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Economic Impact of Aviation in the South East Asian Region Dr. Cindy Greenman, Embry-Riddle Aeronautical University, AZ Dr. Ricardo A. Carreras, Embry-Riddle Aeronautical University, AZ
ABSTRACT South East Asia has emerged over the past decade as one of the fastest growing aviation markets in the world. Despite the recent economic downturn around the world, South East Asia is still achieving significant growth. With the amount of discretionary income on the rise for the people of the region, the aviation industry can expect to continue this trend. In 2006, the then Prime Minister of Vietnam, Mr. Phan Văn Khài, announced the approval for the construction of a new international airport for Ho Chi Minh City. The current airport, built in the 1930s,Tân Sơn Nhất International Airport (SGN), is to become, exclusively, the domestic terminal while, the newly approved airport, Long Thanh International Airport, was to become not only Ho Chi Minh City’s international airport terminal, but a hub passenger/cargo airport for Vietnam and for all of southeast Asia. The original objective was also aimed at making the new airport to be, the number one hub airport for the entire region sometime during the second half of the 2030s. That is, an airport envisioned to compete, or ideally replace in regional hub importance, the current prime regional hub status of Changi International Airport in Singapore (SIN), or the secondary hub status of Bangkok International Suvarnabhumi Airport (BKK) in Thailand and Hong Kong International Airport (HKG) in China’s SAR (Thanhnien News, 2015). Upon learning of such an ambitious plan, this paper has been developed with the purpose of researching the aeronautical viability of Vietnam’s original objective in approving building Long Thanh International Airport. To be built in three phases during the span of 34 years and breaking ground in 2016, this paper analyses the socio-economic dynamics of this massive project.
The Leadership Challenge: Caribbean-American Leaders in United Dr. Shelly Cameron, Nova Southeastern University, Davie, FL Dr. Ahmad Ahmadian, Colorado State University-Pueblo, CO Dr. Fereshteh Amin, California Polytechnic University, CA
ABSTRACT The United States is becoming increasingly diverse (Grieco, 2009). The U.S. Census Bureau projected that the ethnic population would grow at a considerably faster pace than the overall population. The Hispanic, African American, and Native American students would account for over 30% of the growth by 2020 (Alliance for Excellent Education, 2006). However, in May, 2013, the Census Bureau revised the projection that the United States is expected to become a majority-minority nation in 2041, for the first time. Many questions were contemplated. How could minorities prepare for the workforce of the future? Would ethnic minorities be prepared to make a positive impact on the country’s economy? More specifically, keen attention was placed on the Caribbean American populace and their quest, as in other ethnic groups to achieve the so-called American Dream. The question was also raised as to whether identifying the strategies of successful ethnic minority leaders would help stimulate the potential growth or possibility of success among ethnic minorities. As a consequence, the focus of this paper is on the personal traits that contributed to Caribbean-American leaders’ successes, the challenges, and strategies they have used to overcome the challenges. The study documented the unique traits and success strategies of each participant. Caribbean Americans are immigrants from the English-speaking Caribbean islands who settled and attained citizenship in the United States. The countries include Antigua and Barbuda, the Bahamas, Barbados, Belize, the Cayman Islands, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Lucia, St. Vincent and the Grenadines, Suriname, and Trinidad and Tobago (Henke, 2001).
Financial Markets, Corporate Governance and Information Quality Dr. Clifton Clarke, Brooklyn College, City University of New York, NY
ABSTRACT The objectives of financial markets are to support economic development and growth and to maximize investors' wealth. For centuries, investors have relied on financial markets to achieve these objectives. However, occasionally, crises that threatened the achievement of these objectives have emerged in these markets. Solutions designed to ameliorate the frequency and impact of these crises have not always succeeded. Modern financial theories, such as the efficient market hypothesis (EMH) have been widely accepted by academic financial economists as a defense against unpredictable market changes (Fama, 1970). The EMH assumes that information flows unfettered throughout the economy and financial markets and that investors are capable of quickly acting on any new information. However, recent and past financial crises have challenged the practicality of these assumptions. This paper finds that, for centuries, financial crises have been the result of unethical corporate behavior and information distortion within the financial system. It concludes that financial crises are largely the products of corrupt "plumbing" in the financial system and argues that corporate governance and information quality are prerequisite conditions for efficient markets. The year 2008, with its tumultuous financial market collapse, was among the most memorable in the history of Wall Street. J.P. Morgan's purchase of the once-proud Bear Sterns in a fire sale and the demise of Lehman Brothers were the precursors of the ensuing financial catastrophe.
