The Business Review Journal

Vol. 3* Number 1 * December 2014

The Library of Congress, Washington, DC   *   ISSN 2167-0803

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The Economic Impacts of Unmanned Aircraft Systems in California

Dr. Javad Gorjidooz, Embry-Riddle Aeronautical University, Prescott, AZ

Dr. Cindy Greenman, Embry-Riddle Aeronautical University, Prescott, AZ

 

ABSTRACT

Unmanned Aircraft Systems (UAS) have been long in operations but with the drastic improvement in reliability, speed, and efficiency of information processing the UAS have truly become a very popular tool for a widespread applications.  As a consequence, the global UAS market is anticipated to reach about $50 billion by 2018, as military, civil and commercial applications continue to develop (1). Apart from the benefits of lower acquisition and operational costs, unmanned aircraft systems also eliminate the need for an onboard crew making it more operationally advantageous. The most widely recognized Unmanned Aerial Vehicle to the general public is the General Atomics Predator first introduced in 1995 (2). Originally developed as an observation aircraft, the Predator is able to fire on enemies guided remotely by soldiers far away from any potential harm. The Civilian applications of UAS can be grouped into four major categories: commercial, civil, security and scientific. There are growing indicators that different industries are looking for an even greater variety of areas to deploy them. Unmanned Aircraft Systems have been adapted for civilian uses at a slower rate, but the combination of greater flexibility, lower capital and operating costs could allow UAS to be used in agriculture, oil and gas explorations, border security, disaster management, law enforcement, telecommunication, weather monitoring, aerial imaging/mapping, television news coverage, and airing sport events. Currently, the main impediment of commercial and civil development of the Unmanned Aircraft Systems is the lack of regulatory apparatus and privacy issues. The expected outcome of this research is to have a predictive model that takes into account all data in determining the economic impacts of UAS. This Study introduces Markov Input-Output Cluster Analysis and IMPLAN Software as an integral part of the economic impact analysis (EIA).  California is the number one state in the U.S. in terms of anticipated expenditures in UAS. The expected outcome of this research is to determine the total economic impacts (in terms of job creation and economic growth) of UAS in the State of California once Unmanned Aircraft Systems are integrated into the National Airspace System. In the event that these regulations are delayed or not enacted, this study also estimates the jobs and financial opportunity lost to the economy because of this inaction.

 

Bankruptcy Fraud:  Has the Sarbanes-Oxley Law or Dodd-Frank Act Reduced It's Occurance?

Dr. Michael Ulinski, Professor, Pace University, Pleasantville, NY

Dr. Roy Girasa, Professor, Pace University, Pleasantville, NY

 

ABSTRACT

The researchers review in an exploratory study the effects of the Sarbanes-Oxley and Dodd-Frank Act on  recent fraud cases involving bankruptcy. Statutory provisions governing bankruptcy fraud and examples of fraudulent schemes are described. Recent cases are examined and bankruptcy predictive models are explored. Stakeholder's adverse effects are posed through reorganization impediments of entities that try to emerge out of bankruptcy, but because of the wasting away or outright theft of assets are unable to emerge out of bankruptcy. Conclusions are reached and recommendations for further study are suggested.  The Enron Corporation, an energy company with its main headquarters in Houston, Texas, is the poster company of alleged fraudulent concealment of indebtedness and wrongful conduct of its senior management that resulted in one of the largest bankruptcy filing in U.S. history. With its complex financial statements including the use of special purpose entities that enabled it to conceal sizable indebtedness, its demise led to convictions of its major officials the dissolution of one of the top five global accounting firms. Its demise and that of WorldCom and other corporate entities that engaged in fraudulent conduct brought about the passage of the Sarbanes-Oxley Act and later the Dodd-Frank Act which endeavored to prevent such conduct in the future. In this paper we will discuss fraud particularly in connection with bankruptcy filings and the possibility of reemergence of a corporate entity after bankruptcy. Bankruptcy fraudsters will use tactics such as financial statement fraud to cover criminal activities such as hiding assets in bankruptcy to mail fraud and money laundering. Some crimes management may become involved in also include tax evasion and possession of stolen property. Besides the heinous nature of these crimes, the corporate entity will have a lesser chance to emerge out of bankruptcy. 

 

Modeling the Demand for City Water Consumption

Dr. Gordon Arbogast, Professor, Jacksonville University, FL

Sharon Van Den Heuvel, Jacksonville University, FL

 

ABSTRACT

COMPANY X  a non-profit community owned utility in Florida providing electric, water and sewer services to the residents of a major Florida city and surrounding area. The focus of this paper is on identifying factors that influence demand for water so that COMPANY X  (Co X) may better manage water withdrawals from the Floridian aquifer. This paper explores the need for water conservation to help Co X meet several strategic objectives, namely (1) improved environmental stewardship, (2) minimizing the threat of regulation violations, (3) improved Community Service Responsibility (CSR) activities, and (4) improved customer satisfaction. The research also identifies and determines a “best” multivariate model to help explain variation in water withdrawals. The final model developed explains 58.6% of the variation of the water volume withdrawn from the aquifer. This regression equation is as follows:  Prod Gallons = -7.90E08 +29,656,333(Average Temperature) –89,421584(Unemployment Rate) +15492636(CPI).The paper concludes with recommendations for further research into additional independent variables as well as to differentiate between commercial and residential water consumption to help COMPANY X  focus on programs to conserve water to meet its strategic objectives. COMPANY X is a non-profit community owned utility in Florida providing electric, water and sewer services to the residents of a major Florida city and surrounding areas. This utility serves an estimated 420, 000 electric, 305, 000 water and 230, 000 sewer customers in the Florida area that it serves. The focus of this paper is on Co X’s Water Division. In particular it identifies factors that influence demand for water consumption so that Co X may manage water withdrawals from the Floridian aquifer to serve the water needs of their community. It should be noted that  COMPANY X  is a non-profit firm and not in the business of making money, but rather in doing the right thing for the community (Corporate Social Responsibility or CSR). COMPANY X ’s strategic focus on management of the withdrawals from the Floridian Aquifer stems from several factors, starting with COMPANY X ’s Vision of being the “Best Utility Service Provider in the Nation”.

 

XY-Generation Economics

Dr. Heather L. Garten, Embry-Riddle Aeronautical University Worldwide

 

ABSTRACT

There has been a large movement over the past ten years to describe, both qualitatively and quantitatively, the economics of the current diverse generation.  Often this generation is presented as the XY-Generation, and is generally identified with those born since the 1960s.  Research across all modalities is constantly contradicting itself on the characteristics of the XY-Generation, as this group of individuals is dynamic and thus impossible to categorize. Once this fact is recognized, leaders can begin to understand economic advancements without relying on the current leading indicators that are no longer applicable. This paper focuses on providing a better understanding of the existing economic trend of the XY-Generation through a carefully crafted analogy of the Middle Ages, an examination of case studies focusing on the current economic indicators, and suggestions for current leadership to empower this highly innovative generation. Historians have and continue to categorize time segments in history:  From the great Roman Empire to the rise of democracy, the Dark Ages to Romanticism, historians use a wide variety of ways to classify time periods. Most often these classifications are aligned with economic and cultural ties, such as with the Dark Ages when there was very little cultural and economic progression. Or so is often accepted as truth. The Dark Ages, or the Middle Ages, began when the Roman Empire fell to the Visigoths, a group of Germans, in 410AD.  The period lasts until the fifteenth century, when the Renaissance began to take shape across Europe. When the Roman Empire fell, the once strong unification of Europe also fell (Columbia, 2013).  The Roman Empire, led by Augustus, was formed following the assassination of Julius Caesar in 44BC.  Garnering strength from its law and military power, Augustus successfully expanded the Roman Empire to Asia Minor, Syria, Egypt, and the North African Coast before his death in 14AD. 

