The Business Review Journal

Vol. 24 * Number 1 * Summer 2016

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

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The primary goal of the journal will be to provide opportunities for business related academicians and professionals from various business related fields in a global realm to publish their paper in one source. The journal will bring together academicians and professionals from all areas related business fields and related fields to interact with members inside and outside their own particular disciplines. The journal will provide opportunities for publishing researcher's paper as well as providing opportunities to view other's work.  All submissions are subject to a double blind peer review process. The journal is a refereed academic journal which  publishes the  scientific research findings in its field with the ISSN 1553-5827 issued by the Library of Congress, Washington, DC.  No Manuscript Will Be Accepted Without the Required Format.  All Manuscripts Should Be Professionally Proofread Before the Submission.  You can use for professional proofreading / editing etc...The journal will meet the quality and integrity requirements of applicable accreditation agencies (AACSB, regional) and journal evaluation organizations to insure our publications provide our authors publication venues that are recognized by their institutions for academic advancement and academically qualified statue. 

The journal is published two times a year, December and Summer. The e-mail:; Website: BRJ  Requests for subscriptions, back issues, and changes of address, as well as advertising can be made via our e-mail address.. Manuscripts and other materials of an editorial nature should be directed to the Journal's e-mail address above.

Copyright: All rights reserved. No part of the material protected by this copyright notice may be reproduced or utilized in any form or by any means, including photocopying and recording, or by any information storage and retrieval system, without the written permission of the journal.  You are hereby notified that any disclosure, copying, distribution or use of any information (text; pictures; tables. etc..) from this web site or any other linked web pages is strictly prohibited. Request permission / Purchase this article:

Copyright © 2001-2024 BRJ. All rights reserved.

Predicting Innovation Ability by Hofstede’s Cultural Dimensions

Hannes Witte, Jacksonville University, FL

Dr. Gordon W. Arbogast, Jacksonville University, FL

Dr. Jim Mirabella, Jacksonville University, FL



Globalization and the need for technology are two of the main trends businesses are currently facing. Both are also reason for companies to find innovation friendly countries for their subsidiaries. Selecting a location is not trivial and influenced by many diverse factors such as culture. Starting in 1979, Geert Hofstede, a social psychologist in the field of business, used employee surveys to analyze cultures by their components. His now well-known and widely spread work bases on the categorization of cultures by four (later six) different dimensions. The focus of this paper is to investigate if companies can use Hofstede’s cultural dimensions to identify countries with great innovation potential. Therefore, this paper explores the relationship between countries’ scores in each dimension to their number of patent applications per capita. The research also develops the “best” model to help explain the variation in patent applications. This final model is a parsimonious model as it explains differences of innovation ability with an R square of 42% with only two explanatory variables: The Power Distance Index and the Pragmatism Index. The paper concludes with recommendations for further research. This includes measuring the ongoing shifts in cultural features that has been observed as occurring in several of the major countries.  What do international giants like Apple and many urban millennials, challenging their entrepreneurial skills, have in common? Both are increasingly relying on the emergence of innovation. Modern technology turned innovation from a need to an enabler which is highly sought after and more easily accessible than ever. In addition, the impetus of globalization elevates the issue of innovation to yet another level of importance.


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A Replication of the 2008 U.S. National Report Card Study on Women in Firefighting