Over-the-Counter Bonds and the Stock Price Response to Earnings Announcements Dr. John R. Wingender, Jr., Creighton University, Omaha, NE Melissa Woodley, Creighton University, Omaha, NE
ABSTRACT Related markets have efficiency externalities. This paper examines the impact of the existence of traded bonds on the informational efficiency of the issuing firm’s equity by examining the equity price response to earnings announcements. We find that traded bonds increase the price efficiency of the firm’s equity market as demonstrated by a lessened response to earnings surprises announcements based on analyst forecasts. The mitigation of the response to earnings surprises is larger for companies with more actively traded bonds. This result is consistent with our hypothesis that information gleaned from trade in the over-the-counter bond market is reflected in equity market prices. How does the existence of traded bonds impact the response of a company’s stock price to earnings surprise announcements? Does the additional disclosure by the company associated with debt and the information contained in the bond’s price carry over to the equity market and preempt a portion of the information content of earnings announcements? If trade in related markets makes for a richer information environment, uncertainty about the value of equity should be reduced, making announcement of quarterly earnings comparatively less informative and leading to a smaller stock-price response to earnings announcements. Prior research has shown that earnings surprise announcements are less informative for large companies (Atiase, 1985), companies with a larger analyst following (Shores, 1990), and companies with traded equity options (Skinner, 1990; Ho, 1993). For these companies, more information is produced between the time analysts release their earnings estimates and the announcement of actual earnings.
Glӓce Luxury Ice Co. Dr. Marjorie Chan, California State University at Stanislaus, CA
ABSTRACT This study examines the ideation and development of an entrepreneurial venture, Glӓce Luxury Ice Company. The founder, Roberto Sequeira, created the luxury drink-ice segment of the packaged ice industry with his Glӓce Luxury Ice brand. He uses a proprietary manufacturing technology to produce ice with purified water which results in consistent quality and zero taste. The ice pieces are beautifully designed and crafted, and they provide premium drinks with a captivating presentation. Sequeira focuses on building up brand equity with social media, and his ice brand is associated with luxury, innovation, quality, and consistency. Sequeira sells his ice products to upscale hospitality establishments. He is the sole owner of the company and self-finances his venture; he outsources all functions. He had no competitors when he first started, and current copycats have failed to come up with ice products that measure up in quality to Glӓce ice pieces. The American Immigration Council (2014) has lauded the great contributions of immigrant entrepreneurs to the United States (US) economy. Based on 2010 data, Fairlie (2012) reported that 10.5% of immigrants and 9.3% of non-immigrants owned a business. Furthermore, the immigrant rate of 0.62% (or 62 per 100,000) with respect to business formation each month was higher than the non-immigrant rate of 0.28% (or 28 per 100,000). This paper reports on an entrepreneurial venture, Glӓce Luxury Ice Company, which is located in Davis, California. Glӓce Luxury Ice is the world’s leading brand in the luxury drink-ice segment of the packaged ice industry. The venture was founded in 2007 by an immigrant entrepreneur, Roberto Sequeira, who came to the U.S. at the age of 14 from Nicaragua.
Accounting Emotional Intelligence and Professional Survival: Evidence from Bookkeepers in the Northeastern of Thailand Mujarin Kaewyong, Mahasarakham Business School, Mahasarakham University, Thailand Dr. Kesinee Muenthaisong, Mahasarakham Business School, Mahasarakham University, Thailand Dr. Phaprukbaramee Ussahawanitchakit, Mahasarakham Business School, Mahasarakham University, Thailand
ABSTRACT The objective of this study is to examine the relationships among the five dimensions of accounting emotional intelligence, accounting judgment, accounting practice efficiency, accounting professionalism, professional success, and professional survival through a moderating role of environmental pressure. Accounting emotional intelligence consists of self-awareness orientation, self-regulation commitment, self- motivation focus, empathy mindfulness, and social skills concern. In this study, 219 bookkeepers in the Northeastern of Thailand were chosen as the sample of the study. The results indicate that three of the five dimensions of accounting emotional intelligence (including self-awareness orientation, self-motivation focus, and social skills concern) have a significant positive association with accounting judgment, accounting practice efficiency, accounting professionalism, professional success, and professional survival; whereas empathy mindfulness only has a significant positive influence on professional success. Likewise, accounting well-roundedness, professional training, accounting experience, environmental learning, and stakeholder expectation are the antecedents of accounting emotional intelligence. The findings indicate that antecedents of accounting emotional intelligence has a significant positive relationship to accounting emotional intelligence, except accounting learning has no significant influence on all dimensions of accounting emotional intelligence. Additionally, the potential discussion with the results is implemented in the study. Theoretical and managerial contributions are presented. The future study should collect data from a different sample in order to verify the generalizability of the study and increase the level of reliability.