 

Inflation Expectations in United States: Economic, Politic, and Sentiment Factors

Dr. Doina Vlad, Seton Hill University, Greensburg, PA

 

ABSTRACT

This paper investigates the nature of association between inflation expectations and some economic, political, and sentiment factors in United States. One result revealed that market participants hold too much of their assets in cash, savings accounts, and money market mutual funds. This finding signals the need for more financial literacy for investors and households to understand the negative consequences of inflation acting as a hidden tax on purchasing power and make them take action and diversify their investments among different asset classes.  A second finding pointed out the highly volatile currency environment that pushes investors against holding US dollar. In this context of rising currency volatility worldwide, market participants are left guessing which direction the foreign exchange market is heading and which currency(s) will be the future leaders. Since the most recent recession started late 2007, there have been lots of predictions on possible inflation, and even hyperinflation forecasts for United Sates in the near future. For a period of few years after Federal Reserve System (FED) first introduced the quantitative easing measures, a number of contradictory reactions were noted, since this aggressively introduced tool was not previously tested.  Articles and books poured into the market on the subject of massive future inflation in the United States, predicting the collapse of the dollar and the end of the dollar as the world reserve currency, and many similar “doom” scenarios for the US economy. As Turk and Rubino mentioned in their book (2013) “if it was still calculated by the pre-1980 method, the Consumer Price Index (CPI) would have risen at near-double-digit rates over the past few years rather than the 2-to-3 percent that was reported.” On the inflationary expectations, they mentioned that people acting on their fear of higher prices in the future, might actually produce an increase in prices today through their excessive demand for some goods with the intention of stacking up before the prices rise.

 

Financial Reporting of Other Postemployment Benefits—Towards More Transparency

Dr. Chunyan Li, Pace University, NY

Dr. Roberta Cable, Pace University, NY

Patricia Healy, Pace University, NY

 

ABSTRACT

Governments have seen extensive changes in the financial reporting of Other Postemployment Benefits (OPEB). The Governmental Accounting Standards Board (GASB) recently issued two new Exposure Drafts to further improve transparency and comparability. New GASB OPEB accounting standards will be adopted after the Exposure Drafts are approved.  The purpose of this paper is to shed light on past and current reporting as well as how significantly GASB will change the way governments report their OPEB liabilities in the future through a comprehensive review of 12 U.S. counties’ reporting of OPEB obligations and unfunded liabilities from 2006 to 2013.  Our research analyzes the stages of OPEB reporting from Pay-as-You-Go, to recognition of incremental net OPEB obligations, to requiring essentially all unfunded actuarially accrued liabilities to be recognized on governmental financial statements. We found inconsistencies in the 12 counties’ current use of discount rates and other actuarial methods, supporting GASB’s claims that the new standards will make governmental financial statements more comparable. Moreover, by examining current disclosures, we documented the likely magnitude of the increase in liabilities. Our study revealed, after the new GASB standards are implemented, reported OPEB liabilities may increase a sizable six times the amount that are currently disclosed.  Although the impact of pension costs on municipal budgets and taxpayers has received a great deal of attention (Cable and Healy, 2011), the important issue of Other Postemployment Benefits (OPEB) often has been overlooked.  Governmental Accounting Standards Board (GASB) Chair, David Vaudt stated, “OPEB – which consists of mainly health care benefits – represents a very significant liability for many state and local governments, one that is magnified because relatively few governments have set aside any assets to pay for those benefits” (GASB, 2014, p. 1). 

 

Moments of Shared Sensemaking Within Market-Focused Strategic Planning Meetings

Dr. David Allbright, Eastern Michigan University, Ypsilanti, MI

 

ABSTRACT

Strategy theorists assert that long-term survival of an organization within a turbulent, ever-changing, hyper-competitive and global economy requires the firm to possess an advanced capacity for rapid and continuous learning about markets. Perhaps the ultimate source of sustainable competitive advantage is the development of a superior capacity to learn about evolving market trends and translate what is learned into strategic action more quickly, more continuously and more effectively than one's competitors (Day, 1991, 1992, 1994). This article outlines a normative process model of verbal collaboration that ideally would be pursued within strategy development meetings in which a group of organizational actors would endeavor to serve as the "collective mind" of their firm in order to "see" and interpret the meaning of selected marketplace circumstances. The process model of strategic dialogue visually deconstructs strategy meetings into six ideal "moments" of shared attention that would be pursued by the group while it vacillates between sensemaking and action planning endeavors. Strategic planning meetings provide an excellent forum and opportunity for collaborative organizational learning and transformational change (deGues, 1988). This article spotlights a vital learning component often overlooked within organizational planning and strategy development endeavors -- collaborative sensemaking dialogues. Organizational sensemaking (Weick, 1995) involves collaborations in which a group of organizational actors attempt to interpret market intelligence, and simultaneously construct new meanings, beliefs and mental models (Senge, 1992) regarding their firm's relationship with its environment. Essentially, a group of organizational strategists may collaborate for the purpose of acting as the collective "mind" of their firm. During strategic planning meetings, discussants often try to make sense of confusing, complex and equivocal marketplace events. Participants can choose to openly share their respective mental models in order to reflect on what each "sees" and believes to be the firm's current market circumstances.

 

The Use of the Relationship Between Market Orientation and Business Performance to Determine Marketing Strategy

Dr. Richard Murphy, Jacksonville University, Jacksonville, Florida

Dr. Mary Werner, Jacksonville University, Jacksonville, Florida

 

ABSTRACT

The relationship between market orientation and its’ effect on business performance has been established (Murphy et al., 2013).  Using this information to develop appropriate marketing strategy for organizations would be very helpful for organizations.  This article provides additional information organizations can use to engage in the measurement of market orientation and business performance and discusses the relationship between market orientation and business performance and marketing strategy.  This is an extension of and addition to the information presented in Murphy et al. (2013) where the effect of market orientation on business performance was discussed and it was illustrated that market orientation does affect business performance.  Organizations that use the information in this article can engage in appropriate approaches to make decisions regarding the formation of marketing strategy to help achieve a positive level of business performance.  Market orientation should be incorporated in marketing strategy to help achieve positive business performance. Market orientation or the focus on the satisfaction of the customer on the part of an organization has long been recognized as the foundation upon which marketing is practiced.  Although it seems there has been a presumption that marketing orientation would enhance business performance, Murphy et al. (2013) provides importance information to indicate this is generally the case under various circumstances.  Murphy et al. (2013) also indicates that there should be further investigation into the various situations and circumstances under which the market orientation and business performance relationship applies so that marketing decision making or the determination of marketing strategy can be made in a more effective way.  