Dr. John Griffith, Embry-Riddle Aeronautical University, FL

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

Dr. Ronald Wakeham, Embry-Riddle Aeronautical University, FL

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



Women comprise 51% of the population in the United States (U.S.), but fill only 3.7% of paid firefighting positions.  This study replicates the survey portion the 2008 benchmark study The National Report Card on Women in Firefighting (Hulett, Bendick, Thomas & Moccio, 2008). Using the same survey instrument as the 2008 study, this research examined the perceptions of 141 firefighters from across the U.S. to determine key issues limiting female participation in the fire and emergency service and how results compared to the findings by Hulett et al. in 2008.  Results showed that significantly more women than men felt they were treated differently due to their gender, experienced ill fitting “turn-out” or “bunker gear,” perceived supervisors did not address complaints concerning gender related incidents, and were treated differently due to sexual orientation. In addition, they revealed that there were no formal procedures for race or gender-based complaints.  More women than men felt that promotions were not decided upon fairly and that their gender was a barrier to career development (α=.05).  Another set of findings were that the group of survey takers in this study answered in a statistically similar way to the survey takers in the 2008 The National Report Card on Women in Firefighting survey.  Recommendations include future studies using the 2008 study findings as a benchmark, and the introduction of polices supporting cultural changes in the fire and emergency services.  This research attempted to replicate The National Report Card on Women in Firefighting study (Hulett et al., 2008).  Underrepresentation of females in the fire and emergency services was one of the major issues identified in the 2008 study.  In 1980, the percentage of women firefighters was barely above 0%. 


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 Promote Undergraduate Students’ Research Experience through the U.S. – China Collaborative REU Program

Dr. Sha Li, Alabama A & M University, AL

Dr. Derrick Davis, Alabama A & M University, AL

Dr. Lydia Davenport, Alabama A & M University, AL



With the development of the global economy, international collaboration has been more and more emphasized. To develop our students’ capabilities to grow in the globalized environment is ultimately important. Alabama A & M University and Nanjing Forestry University has developed an internationally collaborative REU program (Research Experience for Undergraduates) to training American students in learning how to conduct scientific research in the Chinese academic environment. The study shows that the students’ learning experiences are much more enriched and fruitful as compared to the REU programs conducted on our own campus of Alabama A & M University. This study also found some issues that need to be resolved and provided some suggestions and solutions to the future similar programs so as to improve the international collaborated educational programs between America and China.  President Obama announced a 100,000 Strong Initiative Program in 2010 (The White House, 2011). This Initiative Program is a strategic movement in American education. He encourages American faculty and students to increase their interaction with China in the areas of education especially on science, math, and engineering (McLaren, 2012). The initiative provides the opportunities for the American young scholars, especially the underrepresented and underserved minority undergraduate students to go abroad to learn in a globalized setting, in China in particular. The REU (Research Experience for Undergraduates) program in China is a valuable long term investment that is beneficial for the U.S.-China collaboration in a global economy co-development (McGiffert & Schwarzman, 2014). The Chinese education is strong in math, science, and engineering.


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Active Learning Strategies in Accounting

Dr. Denise de la Rosa, Grand Valley State University, MI

Dennis C. Stovall, Grand Valley State University, MI



When determining the best way to teach accounting students, considering all the different ways they can be taught is an important factor. This paper discusses the many styles, specifically active learning strategies in which collegiate level accounting classes can be taught to enhance the students’ success. Active learning strategies are those that are focused on learning approaches where the teaching emphasis of the professor is centered on the student and how he or she learns. In the text the benefits of active learning over passive learning are also discussed. Though some constraints do apply biased on the individual student’s preferences overall the strategies discussed can be used to enrich accounting students learning.  The way in which students learn has gained a significant amount attention in the modern world. As a result, many colleges and universities devote plenty of time researching the methods and strategies they can use, to provide effective learning experiences to their students. Active learning strategies are learning approaches that can be defined as methods in which the teaching emphasis is centered on the student. Colleges and universities try to develop new learning methods and strategies that will be the most effective by tailoring them to a certain student populations. For instance, students who are majoring in business may prefer to study in a way that is different from how their peers that major in engineering do. Also, how an individual learns can vary vastly from each student biased on their personal preferences. This paper will cover the learning strategies that can be used to enhance students learning experiences primarily in accounting classes. When it comes to active learning in accounting classes, the spotlight has moved from the traditional lecture format to a more active and team learning format.