Using the Indicator-Based Evolutionary Algorithm (IBEA) for Finding the Efficient Frontier in the Presence of the Typical Portfolio Selection Constraints Dr. Kostas Metaxiotis, University of Piraeus, Piraeus, Greece Kostas Liagkouras, University of Piraeus, Piraeus, Greece
ABSTRACT The indicator-based evolutionary algorithm (IBEA) is discussed with respect to its efficiency in solving the portfolio optimization problem under the presence of the typical constraints. In particular we extend the standard model to include cardinality constraints that limit a portfolio to have a specified number of assets, and we impose limits on the proportion of the portfolio held in a given asset. The assessment of the IBEA for solving the constrained portfolio selection problem is based on experimental study, where two-objective portfolio optimization problems were used as tests for finding the cardinality constrained efficient frontier. The problem of optimal portfolio allocation is one of the most widely studied problems in the field of finance. Harry Markowitz proposed a quadratic program for selecting a diversified portfolio of securities [1]. Markowitz, proved that the formulation of efficient portfolios will diversifies away the unsystematic risk, which is risk that is unique to a certain asset. As a result of portfolio diversification, the investor will command higher levels of return for the same level of risk or lower risk for the same level of return. However, only the unsystematic risk or asset specific risk can be diversified away. Market or systematic risk cannot be diversified away as it depends on country or industry risk or even the global economy risk. Figure 1, displays the portfolio diversification benefits. The graph also indicates the widely accepted opinion, supported by many empirical studies [2, 3, 4] that the full diversification benefit is realized for portfolios sizes up to twenty securities.
Audit Morality Commitment and Audit Survival: An Empirical Research of Tax Auditors in Thailand Saithip Jannopat, Mahasarakham Business School, Mahasarakham University, Thailand Dr. Suparak Janjarasjit, Mahasarakham Business School, Mahasarakham University, Thailand Dr. Phaprukbaramee Ussahawanitchakit, Mahasarakham Business School, Mahasarakham University, Thailand
ABSTRACT The objective of this study is to examine the relationships among the audit morality commitment and audit survival. The model test using data collected from a mail survey of 365 tax auditors in Thailand that were chosen as the sample for this study. The results reveal that audit morality commitment has a positive relationship with audit survival. This research provides the directions and suggestions for auditors to identify and justify key components of audit morality commitment. Particularly, auditors who have moral are likely to audit survival. Therefore, auditors should be promoting audit morality commitment which provides audit survival. The further research should examine the effects of moderators in the different constructs or attempt to posit other moderator variables for the analysis. Furthermore, future research could be conducted on different samples and on a larger scale to widen the generalizability of its findings. The audit is vital to the economy in order to create confidence among investors. The financial statements that are certified by auditors have been prepared to comply with the generally accepted accounting standards. To build confidence to investors in the application of information for use in decision making whether the financial statements are prepared correctly under accounting standards that are predicted return in the future. Which, tax auditor must perform the audit and certification procedures and conditions as the Revenue Department determine, and TAs are required to have knowledge, skills, expertise, cover the experience to perform, circumspection very seriously.
On the Value of Strategy in Determining Executive Salaries Dr. Jeff Trailer, The California State University, Chico, CA Dr. Bonnie Persons, The California State University, Chico, CA
ABSTRACT The basis for determining executive compensation remains a hotly debated issue. Past studies have shown a high degree of correlation between organizational size and CEO compensation, but have been inconclusive as to whether size appropriately reflects the drive to increase profit margins and the economic value of the CEO’s strategic decision making capabilities. By examining profit margin as the measure of strategic competitive advantage rather than simply organizational size, we can assess whether executives are rewarded for increasing strategic competitive advantage or simply enlarging the organization. Using data from mandatory regulatory filings, cross-sectional multiple regression analysis was used to examine the correlation of compensation to profit margins. The results of this work do not show a correlation between profit margin and compensation. Accordingly, the data fails to reject the contention that executives are rewarded for simply enlarging their organizations. As a result, any competitive advantage gained by executive action appears to be rewarded only indirectly through compensation based on the size of the firm. Incentive systems influence the context within which executives formulate and implement competitive strategies (Sterman, 2000). Compensation systems, as an integral part of an organization’s incentive system, represent an important structure element in understanding business strategies. (Fisher and Govindarajan, 1992). Recent legal events, including the passage of the Dodd-Frank Wall Street Reform and Protection Act in 2010 and the implementing rules proposed by the Securities and Exchange Commission in April of 2015, signal the importance of understanding how CEO compensation is tied to company performance in practice, and consequently how this might be improved in the future.