 

U.S. Investors Continue to Take Foreign Risks

Dennis C. Stovall, Grand Valley State University

 

ABSTRACT

Citizens of the United States have been developing a curiosity about sending their personal investment dollars overseas. New options are available for local investors who are comfortable with electronically sending their money through a United States-based website onto the foreign currency markets. Online trading gives the ability to invest in markets overseas without having to move there. American investors tend to hold investments in both U.S. and non-U.S. stocks. Foreign currency trading has become a hot investment strategy over the last decade and is becoming very popular with individuals. Multiple rates and terms are available for these investments, each with their own potential for risks and rewards. After the navigation of terms, rates, and fees, the investor must always remain mindful of the economic climate affecting the investing country.  This topic was presented in 2005. At that time, the popularity of the Eurodollar funds had been growing as the familiarity and stability of the Euro increased. Since 2005, changes in currency trends, economic climate changes, and other factors have caused many changes with foreign currency, which can have an impact on U.S. private investors. Although foreign currency trading has become the latest fad, it is important for investors to be aware of the risks involved with investing online. As foreign currency markets are electronically made available to investors, curiosity grows, but knowledge, tenacity, and risk are imperative to potential reward. For individuals, investing based on perceived currency movements has always been a risky way to seek profits (Opdyke, 2005). Currencies are volatile investments that can rack up losses for everyone. Professional currency traders who have a better understanding of the market are less at risk for experiencing losses.

 

Role of User Perceptions and Attitudes on Facebook Ad Click Behavior:  Applying the Fishbein-Ajzen-Attitude-Behavior Model

Dr. Orsay Kucukemiroglu, Professor, Pennsylvania State University at York, PA

Dr. Ali Kara, Professor, Pennsylvania State University at York, PA

 

ABSTRACT

Previous research shows that communication using social networking sites such as Facebook is an important medium for many consumers.  Considering the significant future growth trends in online social networking and the growing popularity of Facebook provided justification for marketers to shift their advertising strategies through online social networking sites. Accordingly, advertising on social networking sites has attracted significant marketer interest.  Understanding consumer’s attitudes and perceptions toward Facebook advertising should be an important goal for advertisers when designing their advertising strategies. Perceptions and attitudes are known to influence consumer behavior and action in the form of positive or negative responses towards the phenomenon. Therefore, the objective of this study is to examine user perceptions and attitudes of advertising on Facebook. Study result offer important implications for advertisers and researchers alike. Online social networking has become a global phenomenon and an integral part of daily lives of many consumers around the world. According to the Pew Research Center Report (Hampton, Goulet, Rainie, and Purcell, 2011), 79% of American adults used the internet and nearly 59% of internet users say they use at least one social networking site. Studies show that more than one third of online participants review services and products, frequently post opinions, and involve with content creation activities (Riegner, 2007).  Facebook, a popular social networking site, allows anybody around the world to sign up for free and helps users to easily communicate, follow, and/or participate in real time discussions with anybody else with a Facebook account.  Reportedly, 52% of Facebook users and 33% of Twitter users engage with the platform daily. In addition, studies show that the average Facebook user has 229 Facebook friends, 7% of which they have never met (Hampton et al., 2011). The typical Facebook user regularly interacts with their friends by posting messages about very specific aspects of their personal lives to popular/unpopular trending issues and/or their opinions or experiences with products/companies.

 

Relationship between Grades and Learning Mode

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

Dr. Donna Roberts, Embry-Riddle Aeronautical University

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

 

ABSTRACT

A comparison of failure rates and grade distribution was conducted between four learning disciplines utilized by Embry-Riddle Aeronautical University-Worldwide: Eagle Vision Classroom (synchronous classroom to classroom), Eagle Vision Home (synchronous home to home), Online and traditional classroom learning environments. Researchers examined 20,677 Embry-Riddle end-of-course student grades from the 2012-2013 academic year. Significant relationships between failing grades and learning environment (modes) were noted in courses from the English, Economics and Mathematics disciplines. Online courses experienced more failures relative to other modes of instruction in Humanities, Mathematics and Economics courses. The traditional classroom-learning mode had fewer failures relative to other modes in English, Humanities and Mathematics courses. Grade distribution was significantly different among some of the learning modes in disciplines studied. Due to the continued technological advancements in course delivery, recommendations include continued research on the relationship of student performance and learning mode.  Researchers should also conduct quantitative and qualitative research on faculty and student perceptions regarding learning mode preferences. Universities have deployed various types of instruction delivery systems for their students. 

 

Returns of Human Capital Investment

Daniel Jones, Sam Houston State University, TX

Dr. Balasundram Maniam, Sam Houston State University, TX

Dr. Hadley Leavell, Sam Houston State University, TX

 

ABSTRACT

Technological advances have changed the way businesses operate. As the business environment changes employers search for employees who know how to operate complex pieces of equipment and will pay good wages to those who can provide a competitive advantage to the firm. This study looks at why a company should invest in human capital and then goes on to explore the trend of what kind of organizations benefit the most from human capital investment. Research found that service firms and firms with high capital investment benefit the most from investing in human capital.  Machinery reduces the chance of human error and keeps the product the same level of quality time after time. However, the research presented in this study has shown that skilled labor is still in high demand and can be used to complement the developments in technology. Technology is getting more and more complex and as a result is rapidly encroaching into aspects of the working environment that were previously thought to be human jobs only. Advanced pattern recognition and complex communication are examples that were once only thought to be able to be done by humans, but now computers have the capabilities to not only compete but excel in these areas. The efficiency and effectiveness that computers create in operations means fewer people are being used in a growing set of tasks, but a more sophisticated skillset is needed by workers to be able to complete the tasks and run more high-tech equipment (Brynjolfsson, 2011). Skilled workers are more needed than unskilled workers, which has been portrayed in the decline of relative earnings for unskilled workers who have an education lower than high school graduate (Koeniger, & Leonardi, 2007).

 

Insider Trading Direction and Optional Wage Design

Dr. A. Can Inci, Bryant University, Smithfield, RI

 

ABSTRACT

This paper uses the insider trading direction as a signal to design an optimal wage contract, where the principal-agent problem due to moral hazard is resolved. Insider trading provides the corporation important information about the action of the manager. It is a tough challenge for the owners of a corporation to identify managers who will work hard and not be overly risk averse in their choices of project opportunities. Observation of the insider trading direction (buy or sell) may help to sort out superior managers. Distinguishing the quality of the managers by following their insider trading activity would help contribute to the design of an effective compensation scheme for those managers as proposed and developed in this paper. Insider purchase activities reward those managers who add value to the firm through their superior effort, better and accurate decisions, proper risk assessments and willingness to take justifiable risks. Such managers will also agree to compensation schemes partially based on their insider trading activity, since their interests will be most closely aligned with the interests of the owners of the firm. The paper presents a sound theoretical framework and develops a model for an optimal wage contract that can be utilized by the owners of the corporation. Insider trading profits are conjectured to have increased in recent years after the implementation of Rule 10b5-1. Therefore, a wage contract incorporating insider trading activity has become more relevant.

 

Using Login Data to Monitor Student Involvement in a Business Simulation Game

Dr. Michael Jijin Zhang, Sacred Heart University, Fairfield, CT

 

ABSTRACT

While student involvement in business simulation games is critical to student learning and performance in the games, monitoring student involvement levels remains a challenge facing those who teach strategic management with simulations. This study examined and tested whether student login frequency and consistency may serve as valid proxy measures of student involvement in the game activities, using data collected from 219 undergraduate business students who participated in a business simulation game (Capstone). It was found that student login consistency had a stronger relationship with student involvement than student login frequency did, thereby representing a better measure of student involvement. Research and pedagogical implications from these findings are discussed. Today business simulation games have become a popular and effective tool to teach strategic management (Jennings, 2002; Zantow et al., 2005; Faria et al., 2009). In order for students to perform well in and learn from the simulation, they must be actively involved or engaged in the decision making activities of the simulation (Wolfe & Luethge, 2003). Since students participate in the simulation games with different interests, expectations, motivations, abilities and learning styles, it is necessary for instructors to monitor each student’s involvement in the simulation effectively and efficiently so as to provide timely interventions needed. This is especially important in that most of the business simulation games are played in teams. While monitoring individual students’ engagement in the simulation has traditionally posed a challenge for instructors (Wolfe & Luethge, 2003), today’s business simulation games are often run online and thus make it easier to track student activities in the games through automatic collection of data about how often a student logs into the game to make decisions.