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Exploring the Gap between Millennials’ Pay Preferences and Compensation Practices

Dr. Lovorka Galetic, Professor, University of Zagreb, Croatia

Dr. Ivana Nacinovic Braje, University of Zagreb, Croatia

Dr. Maja Klindzic, University of Zagreb, Croatia



From an organisational perspective the aim of the reward system is to attract, motivate and retain high performing employees. Pay systems that are incompatible with employee pay preferences can create direct or indirect costs for the organisation. Organizations might be able to increase their attractiveness without affecting labour costs by adapting company compensation practices to employee pay preferences. This study investigated compensation preferences of 249 students in Croatia. Research results indicate that besides high base pay, benefits were clearly identified as a preferred compensation tool by millennials'. Research results can be used by managers in developing or modifying reward plans for this generation.  Compensation is a key element of the employment relationship and, in addition to being the single greatest operating cost for many organizations,  it has been advocated as a tool for enhancing organizational performance and sustained competitiveness (Milkovich & Newman, 2008). Due to high impact of compensation management on overall firm performance (Stajkovic & Luthans, 2001, Hansen, 1997, Jenkins et al. 1998), we recognized the need to research it in detail among Croatian companies.  Organisations have choices about methods of pay. Although the list of compensation dimensions is pretty exhaustive, Milkovich & Newman (2008) argue that strategic compensation dimensions include external competitiveness (e.g., pay level), internal pay structure (e.g., pay hierarchy), employee contributions (e.g., individual vs. group contribution), benefits (e.g., flexible vs. fixed), and alternatives to traditional pay systems (e.g. pay-at-risk or skill-based pay).


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A Comparative Study Between the UK and the USA House Price Indicators Before and

During the Financial Crisis of 2007-2009

Dr. Abdelhafid Benamraoui, University of Westminster, UK



Although many studies investigated the house price movements’ indicators in different markets, the existing literature has less focus on comparing the housing market behaviour before and during the financial crisis of 2007 to 2009. This study uses two major housing markets, the UK and the USA, to test the correlation between average house price changes and economic fundamentals, which have significant impact on each of the two mortgage markets. Multiple regression analysis shows that most indicators, including interest rates and earnings, behave analogously in the pre- and during the financial crisis. However, the directions of relationship for some of the parameters have changed when the market is in crisis, especially in the case of loans extended to house purchase and consumer price index.  The housing market experienced a steady growth before the recent financial crisis as house prices reached one of their highest levels in history. This, however, has changed after 2007 under the impact of subprime mortgage crises. The sudden downturn in financial markets has attracted the interest of many scholars who focussed on issues such as the causes of the crisis, the factors behind the spread of the crisis, and the impact of the crisis on different financial market segments. Some studies also specifically focussed on the impact of the financial crisis on the housing market (i.e. Dodd and Mills, 2008; Yener, 2009; Bagliano and Morana, 2010; Duca et al., 2010; Demyanyk and Van Hemert, 2011; Goetzmann et al., 2012; Wang and Zhang, 2014; Grimes and Hyland, 2015; Immergluck, 2015).  


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Profitability of Traditional Banking in Croatia

Dr. Alen Stojanovic, University of Zagreb, Croatia

Dr. Vlado Leko, University of Zagreb, Croatia

Dr. Jaksa Kristo, University of Zagreb, Croatia



A banking system cannot be properly assessed out of context of the overall financial and economic system in which it operates. A stable and successful banking system is a precondition for efficient mobilisation and allocation of savings to profitable projects, and as a result, stable growth of the overall economy. Otherwise, an unstable and inefficient banking system is not able to fulfil its fundamental tasks and functions, but as a rule results in production and investment decrease, decline in living standards and decrease in economic growth. This paper reviews the sustainability of the traditional banking activities in Croatia, taking into account the current economic surroundings, market environment, regulatory requirements and other important factors of banks’ performance. The findings of this analysis may also be of use to many other countries because the problems and questions to which this paper is trying to give answer to are of universal and global character. Contemporary financial systems are determined by dynamic economic, social and political circumstances, regulatory changes, internationalisation, new technological solutions, and many other important changes. Nowadays, an overall and strong competition in a financial market contributes to the introduction of new financial services, price competitiveness, and development of the overall financial and thereby economic system. Traditional banking methods and business techniques change, go through the process of restructuring, redefining and adapting to a new environment. Contemporary banks strive to expand their business outside the usual borders and classic business schemes.