Audit Review Proficiency and Audit Goal Achievement: Evidence from Tax Auditors (TAs) in Thailand Sukasem Langkhunsaen, Mahasarakham Business School, Mahasarakham University, Thailand Dr. Phaprukebaramee Ussahawanitchakit, Mahasarakham Business School, Mahasarakham University, Thailand Dr. Sutana Boonlua, Mahasarakham Business School, Mahasarakham University, Thailand
ABSTRACT Audit review proficiency in this study focuses on the following monitors and assesses the process with criteria about the performance of the audit plan that has been placed. Thus, this study attempts to integrate the key components of internal audit proficiency in a new model. The main aim of this study is to investigate the effects of audit review proficiency on audit goal achievement of tax auditors (TAs) in Thailand. Accordingly, this study provides an important contribution to theory by advocating and expanding the knowledge-based view and contingency theory which are used to explain the conceptual model. Additionally, guidelines about the planning and developing of audit review include human resource management which is appropriate for the audit task and provides managerial contributions. Future research should be examined in terms of different groups by the collected data from certified public accountants (CPAs) in Thailand, in order to confirm the ability to generalize it for the research and to improve reliability. Auditing industry is still trying to recover from a damaged reputation from events of the large global companies, bankruptcy continues as a result of a financial scandal. In recent years, the audit firm has been involved with several financial scandals. The financial statements of Enron was audited by Arthur Andersen, who involved fraud in financial statement manipulation in order to increase the company's share price and create wealth for business that It brought to the bankruptcy of Enron and affected the reliability of Arthur Andersen significantly (Al-Ajmi, 2009; Konishi, 2010, Phillips, 1999).
Complexity in Equity Markets Dr. Deniz Ozenbas, Professor of Finance, Montclair State University, Montclair, NJ
ABSTRACT Equity markets have seen increasing complexity and innovation over the last two decades. During this period there has been one global financial crisis, multiple significant regulatory changes and continuous technological innovation affecting the equity markets worldwide. This study reviews the current state of the US equity markets and describes the most significant developments that led to this point. Regulatory initiatives and policy suggestions for the future are discussed. A well-functioning financial market is critical to the healthiness of an economy. It is through the securities markets that both small and large companies raise the capital they need to grow and succeed. It is also through investing in the securities markets that individuals earn a return on their savings and plan for their futures. Confidence in the efficiency, transparency and fairness of a market is essential for that market to thrive over the long term. Efficient trading between willing parties is a necessary component of the healthiness of any market. In a healthy trading environment buyers and sellers find each other easily, and create a liquid market in that asset class. Values of the underlying assets are established through the continuous interaction of many market participants. In other words, the price discovery function of a market is achieved much more efficiently in a liquid and well-functioning market. A well-functioning trading environment also attracts more equity investors over the long term since a trading environment with relatively lower market frictions and trading costs provides better returns, hence possibly higher alphas, for these investors.