 

Cognitive Moral Development – its Relevance to Authentic Leadership and Organizational Citizenship Behavior: A Conceptual Illustration

Brad Nikolic, RMIT University, Melbourne, Australia

 

ABSTRACT

This conceptual paper portrays the importance of cognitive moral development (CMD) and the potential influence on authentic leadership and organizational citizenship behavior. The aim is to contribute to the limited number of research on cognitive moral development and authentic leadership. First, we introduce a conceptual model, which illustrates potential linkages between cognitive moral development, authentic leadership and organizational citizenship behavior. We then clarify the construct of CMD, authentic leadership and organizational citizenship behavior. We draw upon extant research findings to demonstrate and discuss linkages between cognitive moral development, authentic leadership, and organizational citizenship behavior with several testable propositions. The emergence of a growing interest in authentic leader behavior and business ethics post 1980s has arisen from a continual stream of instances of dubious corporate behaviors and scandals, resulting in the establishment of underlying doubts in the minds of all layers of contemporary society with corporate practices and leadership decisions (Ferrell, Fraedrich, & Ferrell, 2009; Gardner, Cogliser, Davis, & Dickens, 2011). This has resulted in a loss of confidence and esteem with which corporate leadership has been held and replaced with an instantaneous readiness by all layers of contemporary society to question in the first instance whether there are genuine intentions and integrity in corporate leadership and decision making (Hannah, Avolio, & May, 2011a). Society is now desiring their leaders to act significantly more professionally where their behaviors are in alignment with core values, and where they are actually concerned about peoples’ real needs and their behaviors and decisions address the greater good (Gardner et al., 2011; Leroy, Anseel, Gardner, & Sels, 2012a; McShane & Cunningham, 2011; Peus, Wesche, Streicher, Braun, & Frey, 2012).  

 

Investigation of Buyer-Supplier Trust, Behavior and Performance

Dr. Hui-chuan Chen, University of Tennessee at Martin, Martin, TN

Dr. Taeuk Kang, University of Tennessee at Martin, Martin, TN

 

ABSTRACT

As a relationship becomes tighter, suppliers often seek more stable processes to improve efficiency in meeting buyer’s demands. An important element in reaching supply chain efficiency involves establishing and developing trust across the organizational boundaries via alliances between buyers and suppliers in a supply chain. When the buying firms recognize that a certain supplier can reduce transaction costs, this recognition will encourage the buyer to invest more in the buyer-supplier relationship and yield a more cooperative relationship. A stable relationship between supplier and buyer has been recognized as being fundamental for firms to have successful performance. During the 1980’s, research studies mainly focused on buyer-supplier relationships in operational and integration-based performance. In the 1990 to 2000 timeframe, capability-bases and financial performance became major areas of research for supply chain management. Also, buyer-supplier mutual effects on buyer practices were often studied (Terpend et al., 2008). How well the supply chain functioned as a whole depended on the success of the individual firms to achieve customer satisfaction and loyalty. Over the years, some firms have endeavored to secure these competitive forces by reducing costs and refocusing on their core competencies in an effort to downsize their workforces. The markets in which firms participate are often affected by rapid technological change, customer demands, and shorter product life cycles. Therefore, companies have increased outsourcing of purchasing goods and services that were formerly produced in-house. When firms focus on core competencies, the result is that downsizing and outsourcing frequently require suppliers to provide timely delivery of quality products at competitive prices. Consequently, the buying firms increase their dependence on suppliers so that buyers will eventually manage and develop supply chains in the areas of delivery, quality, new technology adoption, products design, cost reduction and financial health of their suppliers (Krause et al., 1998).

 

Massive Open Online Courses (MOOCs): Theoretical and Practical Considerations for Knowledge Management

Dr. Martin Grossman, Professor, Bridgewater State University, Bridgewater, MA

 

ABSTRACT

The Massive Open Online Course (MOOC) has emerged as a potentially disruptive force in higher education.  Today there are hundreds of MOOCs available and millions of individuals around the world participating in these open and unlimited web-based courses.   Much of the discourse surrounding the MOOC phenomenon questions its efficacy in replacing or supplementing traditional face-to-face formats in colleges and universities.  Detractors point to such issues as low retention rates, difficulties in classroom management and dubious methods of grading and assessment. While these might be legitimate concerns, the discussion often loses sight of the more far-reaching impacts that such open environments might provide for knowledge creation and learning in more generalized populations.  Attention needs to be paid to the potential that MOOCs might play in non-academic environments (i.e. personal, corporate and global) for knowledge creation and dissemination.  This article traces the evolution of the MOOC, explores its theoretical foundations and stresses its potential as a practical knowledge management tool.   It is argued that MOOCs may have a more far-reaching role to play and that the true value of MOOCs has yet to be realized. Perhaps the most hyped educational technology to have emerged in recent years is the Massive Open Online Course (MOOC), simply defined as ‘a course of study made available over the Internet without charge to a very large number of people’ (www.oxforddictionaries.com).  MOOCs incorporate traditional materials (e.g. videos, reading assignments, problem sets) as well as interactive elements for building communities of professors, students and teaching assistants.  As a pedagogical innovation, the MOOC has become a topic of much discussion in U. S. educational circles, being touted as a disruptive force and radical game changer.  MOOCs have been embraced by leading institutions such as MIT, Harvard and Stanford and venture capitalists alike.  Commercial MOOC start-ups, such as Coursera and Udacity, feature professors from top universities and deliver courses with tens of thousands of students.  The MOOC has become a frequent topic in the popular press (Papano, 2012) as well as a growing area for academic research (Liyanagunawardena et al., 2013).   In spite of the enthusiasm and hyperbole around this new technology, there are some obvious concerns. 

 

China’s One-Child Policy: Has it Lived Beyond its Intended Mission?

Dr. Prema Nakra, Professor, Marist College, Poughkeepsie, NY

Johanna M. Korby, Mental Health Counselor, Poughkeepsie, NY

 

ABSTRACT

Concerns about global population growth have been debated among academics, economists, and politicians for over 30 years. Issues related to uncontrolled population growth include its impact on natural resource depletion, poverty and social unrest, and the possibility of eventual extinction (Bandarage, 2006). Environmental and scientific organizations including United Nations agencies have issued warnings of increased social problems and irreversible environmental degradation if current population growth rates continue. While debate regarding the ill effects of overcrowding on the planet earth has continued, the People’s Republic of China (China) took matters in its own hands by introducing a population control policy over 30 years ago. This article provides an overview of China’s “one-child” policy and highlights its unintended consequences and long term implications for the country and the world. At the inception of the communist Beijing regime in 1949, China was flourishing. China’s attitude of "more children, more affluence" led to a baby-boom and consequent shortages in food supplies, housing, medical services, and educational facilities. By 1979, China was home to a quarter of the world’s population, approximately two thirds of which was under the age of 30, and China’s baby boomers of the 1950s and 1960s were beginning to enter their reproductive years. Officially presented in 1980 as a voluntary-based birth control program, the State mobilized a family planning policy advocating that each couple have only one child, with exceptions requiring prior government approval (Settles et al., 2008). Although leadership’s original goal was to bring China’s population growth in to balance with social and economic development, resources, and the environment (Richards, 1996: Vogel, 2011), the policy has remained in place for 32 years. In 2002, China formally established its family planning policy as a stable, long term approach to population control through publication of its Population and Family Planning Law.  