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Multiobjective Evolutionary Algorithms (MOEAs) Based on Decomposition:

A Promising Area of Artificial Intelligence

Dr. Konstantinos Metaxiotis, DSS laboratory, Dept. of Informatics, University of Piraeus, Greece

Konstantinos Liagkouras, DSS laboratory, Dept. of Informatics, University of Piraeus, Greece



Multiobjective evolutionary algorithms (MOEAs) based on decomposition provide a reliable alternative to Pareto-based approaches. MOEAs based on decomposition, decompose a multiobjective optimization problem (MOP) into a number of single objective optimization problems with the assistance of linear or nonlinear aggregation methods. This paper examines two of the most well-known MOEAs based on decomposition, namely the MOEA/D and the MOEA/D-DRA. The performance assessment is carried out with the assistance of the ZDT family of test functions. The relevant results indicate that the MOEA/D-DRA performs better in terms of Hypervolume but at the expense of the Spread of solutions across the Pareto front.  In Multiobjective optimization it is not possible to find a single optimal solution, as this category of problems require the simultaneously optimization of several often conflicting objectives (Liagkouras and Metaxiotis, 2014), (Liagkouras and Metaxiotis, 2015), (Liagkouras and Metaxiotis, 2013). Instead, the specially designed algorithms for optimizing multiobjective problems try to find a set of points known as the Pareto optimal set (Metaxiotis  and Liagkouras, 2014), (Liagkouras and Metaxiotis, 2015). The set of points that belong to the Pareto optimal set, share a common property, that there is not feasible solution which improves one component of the objective function vector without deteriorating at least one of the remaining ones.  Most MOEAs are Pareto dominance based, meaning that the fitness of each solution at each generation is determined by its Pareto dominance relations with other solutions in the population. 


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Disadvantages of Template Analysis of Creditworthiness of Firms in Banking

Dr. Ugur Ozarslan, Ide Training &Consulting, Maltepe University, Istanbul



This paper examines the differentiations between the template financial analysis and the supported financial analysis with the working styles of firms.  The credit evaluation process is one of the most important factors in banking. Credit institutions and banks should give credit. Bankers bring together counterparts who have excess funds and the firms which are in need of funds. Money collected by banks has to be placed as credit. The highest priority target of banks is to minimize the amount of bad loans, because it is quite difficult to compensate for the results of bad loan. The margin of interest between the cost of deposit and the loan interest is very low because of high competition.  A wrong credit appraisal causes either a bad loan or profit loss of the bank. If a Credit analysis is made, without using the right credit techniques or without defining the precise funds needed by a company, it causes a wrong credit decision. On the other hand, if a bank doesn’t open a credit line to a company because of a wrong appraisal, it means profit loss for the bank. Both of these situations are considered as failure in banking. Credit evaluation study must be taken into consideration in wide perspectives.  In this study, all of these perspectives will not be discussed, but the disadvantages of template analysis, which is considered by banks as the easiest way to review a balance sheet, will be examined in detail. Template analysis in credit evaluation means that financial statements taken from a company are analyzed directly using several ratios. In these kinds of studies, the real fund needed by the company is not taken into consideration. Many credit evaluation officers use this method, however, some credit officers use some advanced assessment tools by adjusting some figures on a trial balance sheet of a company, then decide whether the company is credible or not.  


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Creating Taxpayer Awareness in the 21st Century. Just Culture

Ramon Bonell Colmenero, Professor, The Real Centro Universitario Escorial-María Cristina, Spain

and Tax Law Adviser



This article's main objective is to encourage a development of tax consciousness. It aims to provide conceptual schemes on fiscal responsibility and to help incorporate it as a right of citizenship to the taxpayer. The article provides tools to form critical and committed for 21st century citizens. The relevant factor to educate citizens in this civic conscience if we want to maintain the “Welfare state”.  By contributing to the system, the national tax system receives funds to carry out social policies approved by the Spanish national budget, the Autonomous Communities and the Municipal Entities each year. These are decisions that in the best of cases have been presented in the political programs of the candidates before the elections and have had the support of citizens through the different mechanisms of democratic participation.  We have gone from the citizen-soldier of the 19th century to the citizen-worker in the 20th century to the current citizen of the 21st century, who is not only a consumer but an authentically contributing taxpayer who defrays the national budget with his economic and contributive capacity.  Paying taxes is a reality that has transcendence towards and for the Welfare state that we want. Making citizens conscious of the importance of contributing is the ethical and moral reason that conflates both dimensions.  It is necessary to install policies of transparency, control and coordination between all of the public entities, carrying out actions that lead the way towards giving citizens information along with legal and contributive training, with the goal of them obtaining consciousness. Nowadays it is taxes that mark the economic life of any country as well as the actions of the government and the decisions that economic leaders, professionals and citizens make. 