The Role of Strategic Marketing Flexibility as Dynamic Capability and Marketing Survival Kumpanat Siriyota, Mahasarakham Business School, Mahasarakham University, Thailand Dr. Prathanporn Jhundra-indra, Mahasarakham Business School, Mahasarakham University, Thailand Dr. Kesinee Muenthaisong, Mahasarakham Business School, Mahasarakham University, Thailand
ABSTRACT The study provides a new perspective on strategic flexibility and marketing in term of strategic marketing flexibility. Strategic marketing flexibility facilitate firm capabilities to continuously adjust the activity, operations and processes for creating value for customers to responsive to customer need in dynamic competitive environments. The purpose of this study is to assess the role of strategic marketing flexibility on marketing survival from dynamic capabilities perpective.This study performed on 802 furniture exporting businesses in Thailand. The findings indicate that strategic marketing flexibility provides firm approach marketing survival, and firm’s internal factors that are dynamic learning culture and marketing knowledge strength are determinant of strategic marketing flexibility. The business environment has become more complex due to changing customers’ needs and demands, intense competition, globalization, crises, and technological development. As a result of this unstable and turbulent dynamism, a firm faces an unpredictable environment by rapidly variations in customer demand and intense fluctuations in supply of materials (Yang and Li, 2011). Changes in the environment mean new threats and opportunities that firms must face by adjust their strategies to achieve the environment change (Torres, Moreno and Verdú, 2010). Due to rapid and unpredictable changes in competitive environment, firms are emphasize on flexibility as a way to achieve new forms of competitive advantage (Jordan and Graves, 1995). In such complex and dynamic environments, strategic flexibility grants organizations the capacity to respond to environmental changes in the required direction.
Development of a Graduate-Level Information Systems Quality Course Dr. Barbara D. Klein, College of Business, University of Michigan-Dearborn, Dearborn, MI
ABSTRACT An Information Systems Quality course was developed in a college of business during a major revision of the Masters of Science in Information Systems. The course includes modules on project management, systems analysis and design, information quality, and information systems ethics. The goal of the course and of each of the four course modules is to teach students how to avoid problems in information systems projects and in their careers. Student feedback on the course is generally positive. Like many colleges of business, the college in which the course discussed in this paper was developed faces challenges in delivering adequate preparation for professional practice in the business disciplines. The Masters of Science in Information Systems degree offered by the college was recently substantially revised, and in the course of revising the degree program innovative strategies were adopted in order to deliver essential course content in the face of pressures to reduce the number of credits making up the degree. The remaining sections of this paper discuss (1) the redesign of the Masters of Science in Information Systems, (2) the development of the Information Systems Quality course, (3) course modules on information quality and information systems ethics, and (4) student feedback on the course. The Information Systems Quality course was developed and implemented in the context of a major revision of a Masters of Science in Information Systems offered by a mid-sized public university in the Midwest region of the United States. The College of Business at the university had offered an online Masters of Science in Information Systems consisting of 48 required credit hours including twelve courses in information systems for more than a decade. The Masters degree had been taken primarily by domestic students working full time and taking courses on a past-time basis.
Internal Audit Creativity Strategy and Firm Performance: An Empirical Investigation of Exporting Gem and Jewelry Businesses in Thailand Natthanan Thitiyapramote, Mahasarakham Business School, Mahasarakham University, Thailand Dr. Phaprukbaramee Ussahawanitchakit, Mahasarakham Business School, Mahasarakham University, Thailand Dr. Sutana Boonlua, Mahasarakham Business School, Mahasarakham University, Thailand
ABSTRACT The purpose of this study is to investigate the relationship between internal audit creativity strategy and firm performance. The components of internal audit creativity strategy are a compound of proactive internal audit planning orientation, new internal audit method implementation, technology-based internal audit practice concentration, integrative internal audit resource focus, and internal audit teamwork awareness. The 208 exporting gem and jewelry businesses in Thailand and OLS regression are examined in this study. The results indicate that internal audit creativity strategy has partial supported with internal audit innovation, corporate practice efficiency governance outcome, and risk management effectiveness. Meanwhile, stakeholder expectation as an antecedent of internal audit creativity strategy is strongly supported. Conclusions and suggestions for future research are presented accordingly. The global competitive environment and big accounting scandals requires organizations to change companies’ control systems and governance. Crisis of financial fraud is leading to the corruption that has caused loss of about $460 billion in the market capitalization, reliability of financial reporting process, transparency, and audit quality (Erkan and Arici, 2011; Rezaee, 2005). In some companies, there are insufficient of professional care, monitoring evidence, financial information, audit reports quality, and detection fraud under the management’s scandalous behaviors occurring (Messier, Kozloski and Kochetova-Kozloski, 2010). Stakeholders make investment decisions based on quality, reliability and transparency of financial information. A crisis will be creating the condition for organizational and innovative change.