 

What is the Sustainability Content of Marketing Textbooks?

Dr. Constance Bates, Florida International University, Miami, FL

Dr. Deanne Butchey, Florida International University, Miami, FL

 

ABSTRACT

Even though students seem to know what sustainability means in general, we might ask how much students are learning about sustainability in college. This article examines marketing textbooks to see how much space is devoted to sustainability. The study design is to conduct a content analysis of 8 principles of marketing texts. Results are presented for the total number of sustainable words used, the average words per page, as well as sustainable words in the table of contents and index. The results show a current snapshot of the space devoted to green topics in a required, core text. This is a proxy to determining how well sustainability topics are being integrated into the marketing curriculum. Most business students are familiar with the concepts of green and sustainability. They learned about protecting the environment in elementary school. Most are concerned about the environment, recycle and want to have more sustainability content in their business classes (Silverblatt, Bates, Kleban 2012). The question is: how are business professors responding? Are they adding green content to their courses? Are they using green cases? Have our business students been exposed to the issues of managing sustainable projects? This paper focuses on marketing in particular as many businesses have identified this area as one with many opportunities to go green: product design, packaging, and shipping, just to name a few.  Morelli (2011) defines environmental sustainability as “meeting the resource and services needs of current and future generations without compromising the health of the ecosystems that provide them, ...and more specifically, as a condition of balance, resilience, and interconnectedness that allows human society to satisfy its needs while neither exceeding the capacity of its supporting ecosystems to continue to regenerate the services necessary to meet those needs nor by our actions diminishing biological diversity.” Hult (2011) notes that this concept of sustainability is growing in importance among scholars, managers and policymakers and believes that the field of marketing “is in a unique position to elevate its focus from managing relationships with customers to strategically managing a broader set of marketplace issues”, since a successful organization must align itself with the increasing interests of its customers in the area of social responsibility issues including those pertaining to the environment.  

 

The Adoption of an Electronic Medical Record System in a Medicare Certified Home Health Agency

Dr. Joy May, University of Phoenix, AZ

 

ABSTRACT

A qualitative grounded theory study was conducted to examine the experiences of clinicians in the adoption of electronic medical records (EMRs) in a Medicare-certified home health agency. An additional goal for this study was to triangulate qualitative research in describing, explaining, and exploring technology acceptance. The experiences were studied through an anonymous survey using a third-party vendor. The data revealed that in spite of Internet and connectivity issues, clinicians at XYZ Home Care (a pseudonym) overlooked these issues because of the benefits in utilizing an EMR system. These benefits include quick access to patient medical records and saving time. To ensure the privacy of health information, the Health Insurance Portability and Accountability Act (HIPAA) was signed into law in 1996 by President Bill Clinton. One mandate of HIPAA is that all medical facilities must move from a paper medical record system to an electronic medical record (EMR) system. According to the U.S. Department of Health and Human Services (USDHHS, 2003), HIPAA consists of both a Privacy Rule and a Security Rule that apply to all healthcare providers that transmit health information electronically. The paper system has many limitations involving quality care. According to Parente (2009), the problem is that data are not organized or centered on the patient; instead, data from a patient exist in many different settings. Thus, an EMR is integrated and patient-centered. The Obama administration is so sure that EMRs will improve quality that, as part of the American Recovery and Reinvestment Act (2009), funds have been made available to healthcare providers if they meet specific qualifications and protocols (Jones & Kessler, 2010). According to Jones and Kessler (2010), both curiosity and interest in EMRs are driven by the main benefit, which is quick access to patient medical information. Taking EMRs into consideration, this research was a qualitative study using a grounded theory approach to examine the lived experiences of clinicians in the adoption of EMRs at XYZ Home Care (a pseudonym). The clinicians consisted of registered nurses (RNs), licensed vocational nurses, physical therapists, physical therapist assistants, occupational therapists, licensed clinical social workers, medical social workers, medical social worker assistants, and certified home health aides.

 

Job Satisfaction Post-Downsizing

Dr. Rosaland D. Lewis, University of the Rockies, Colorado Springs, CO

Dr. Yvonne V. Phelps, University of Phoenix, Phoenix, AZ

 

ABSTRACT

This quantitative research study examined the impact of downsizing on survivors regarding job satisfaction, specifically examining the relationship between the number of downsizing events experienced and level of job satisfaction. A survey was conducted of 171 managers, supervisors, analysts, cashiers, and factory workers who had experienced downsizing at least one time; the validated survey tool used was the quantitative short-form Minnesota Satisfaction Questionnaire. The data analysis of the study used descriptive analysis, t test, and one-way analysis of variance. No significant differences in job satisfaction among survivors after experiencing downsizing one time or multiple times was found. No influential factors such as age or gender contributed to the data results. Prior to the early 1990s, restructuring was not a popular topic among researchers. Between 1980 and 1994, almost every medium and large corporation had gone through some kind of restructuring or downsizing process. Yet, downsizing remained one of the most pervasive and understudied phenomena in the business world (Cascio & Wynn, 2004). The lack of empirical observations and research related to the causes, effects, consequences, and dynamics of restructuring meant that in the 1980s, many organizations managed downsizing with an informal approach. Restructuring became a favorite tool for chief executive officers and managers to utilize under pressure, to improve short-term profits and boost the price of their company stock (Cascio & Wynn, 2004). Gilbert (2001) suggested that organizations should consider employees’ behaviors, attitudes, and perceptions when implementing long- or short-term restructuring goals because job performance may be affected. Employees who survive downsizing based on prior experience with downsizing are influenced differently and therefore may respond differently to their perception of job satisfaction. Cascio and Wynn (2004) stated that surviving employees want to feel important to the organization in order to maintain a positive attitude.

 

Decreasing Population but Growing Pet Adoption in Mexico. A Field Study

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

 

ABSTRACT

Since the year 1995, the Mexican population has decreased, similar to the phenomena of other advanced countries.  However, pet population has been increasing, resulting in a fast growing pet products/services industry in Mexico. The author conducted 219 surveys to understand related social phenomena.  Based on 4 hypotheses testing, it is concluded that Mexicans were adopting pets to provide company and to share affections  rather than for the elderly, the solitary and patients.   Not all pet owners were affording their own pet care costs, as half of them had cooperation with related expenses by other family members as a part of Mexican culture.  By the way, members of larger families tended to adopt pets in Mexico, a result which is something different from that expected for members of smaller families. Similar to the trend of most advanced countries, there has been an important decrease in the birth rate in Mexico during the recent 40 years (2013, La planificación familiar …).  It is perhaps surprising that  increasing  numbers of Mexicans  take care of their pets, such as dogs principally, year after  year, including during the recent world financial crisis 2007 – 2013.  In searching for possible social reasons for this observation,  the author intends to understand related phenomena by consulting secondary sources for the types of pets, population trends in Mexico as well as primary sources supported by a field survey. While the developing world faces a raídly growing population, the industrialized world´s population is in decline and rapidly aging.  Birthrates in Western Europe and some advanced countries have been decreasing since the early or mid-1960s; more women are choosing careers instead of children, and many working couples are electing to remain childless.  As a result of these and other contemporary factors, population growth in many countries has dropped below the rate necessary to maintain present population levels (Cateora & Graham, 2002, p. 71; Marín, 1997, pp. 1207 - 1212; Núñez S. et al., 2004, p. 75). 

