and sustainable development, the study focuses on a project called “Achas centre for sustainable community development” (ACSCD). Based in the tourist hot-spot of Buea in the South West region of Cameroon, ACSCD operates on a theoretical framework designed to orchestrate development in this mountainous (volcanic) town and the coastal city of Limbe.  The research employs a practical case study approach by exploring the conceptual base of this project that seeks to develop tourism as a springboard for sustainable community development. The operating model of ACSCD reveals that the sustainable community development centre is complemented by the training centre “Achas Higher Institute of Sustainable tourism, hospitality and business. While the higher institute imparts the training that empowers community members with tourism and community development skills, the sustainable development centre channels these skills through identified focus areas into community development projects.  The significance of this study lies not only in its conceptualisation of a new approach to sustainable community tourism development, but also its demonstration of the fact that sustainable community development is a result of both skills acquisition and the transmission of such skills into viable community development projects.


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Physicians’ Technology Adoption: A Fad or a Must Have!

Dr. Maria Teresa Borges Tiago, University of the Azores, Portugal

Dr. Flavio Gomes Tiago, University of the Azores, Portugal

Sandra Silva, University of the Azores, Portugal



 This article tries to be both a review and an agenda-setting piece. It argues that Technological Acceptance Model suffers from conceptual end-users focus and oversimplification of its development processes. Nevertheless, there is a consensus in business and academia that the technology adoption process is a key component of success and allows firms to achieve and sustains competitive advantages independently of the sector of activity. In a digital era, these advantages arise from the potential of information and communication technology to improve healthcare firms’ daily activities. Thus, this research bridges the gap in the assessment of ICT acceptance from physicians’ point of view, using an extension of TAM.   Technology has become a constant in the lives of millions of people around the world. To the young generations life without technology is classified almost as an absurd. The truth is information systems (IS) cannot be effective unless they are used. However, the way people adopt and exploit the technology takes very different patterns. Most of the users are dealing with information systems and technologies develop and implemented by others. This raise a question: what motivates users to adopt new technologies?   Since the seventies, research on information systems has contribute to a better understanding of the advantages related to the use of IS and the facilitators factors of an ICT adoption process. The work of Davies technology acceptance model for empirically testing new end-user information systems: theory and results 1985publisher Massachusetts Institute of Technology(1985) brought some light to his matter, introducing a new framework of analysis – Technological Acceptance Model and since then several studies have been conducted analyzing the adoption of technologies by end users.


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 Women CPAs: From Retaining to Recruiting

Dennis C. Stovall, Grand Valley State University, Grand Rapids, MI



 For the past decade, public accounting firms have focused their efforts on retaining talented female accountants currently employed at their firms. In the past, firms have recognized a strong trend among females who accept public accounting positions for the sole purpose of attaining their certification. Once certified, they leave the firm in search of better opportunities, including a more flexible schedule, to allow a balance between a family and a career. This article outlines a shift that may result from newly passed legislation, moving away from efforts to retain women toward efforts to recruit women. This will allow accountants to attain their certification through industry practice rather than practicing exclusively at public accounting firms. These public firms may encounter difficulty when recruiting up-and-coming talent who desire a better work-life balance, which public accounting does not always provide. On a positive note, public accounting firms may see a decline in the number of personnel who choose to “flee” their positions post-certification in search of other opportunities. This decline may occur when potential employees choose the field of public accounting to attain certification rather than working within a specific industry because of its unique demands and rewards.


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An Examination of Structure of Executive Compensation in Private Sector

Dr. Maneesh Sharma, Indiana-Purdue University Fort Wayne, Fort Wayne, IN



 Much has been written about the relationship between executive compensation and performance of firms.  The results are surely mixed, with weak economic relationship structure between CEO pay and firm performance.  The study of relationship between executive compensation and firm performance really took off after the publication of the seminal paper by Jensen and Meckling (1976), wherein they describe how interests of various stakeholders in a public firm can be addressed by proper incentive structure.  In their paper they argue that if managers of corporations are compensated in a way that aligns their selfish interests with those of shareholders (Principals), then managers will perform in the interest of shareholders.  This paradigm of course led to option and equity based compensation structure.  Since the advent of the principal-agent relationship, there has been an explosion in executive compensation literature.  Numerous (Coles, et. al (2006); Guay (1999); Murphy (1999)) studies have been published that examine the role of compensation and its relationship to firm performance. Some of the compensation structures have truly been outrageous, the likes of which we have never seen.  For example, in 2005, Exxon-Mobil reported paying its CEO close to $400 million who had retired at the end of 2005.  From years 1993 to 2005, the CEO of Exxon received a total compensation of $685 million.  What is astonishing about a compensation structure like this is that most of the expansion in the company’s market valuation was an “industry” event.  That is, that the expansion of Exxon’s market value was a reflection of an expanding economy, and the price of a commodity that had risen several folds during this time.


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The Trade Balance Effects of Outward FDI: Evidence from Portugal

Miguel Fonseca, University of Porto

Antonio Mendonca, Technical University of Lisbon

Jose Passos, Technical University of Lisbon



 Given the increased internationalisation of the Portuguese economy through outward Foreign Direct Investment (FDI), particularly on the Portuguese-speaking countries, our main objective is to discuss the empirical relationship between this outward FDI and trade.  We use panel data analysis within a framework of gravity equations for exports and imports, with a sample composed by EU-15, U.S.A., Brazil, Angola, Japan and China, for the period 1996-2007.  Our main conclusion is that the empirical evidence for Portugal is consistent with a substitution hypothesis between direct investment abroad and trade, and consequently we detect a negative trade balance effect with the majority of countries in our sample, excepting Angola and, in a lesser extension, Spain.  The main objective of this paper is to analyse the effect emanating from Portuguese outward Foreign Direct Investment (FDI) on exports and imports with its main economic partners, in the period between 1996 and 2007.  This study seemed particularly relevant to us for two reasons. Firstly, we want to participate on the debate that has emerged in the last decade about what happens in home country when national firms become increasingly multinational. Before, the discussion on the effects of multinational firms tended to be focused on host countries, i.e. the countries where they operate. Secondly, we want to evaluate if the complementary relationship between foreign production and trade, shown in most studies for traditionally outward investor economies (the most developed nations) also holds for a country like Portugal, where outward FDI is a more recent phenomenon.  The paper is structured as follows: section 2 presents the theoretical background of our research; section 3 briefly reviews the previous empirical studies regarding the question in analysis and section 4 contains the description of data and econometric methodology, jointly with the presentation of main empirical results. Finally, section 5 presents the conclusions and further research questions.


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