Investigating the Satisfaction of e-store Content and its Association with the Amounts of Online Purchasing Dr. Mahmoud Abdel Hamid Saleh, King Saud University, Kingdom of Saudi Arabia
ABSTRACT This paper is aimed at achieving two goals. The first goal is to identify to which extent consumers are satisfied with the e-store-website content and the amounts of their online purchasing. The second goal is to investigate the association of consumers’ satisfaction of e-store-website content with the amounts of online purchasing. The study was conducted on a convenience sample of 293 consumers in Saudi-Arabian market. Data were collected through a questionnaire contained four measures of consumers’ satisfaction of the e-store-website content, and a measure of amounts online purchasing. The findings revealed significant associations of consumers’ trust in the website information; their appreciation of the website’s customer support; and their evaluation of the product variety as independent variables with their amounts of online purchasing as a dependent variable. Differences have been found in consumers’ amounts of online purchasing between the groups of consumers’ trust in information; appreciation of customer support, and evaluation of the product variety on the e-store-websites, but not between the consumer groups in considering the company information on the website. Based on the research findings, marketers are recommended to pay high attention when developing their website contents as a competitive arena in the e-business world; providing the consumers with the trusted and credible information and support that help them in making online purchase decisions. With the development of the Internet usage during the last two decades, Online shopping has grown up rapidly to be a major class for service operations all over the world (Field et al., 2004; Smith et al., 2007).
Professional Accounting Practice Orientation and Firm Goal Achievement: Evidence from SMEs in Thailand Prapaipit Liubsuethagun, Mahasarakham Business School, Mahasarakam University, Thailand Dr. Suparak Janjarasjit, Mahasarakham Business School, Mahasarakam University, Thailand Dr. Saranya Raksong, Mahasarakham Business School, Mahasarakam University, Thailand
ABSTRACT In recent years, professional accounting practice is an important role in accounting due to increase the efficiency and effectiveness for accounting work. This research develops dimensions of professional accounting practice orientation and examines the effects of professional accounting practice orientation on firm goal achievement from SMEs in Thailand. Moreover, this research tests the effects of executive long-term vision, best accounting knowledge, dynamic accounting learning, ethical awareness, and stakeholder force on professional accounting practice orientation. The results indicate that professional accounting practice orientation support to SMEs in Thailand be achieved their goals, they can meet the needs of stakeholders and accounting information that is used for decisions-making about the operations higher quality. In addition, the results were shown that executive long-term vision, best accounting knowledge, ethical awareness, and stakeholder force is a factor that encourages SMEs in Thailand attention to professional accounting practice. Increasing attention to professional in accounting can be found in the business firm, because the firm regards to the quality of accounting operation. Accounting practice helps to support the success of firm operation, accounting practice related to classify, record, and data collected for summarizing and preparing accounting information and financial statement for support decision-making both external and internal information users (Hollister and Shoaf, 2010; Copeland and Dascher, 1978).
New Venture Sustainability Dr. Dennis F. X. Mathaisel, Professor of Management Science, Babson College, Babson Park, MA
ABSTRACT This paper presents a sustainability strategy for new business ventures based on five “abilities” to help them be sustainable: availability; dependability; capability; affordability; and marketability. The strategy should be considered throughout all phases of the life cycle of the new venture. This paper focuses exclusively on entrepreneurial endeavors because these entities are especially prone to failure early in their lives. According to data from the Small Business Administration, seven out of ten new firms survive at least two years, half at least five years, a third at least ten years, and a quarter stay in business fifteen years or more (SBA 2015). This is of major recent concern in the U. S. because small businesses employ 53 percent of the workforce (Arslan 2015). Hence, they are major job creators. The trend is the same regardless of the industry. This paper documents six recent case studies on the use of the sustainability strategy by entrepreneurial ventures. Sustainability is an ability - the ability to endure. In ecology, sustainability describes how biological species survive. For the environment, it is assessing whether or not project outputs can be produced without permanent and unacceptable changes in the environment. For humans, it is our long-term physical and cultural well-being. For mechanical systems and structures, it is maximizing reliability while conserving required resources and reducing waste. For an entity or an enterprise, it is the ability of the enterprise, its products, and its systems to remain competitive and productive long term, without failure, while minimizing waste. Entrepreneurship includes everything from idea conception to managing the idea for the long term. According to the Small Business Administration (SBA), an entrepreneur is a person who organizes and manages a business undertaking, assuming the risk for the sake of profit (SBA 2015).