 

Testing the Validity of the Greenblatt’s Magic Formula: Evidence from Thailand, Japan and US Stock Markets

Dr. Lalita Hongratanawong, University of the Thai Chamber of Commerce, Bangkok, Thailand

Yosuke Kakinuma, Mahidol University International College, Bangkok, Thailand

 

ABSTRACT

This study examines the validity of Greenblatt’s “Magic Formula,” a simple stock selection model, across Thailand, Japan and the US stock markets. The steps to screen out the stocks for the magic portfolio were adopted from Greenblatt’s “The Little Book That Still Beats the Market,” and the magic formula’s returns were compared to the market’s returns. SET index is chosen for the Thailand stock market, Nikkei 225 Index is chosen for the Japan stock market and S&P 500 is chosen for the US stock market. Sharpe ratio analysis is used to measure risk-adjusted return. Overall, this study suggests that the magic formula’s two factors, return on capital and earning yield, were able to produce a higher risk-adjusted return than the market index from 1993 to 2012 for all markets. Thailand’s portfolio generates 34.1%, the annualized average return, comparing with 9.6%, that of the market during the tested period. In addition, Japan’s portfolio generates 9.3% comparing with 1.7% of the market and US portfolio generates 15.5% comparing with 8.8% of the market.  Value investing has been the fundamental investment principle for many investors. Graham (1949), the founder of value investing, emphasizes its importance in his classic investment analytic book “The Intelligent Investor.” Graham asserts that margin of safety is the key for successful investment. In other words, the wider the gap between the purchasing price investors pay for a security and the firm’s intrinsic value is, the better the returns investors are likely to get. This “buy low, sell high” approach is a central investment concept for those who invest based on value investing principle such as the world-famous investor Warren Buffett. Although Graham’s concept of the margin of safety is theoretically comprehensible, actually finding a firm’s intrinsic value is extremely difficult and it associates with great uncertainty even for professional investors such as mutual fund managers. Using a discounted cash flow method to find the firm’s value is a prime notion in the school of Finance. Nonetheless, estimating the firm’s future cash flows and setting an appropriate discount rate require significant understanding of the firm’s business, its industry, and overall economic condition both domestically and internationally.

 

Role of Tax Incentives in supporting Digital TV Transition in Indonesia

Martin Surya Mulyadi, Bina Nusantara University, Jakarta, Indonesia

 

ABSTRACT

It is a digital TV era nowadays, where several countries have been successfully move from analogue transmission to digital transmission. Indonesia also have a clear roadmap of its digital TV transition and plan to switch-off all analogue transmission in 2018. However, it is important to analyze what kind of support could be provided by government to ensure this transition program. Tax incentives are one support that could be provided by government. An investment-related incentive has been available, where 30% of incentives could be expensed equally in 6-years period. However, according to this research, incentives as tax credit (as provided by Canada and United States) increase the benefit of more than 20 times. Furthermore, it is suggested that government could consider to provide a labour tax credit, R&D tax credit and hotel tax exemption. For incentives directly attributable to users, VAT exemption will provide a 9% benefit for future users of Indonesian digital TV. Recent development of television (TV) transmission technology has reached a stage of digital transmission. With obvious major advantages compare to analogue transmission, it is a desirable policy choice by governments. Several countries have successfully make a transition from analogue to digital TV. Similar with other countries, Indonesia also have a clear roadmap of digital TV transition which according to its roadmap there will be analogue switch-off in 2018. However, considering the high cost of this transmission project, it is important for government to provide incentives to support this program. One kind of incentives that could be considered to be given is tax incentives, which according to previous research have a significant positive effect on growth (although in some conditions, some other researchers also concluded that there is a negative correlation between tax incentives and growth). As there are six main group of stakeholders in digital TV transition, focus on this research will be analyzing the alternative tax incentives to be given for content producers and equipment manufacturers. Although all six stakeholders are important, the main driver of success transition is the users. Users could considered a change to digital TV is they found a various and interesting program provided by digital TV, that’s why tax incentives for content producers is important.

 

The Influence of Superior Customer Service on Customer Satisfaction of Mobile Telephone Subscribers in Nigeria

Dr. Akins T. Ogungbure, Troy University

 

ABSTRACT

The mobile telephone has been widely accepted as a means of communication in Nigeria.  The market penetration of the mobile telephone is about 70% in Nigeria. The potential growth of mobile telephone services in Nigeria is very huge. Thus, it’s important to study the relationships between customer service, service quality, and customer’s intention to switch to a competitor and customer satisfaction and how these factors affect the choice of mobile service providers in Nigeria. This research seeks to explore some issues that are related to customer service and the quality of service customers deemed important and the intentions of the mobile telephone subscribers to switch to competitors. It’s expected that some knowledge would be gained about the importance of providing superior customer service and its influence on customer satisfaction. This study would also benefit the mobile telephone providers because the findings and results of the study would provide some measures for describing and evaluating the level of customer satisfaction with the providers and their service offerings. It is also expected that the results and findings of this study would provide valuable information for the policy makers and telecommunications regulatory agencies so that they can better evaluate the performances of the mobile telephone providers as it pertains to customer service and customer satisfaction. The data for the study will be collected by means of online survey questionnaires. The survey participants will be drawn from a random sample of private sector employees and university student population in four universities in Nigeria. This cohort has the appropriate characteristics of the largest market segment for mobile phone services. The sample size will consist of 800 respondents. The collected data will be analyzed using regression analysis and correlation statistics as appropriate. The findings will be reported and discussed and conclusions would be drawn. Many people in Nigeria are very optimistic and delighted about socio-economic transformation that is brought about as a result of the deployment and adoption of information and communication technologies (ICT) in the country. Information communication technology and mobile telephony adoption is fast enhancing its realization and has become imperative and indispensable (Friedrich, Grone, Holbing, & Peterson, 2009).

 

Secure Software Programming

Dr. Huiming Yu, Computer Science Department, NC A&T State University, Greensboro, NC

Nadia Jones, Computer Science Department, NC A&T State University, Greensboro, NC

 

ABSTRACT

Secure software programming is critical because a large fraction of security incidents result from flaws in the program design and the code. In this paper we will discuss two important topics that are writing secure code and secure program design. Secure program design consideration, insecure code, safe programming practices, insecure program and secure program design and implementation will be discussed. Related examples will be presented. Secure software programming is a vital aspect of information assurance, software engineering and computer security because it greatly impacts computer system security, network security and cloud computing security. Computer scientists have worked relentlessly to repair damage inflicted by hackers and malicious computer users. By using worms, viruses, Trojan horses, and various malicious tools, hackers have managed to make safe computing a more difficult task (Frank et al., 2006; ISO/IEC 2008). In order to effectively reducing computer security related issues, programmers must perform a variety of tasks to ensure that there are as few security leaks or vulnerabilities as possible in their programs.  Software applications and codes should always be designed with security in mind from the very beginning (Eck 2006; Stallings and  Brown 2007). An ideal application will always be designed from top to bottom and demonstrating secure practices throughout the entire development.  Poor programming practices often result in many security vulnerabilities.  Buffer overflow, denial of service, cross-site scripting, code injections, invalid input and improper error handling are all the results of insecure program (Howard and LeBlanc 2002).  Awareness of the many security vulnerabilities, along with accounting and handling of all error states are crucial steps to develop secure software products.  Programmers use various testing techniques to identify and eliminate as many bugs as possible from a program.  Variations of common errors and likely inputs are one of the testing strategies that programmers use to minimize the number of vulnerabilities found (ISO/IEC 2008; Howard and LeBlanc 2002). 