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 Creativity in Technology – Are Technology Startup’s More Creative than Large Technological Firms?

Antonio Caldas Neto, Stetson University, FL

Dr. Joseph M. Woodside, Stetson University, FL



Startups are generally referred to as being more innovative and creative than larger traditional firms. Many successful technology based startups with stocks listed either in the NYSE or NASDAQ, became so prosperous that they grew into large companies over the last 20 years, facing the challenge of keeping the innovation momentum to survive. The purpose of this research report is to compare the innovation drivers present in tech/Internet based startups and a selection of prominent companies of the same business segment that reached one billion dollars in revenue and had continued success levels after their IPO’s. We’ve selected Google Inc., Facebook Inc., Twitter Inc., LinkedIn Co. and Yahoo Inc., as references for the “Large Tech” group and conducted text analytics on annual reports to identify the frequencies of innovation concepts within this group.  Worldwide markets are currently experiencing volatility and companies face increasing stakeholder pressures.  During previous periods of financial crisis and recession, companies experienced significant IT cut-backs, though nearly two-thirds of CIOs identified IT staffing as a limiting factor in deploying new and innovate technologies.  In the lean business environments of today, ongoing short-term requirements absorb the majority of the bandwidth from executives, managers, and professional workers.  Organizations are too busy responding to immediate customers, that limited time is spent towards improvements within the organization, thereby restraining organizational evolution.  When spending constraints and alternative investments are evaluated, competition for resources is high.  Organizations then often choose to make minor incremental investments vs. major investments in a few innovative areas, leading to slow progress and limited value delivery (Woodside, 2013).  Despite the challenges, leading companies continue to dedicate funding for innovation.


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Value Relevance of Earnings, Book Value, Revenue, and R&D

Dr. Lianzan Xu, William Paterson University of New Jersey, NJ

Dr. Francis Cai, William Paterson University of New Jersey, NJ



This paper examines the valuation of the high-tech industries, especially those high-tech loss firms, during the 1990-1999 pre-2000 market melt-down and from 2000 to 2012 after the melt-down. We find evidence, within the high-tech sector, of the anomalous relation between negative earnings and stock prices as reported by earlier research. We also find evidence demonstrating the persistence of the anomalous price-earnings relation after adding book value of equity in the model. Within the high-tech sector, our test results reject the claim that the abnormal price-earnings relation is due to model misspecification (missing value relevant variables) and inclusion of book value into the valuation model eliminates the abnormal relation. Our empirical test results demonstrate that sales revenues and R&D expenses, instead of earnings and book value, are highly value relevant in the valuation of high-tech firms, especially loss-making firms, both before and after year 2000 market crash.  This study explores the abnormal price-earnings relation for the high-tech sector and the relevance of revenues, book value, and R&D expenses in the valuation of high-tech industry, especially those loss firms. The negative price-earnings relation for loss-making firms raises questions about the validity of the assumption of a positive and homogeneous relation between price and earnings, as expressed by the simple earnings capitalization model (Jan and Ou 1995; Burgstahler and Dichev 1997). A significant negative coefficient on earnings means that the more negative a firm’s earnings is, the higher its stock prices, which makes no economic sense. We examine this abnormal price-earnings relation and the role of book value in loss firm valuation within the high-tech sector.


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Index: The Library of Congress, Washington, DC:    ISSN: 1540 – 7780

Index: Online Computer Library Center, OH:   OCLC: 805078765 

Index: National Library of Australia: NLA: 42709473

Index: Cambridge Social Science Citation Index, CSSCI.

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