Strategy Fitness and the Performance of Taiwanese MNCs Te-Hui Chang, Graduate Institute of International Business Administration, Chinese Culture University, Taiwan
ABSTRACT The purpose of this paper is to construct an analytical structure to explore the impact of the synchronization of industry globalization and cross-border integration strategy on operational performances. Empirical studies are performed on 152 Taiwanese companies investing overseas in order to validate the explanatory power of the model. The empirical data suggests that the operational performances of multinational companies are indeed subject to the effects of synchronization of cross-border operational integration and industry globalization. The higher the degree of cross-border operational integration, the better the performances are. The more synchronized the degree of cross-border operational integration and degree of industry globalization, the better the performances are. Given the differences in technical characteristics of value chain activities, this paper does not explore the variances in the integration of activities serving different functions, or conduct cross analysis on the internal factors of the sampled manufacturers. It is suggested that follow-up studies investigate further in order to provide more effective suggestions to practitioners. The differences in economy structure, technology development, and competitive pressures result in significant variations in international competition across industries (Porter, 1986). The pressure from external environments sometimes forces companies to closely integrate their value activities in different countries. This approach is often called “global integration” (Barlett and Ghoshal, 1989), which covers tangible assets, intangible assets, and human assets. Meanwhile, pressure prompts firms to design a specific combination of value activities that address the characteristics of their environments, usually called, “local responses” (Prahalad and Doz, 1987).
Russian Oil and Gas: Global Impacts and Trends Dr. Anatoly Zhuplev, Loyola Marymount University, CA Dr. Nikita Golubnichiy, Tyumen State Oil and Gas University, Russian Federation (1)
ABSTRACT The paper examines political-economic role and influence of changes in the Russian oil and gas sector and critical strategic alternatives for development. It explores trends in global energy market, new technologies in the energy-value chain, and pertinent changes in the global economic environment. The oil and gas sector is the main source of the Russian federal budget revenues and driver of economic development. Viewed in the sustainability context, the oil and gas sector emerges as top strategic priority, socio-environmental concern, and subject of fierce strategic competition. A growing power of large emerging global actors such as China and India amplifies the challenge. At the same time the energy sector itself is beginning to experience profound changes being increasingly driven by global environmental dynamics and politics. Those translate into regional and national legislative-regulatory agenda emphasizing new energy-saving sustainable/renewable technologies in the energy production value chain, energy consumption, and the development of new energy carriers. The paper explores two main research issues: (1) Critical megatrends in global energy and their impacts on Russia; (2) The dynamics, trends, outlook, and policy implications for Russia and the Russian oil and gas industries (interchangeably referred to as the oil and gas sector). Given Russian oil and gas industries’ paramount domestic role and geo-regional role in Eurasia, they are in urgent need for development and growth in order to stay globally competitive as well as ensure Russia’s domestic energy security, meet export demands, and continue fulfilling their broader domestic mission.
A Country’s Competitiveness Evaluation using DEA-SVM Approach Hachicha Ridha, MOCFINE Laboratory, Higher Institute of Accounting and Business Administration, University of Manouba, Tunisia Dr. Slim Chokri, MOCFINE Laboratory, Higher Institute of Accounting and Business Administration, University of Manouba, Tunisia
ABSTRACT This paper proposed an integrated model, which hybridized data envelopment analysis (DEA) and support vector machine (SVM) together, to class countries according to their efficiency and performance. This model takes into account aspects of multi-dimensional indicators, decision-making hierarchy and relativity of measurement. Starting from a set of indicators of performance as exhaustive as possible, a process of successive aggregations has been developed to attain an overall evaluation of a country’s competitiveness. In this paper, we use data envelopment analysis (DEA) and Support vector machine (SVM) on the development of a generic Model of Hierarchical Evaluation and of Competitiveness Analysis (DEA-SVM). The proposed model is characterized by competitiveness evaluation flexibility through its care for the decision-making hierarchy aspects, the multi-dimensional aspects of analysis and the relativity in measurement. In other respects, the model presents a generic aspect which allows us to evaluate the competitiveness of any Decision Making Unit (DMU) that presents a set of elementary performance indicators and a decision-making hierarchical structure. We focus on the performance assessment since we believe that performance will become strategic variables in tackling the increasing competitive pressure and structural changes within these countries. We incorporate an operation mechanism DEA-SVM approaches to our analysis since we consider that the unpredictability of environment change makes these countries input-output relationship vary.