 

Understanding Impulsive Buying Behavior in Online Retail

Dr. Asmita Shukla, Indian Institute of Technology Bhubaneswar, India

Rojalin Mishra, Indian Institute of Technology Bhubaneswar, India

 

ABSTRACT

Nowadays consumers shopping pattern has changed. With the growth of e-commerce, online shopping is also gaining popularity.Retailers’ social media activities influence a significant proportion of users to try new products and make unplanned purchases. As a result, the concept of impulsive buying has become great interest to marketers.  The present research proposes the effects of consumers’ brand consciousness,attitude towards online shopping and Facebook advertising on e-impulsive buying. The present research also examined the mediating effect of urge to buy and moderating effect of gender on the above mentioned relationship. The study was conducted on 207 respondents (Males=77 and Females=130). As a result of this study, attitude towards online shopping and Facebook advertising had a positive effect on e-impulsive buying, and urge to buy mediated the relationships. Similarly brand consciousness had a positive effect on e- impulsive buying, and urge to buy mediated the relationship. Gender was found to be a significant moderator between attitude towards Facebook advertising and brand consciousness, and e-impulsive buying. But gender was not significant as a moderator between attitude towards online shopping and e-impulsive buying behavior.  As online retail sale is increasing, companies are trying to take advantage of online shopping by incorporating strategies to increase impulsive purchases. With the advancement of technology and increased experiences in online marketing, websites have become very innovative in encouraging impulsive buying. As social media grows exponentially, the terms “like” and “share” are common for everyone. Social media is a quick and easy medium for marketing and connecting with customers. Message can spread virally just with a click or a simple post about a product. Social media sites like Facebook and Twitter are becoming more than ‘just a place’ for communication.

 

The Participatory Management of Community for Restoration and Conservation of Ecology System, Way of Life, Local Wisdom, and Identity of Mangrove Forest Community

Dr. Nithipattara Balsiri, Dhonburi Rajabhat University, Bangkok, Thailand

 

ABSTRACT

The purposes of this research were: 1) to study ecology system, way of life, local wisdom, and identity of mangrove forest community, 2) to develop the model of restoration and conservation of ecology system, way of life, local wisdom, and identity of mangrove forest community, 3) to develop the participatory management model of community for restoration and conservation of ecology system, way of life, local wisdom, and identity of mangrove forest community. Research methodology is the participatory action research. This research area is Bangkuntian district, Bangkok province. Interview schedules, and observation forms were employed for data collection. Content analysis and induction were employed for data analysis. The major research results were : 1) the ecology system of mangrove forest community consisted of the producers, consumers, and decomposers; 2) the way of life were crap farm, shell farm, shrimp farm, fish farm, tourism; 3) local wisdom were shrimp paste, food preservation; 4) the model of restoration and conservation of ecology system, way of life, and local wisdom of mangrove forest community consisted of learning community model, ecology tourism community model, and sufficiency economy community model, 5) the participatory management model of community for restoration and conservation of ecology system, way of life, and local wisdom of mangrove forest community comprised of community participation of ecological resource management, cultural resource management, agricultural resource management, learning society management, tourism marketing management, and tourism services management. Mangrove Mangue from the word that in Portuguese society that crop up along the coast. The clay is sometimes referred to mangroves that intertidal forest because the forest is located in the coastal area between high tide and maximum low tide, so the forest is the forest on the beach playing of the sea in tropical and estuaries, that borders the sea. The smooth flow to the area to be flooded with sea water, or sea water, at least in the most advanced, most deciduous trees. Environments typical of mangrove forests are very different from the wild, others, particularly the soil due to a clay in the steppe soils are fertile, high-nutrient water from various sources such as from coastal erosion, and water streams.

 

Agent Based Approach for Banking Investment Ratios

Iris Lucas(1), ECE Paris School of Engineering, Paris, France

 

ABSTRACT

In order to better understand how banks individual decision rules impact interbank market and how global Central Banks decision could impact individual liquidity position of institutions, present paper proposes to highlight the structure-property relationships at different scales by using the structure of agent-based model in a two-class environment. The data corresponding to first class are collected from existing biggest and systemic banks whereas the agents balance sheet of second class are fictitious and built from average values. The model is marked by a set of behavioral interbank descriptions and agents have to trade off their liquidity needs vs their financial gain. The model proposes three kinds of tradable assets with different risk exposures and corresponding yield rates. Applied to the European interbank network, the present cases introduce different liquidity allocation scenarios between financial assets. From macro variables and expected cost quantifying for regulator, the scenarios highlight the fact that system stability is directly related to individual proportion of ratios of low-risk securities versus ratio of high-risk assets. Financial markets are constantly accused for current state of economy but despite blaming the game, one should also blame the gamers and the rules. Between September 2012 and February 2013 the ECB (2) has injected more than 1000B€ in banks through LTROs (3) and yet, nothing seems to have been transferred to European economy. Banking system appears to become a giant liquidity sponge, a black box in which one may wonder where injected liquidities by regulators are really going. Today the current banking system prefers to bet its money on new emergent government bonds rather than on local firms. So the view can be taken that either banks are just disconnected from their local economy, or that banking system is not efficient anymore. This does imply that there is no guarantee that a crisis may not occur again if banking system is maintained without modifications.

 

The Inflation Phenomenon: Is it Still a Threat for Economies? The Success Story of Turkey for Fighting Inflation

Dr. Billur Guner, Istanbul Kultur University, Istanbul, Turkey

Dr. Nebile Korucu Gumusoglu, Istanbul Kultur University, Istanbul, Turkey

 

ABSTRACT

Monetary stability in an economy is of vital importance for the economic life. The increase in general price level –inflation- is accepted as detrimental to the country's economy. The close relationship between money supply and inflation is generally accepted by economists and also in the economics literature strict consensus exists about the relationship between interest rates and inflation, though, the issue of direction and causality of the relationship is still disputed. In recent years exchange rates also have become one of the main explanatory variables of inflation especially for developing countries. Overvalued exchange rate policies seen in developing countries caused severe financial crisis and led to to the emphasis on the relationship between exchange rate and inflation rate. In that context, Turkey which experienced high inflation rates in 1990’s is a good example of a successful fight for inflation. The success story of Turkey gave us some lessons and new receipts especially for the developing countries which are facing the same problems. In this study the complex relationship between inflation, money supply, interest rates and exchange rates that are diffucult to understand with a static perspective will be analysed in a dynamic point of view. The failures of the monetary targeting policies like monetary targeting, interest rate and exchange rate targeting have forced many countries to seek a new monetary policy to deal with problem of inflation. As a result, in 1990’s and 2000’s Central Banks’ of different countries have adopted inflation targeting regime.  The Reserve Bank of New Zealand was the first central bank that adopted inflation targeting in 1990. The success of Reserve Bank of New Zealand caused other countries to implement inflation targeting regime. During the years 2002-2006, Central Bank of the Republic of Turkey (CBRT) has also implemented implicit inflation targeting and at the beginning of 2006 formally moved onto an inflation targeting regime (Uğurlu, Saraçoğlu, 2010). Nowadays the low inflation rates of Turkey compared to 1990’s tells us a success story with unique features. In this study the theoretical backround of the inflation is analysed and the reasons behind this successful fight for inflation are also identified. The continuously and substantially increases in the general price level is defined as inflation which leads to the declining value of purchasing power of money and which is accepted by economists detrimental to the country's economy. Inflation causes decreases in the purchasing power of money, worsens the allocation of resources and affects employment and savings negatively (Birinci, 2011).