Using Newton’s Method to Compute Bond Yields in ExamView Dr. Jeff Whitworth, University of Houston-Clear Lake, TX Dr. Stephen Cotten, University of Houston-Clear Lake, TX
ABSTRACT ExamView is a versatile testing software package utilized by instructors in a variety of disciplines. Among its features is the ability to create algorithmic problems, in which the instructor can generate numerous variations on a single question by having the software select random values within prescribed ranges for the input variables and automatically calculate the answer each time. This allows instructors to create multiple versions of practice problem sets, quizzes, or exams quickly and easily. Algorithmic questions are particularly useful in finance courses where students are frequently given computational problems. While ExamView lacks the time value of money functions built into most spreadsheets and financial calculators, it is still generally straightforward to program the solutions to these problems algebraically. However, coupon bond yields present a challenge, as they cannot be computed using standard algebraic techniques. This article shows how to use Newton’s Method to program algorithmic versions of bond yield problems in ExamView. The procedure is effective and converges to the solution with a high degree of precision in only a few steps. An algorithmic problem is an assessment item (such as a test question) that can be presented to students in different ways based on randomly generated values so that the solution method is the same between questions but the actual answers are different. Algorithmic problems are most commonly used in “quantitative” courses where students are frequently asked to solve computational problems. Several programs now allow instructors to program their own algorithmic questions, after which the software can produce a virtually unlimited number of variations on a single question.
An Assessment of the Relationship Between Organizational Culture and Organizational Reputation: The Example of Hospital Management Dr. Emre Isci, Marmara University, Department of Health Management, Istanbul, Turkey Dr. Sibel Aydogan, Marmara University, Bahcelievler Campus, Istanbul, Turkey Yasemin Koca, Health Manager, Private Capa Health Vocational High School, Istanbul, Turkey
ABSTRACT Organizational culture is the sum of beliefs, values and attitudes shared by members of an organization as they act inside the organization. Organizational culture is essential in hospitals, as in any other organization. If the organizational culture causes the employees to have a positive perception of the organization’s reputation, this will have a positive impact on the organization’s relations with consumers and will make the organization more attractive to the employees. In this regard, a descriptive and cross-sectional research was designed in order to study the relationship between organizational culture and organizational reputation, with participation of 162 employees from 5 hospitals operating within the borders of the Istanbul province. The research revealed that a strong positive relationship exists between organizational reputation and organizational culture in terms of transparency and participation, whereas a positive relationship of medium strength exists in terms of innovation (p<0,05). Competition between corporations increases constantly due to unavoidable advances in information and communication technologies as well as globalization. This has given rise to new approaches, concepts and practices that have significant effect on sustainability of organizations. The fact that technological innovations and changes can be copied swiftly by competitors led organizations to seek sustainable competitive advantage through intangible resources and ingredients rather than tangible resources and ingredients. Basic values carried over from personal traits to organizational traits, such as culture, identity, respectability and image, have increasingly attracted the attention of managers. In parallel with increased emphasis placed globally on respectability management, this topic has become the subject of various efforts in Turkey as well.
An Empirical Study on the Consumer Price-Perceived Quality Heuristic on the Hotel Industry Dr. Freddy Su Jin Lee, California State University at Los Angeles, CA
ABSTRACT In this paper, we further develop and test the three propositions in Lee (2012), which shows how the consumer uses the price-perceived quality in the hotel industry. The three factors influencing these propositions are the hotel star ratings, the brand name of the hotel or the capacity of the hotel. Our goal in this paper is to empirically validate these propositions. The findings will point to several ways that hotel managers and owners can realign programs and reallocate resources to raise profitability levels and reduce costs. Primary among them are the development and articulation of whether to upgrade to meet the star criteria, whether to invest in the brand name or to increase or decrease capacity. The price-perceived quality heuristic is one of the most important heuristics in consumer behavior (Chao and Schor, 1988; Zeithaml, 1988;Lichtenstein and Burton, 1989; Monroe and Krishnan, 1985; Stafford and Enis, 1969; Erickson and Johansson, 1985). Other studies found that the use of this heuristic is a common behavioral feature among consumers (Stafford and Enis, 1969; Erickson and Johansson, 1985; Zeithaml, 1988; Monroe and Krishnan, 1985), and that even though the heuristic exists in many product categories, it is particularly strong for status-oriented products, durable goods, and products that are difficult to evaluate (Chao and Schor, 1988; Gerstner, 1985; Owen, Wright and Griffin, 2000; Lichtenstein and Burton, 1989). A hotel room purchase can also be viewed as a product consumers purchase. The relationships between hotel quality and price per room per season are also of great interest.
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