 

Petro-Dictatorship, Insurgencies, Boko Haram-Terrorism and Threats to U.S. – Africa Energy Security Future

Professor Augustine A. Ikein, Niger Delta University of Nigeria

 

ABSTRACT

This paper posits that Africa is the treasure base and home of major strategic resources that attracted European’s and Americans to its shores.  Historically, it was the resources of Africa that provided the right lubricant that turned the wheels of industrial revolution and development in Euro-America.  It also true that Euro-America investment and technology transfer helped to develop Africa.  Africa is still endowed with abundant energy resources like oil and gas to meet the energy needs of America.  Harnessing the endowed energy resources to meet the development needs of African Nations is the challenge that must be dealt with.  The production and export of the energy resources are now being challenged by a new wave of insurgents, militants and terrorists who may create a new form of resource control and petro dictatorship to threaten and disrupt the flow of energy supply to major consumers like the United States.  The emergence of Boko Haram and other terrorist groups, if allowed to continue, could threaten the energy security of both the United States and producer Nations in Africa.  The paper also high lights the origin of terror and views on conspiracy theory and activities of Boko Haram, its impact on Nigeria and a possible spillover cost and implications for the United States and the rest of the world.  America should take the lead to partner with energy kingpin, Nigeria the leading power of African axis of oil and global power that is directly challenged by the Boko Haram. Africa is endowed with abundant energy resources in the form of fossil fuel, coal, hydro power, uranium, bio-mass, and other renewable energy sources like solar wind and geothermal power.   Africa is a great land that is divinely blessed with many strategic resources that are an attraction to all major resource consumers around the world.  It is widely believed that Africa is the treasure base of the world’s strategic resources.  Euro-America had relied on Africa for their strategic resource needs throughout history.  Historically, the strategic resources of Africa have served as lubricant to the wheels of industrial revolution and economic development in Euro-America and at the same time the inflow of Euro-American investment and technology have contributed immensely to the developmental needs of Africa. 

Towards a Single Conceptual Definition of Trust

Theresa Robinson Harris, Pepperdine University, Los Angeles, CA

 

ABSTRACT

Trust is a very complex and elusive phenomenon. This paper reviewed 28 randomly selected articles and found 28 very different and often conflicting definitions for the concept in the literature. This indicates that there is confusion and a high level of differences and discrepancies with how the concept is being defined and measured. The paper argues for a single conceptual definition of trust and identifies several broad categories and key variables resulting from the literature review which can be used to develop a guiding framework for future studies. Trust within organizations has been the subject of considerable question and debate over the past decade. Financial crisis in the United States and elsewhere has contributed to this heightened focus. The increased attention has contributed to the passage of considerable public policies geared towards restoring trust in organizations. Likewise, the World Economic Forum (2005) reported that public trust in organizations is steadily on the decline (Appendix A). The figure shows countries with steady or declining trust since 2004. Within the United States, the trust needle moved drastically in the opposite direction from a net rating of 10 in 2004 to a net rating of negative 9 in 2005. This was the first time since the survey started in 2001 that net trust in global companies went negative (World Economic Forum, 2005). Similarly, a Harvard Business Review (2009) article on trust summarized the environment after the economic crisis in 2009 as one of trust deficit, with the economy at a standstill waiting for confidence to return to pre financial crisis levels (Moyer, 2009). It is evident from these and other studies that trust is important to every aspect of our lives, but do we really know what we mean by trust and are we really comparing apples to apples when we conclude that trust is on the decline?

 

Economic Diplomacy versus the Influence of President’s Authority

Sinisa Pokos, Megatrend University, Serbia

 

ABSTRACT

During a time of global crises, economies and the world’s most powerful leaders are struggling to survive and maintain the standard of living at a decent level. Every country is trying to protect its inhabitants and interests on the global market. Russia, one of the world’s leading country, represents a type of threat for its resources to the other leading countries. On the other side is Ukraine. This is not a leading country nor is it as wealthy as Russia. These two countries are dealing with conflicts because of the territory of Crimea. Also, since Ukraine was planning to join the European Union (EU), other countries such as the US and EU got involved in these conflicts with the idea of protecting Ukraine’s interests.  Conflicts between Russia and Ukraine have been going on over the Crimean Peninsula, which is situated on the northern coast of the Black Sea. The peninsula is located just south of the Ukrainian mainland and west of the Russian region of Kuban. It is surrounded by two seas: the Black Sea and the smaller Sea of Azov to the east. It is a multi-ethnic region that was, until February 2014, administrated by Ukraine as the Autonomous Republic of Crimea with Sevastopol having its own administration within Ukraine but outside of the Autonomous Republic. Both of the mentioned territories are populated by an ethnic Russian majority and a minority of both Ukrainians and Crimean Tartars. Currently, the Crimean Peninsula is controlled by the Russian Federation as the Crimean Federal District, a status that is not recognized by the United Nations.  This article will discuss influences of economic diplomacy and president’s authorities in crises, like the one that’s been occurring in Crimea. 

The Impacts of CCCTB Introduction on the Allocation of the Corporate Tax Bases in the Czech Republic

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

Dr. Veronika Solilova, Mendel University, Brno, Czech Republic

 

ABSTRACT

After 10 years of intensive work, the European Commission has published the draft directive on common system of corporate taxation. It can be considered as the most ambitious project in the history of structural tax harmonization in the area of direct taxation in the EU. CCCTB proposal represents unique system, for on one hand it represents unified rules for the construction of the tax base, on the other hand it does not breach the national sovereignty of EU Members States to apply independently the tax rate. The aim of the paper is to research the changes in the distribution of group tax bases of the Czech subsidiaries of EU parent companies after the implementation of the CCCTB system within EU28. During the research will be performed the comparative analysis of the current situation when the separate entity approach is applied with the situation when CCCTB system is applied – i.e. when applying group taxation and consolidation schemes, based on the empirical analysis of the data available from the Amadeus database. After 10 years of intensive work, the European Commission has published the draft directive on common system of corporate taxation. It can be considered as the most ambitious project in the history of structural tax harmonization in the area of direct taxation in the EU. CCCTB proposal represents unique system, for on one hand it represents unified rules for the construction of the tax base, on the other hand it does not breach the national sovereignty of EU Members States to apply independently the tax rate. It also meats the basic requirements which were formulated by EU Member states – it should contribute to the reduction of compliance costs of taxation, elimination of transfer pricing issues by enabling group taxation schemes and consolidation and therefore enabling cross border loss offsetting.

 

Investigating the Influence of Individual Level IT Security Climate on Salient IT Security User Beliefs

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

 

ABSTRACT

There is a growing need to better understand what influences user behavior for the development of comprehensive IT security systems.  This study integrates two prominent bodies of research:(a) the theory of planned behavior used to frame the factors influencing user behavior beginning with salient user beliefs, and (b) individual level climate perceptions used to frame organizational environment influences.  Hypotheses regarding the relationships between the climate and beliefs are empirically tested.  The intent of the research is to extend the theory of planned behavior and IT security literature by investigating environmental influences on user beliefs regarding an IT security artifact, such as anti-spyware.  The results of the study provide evidence that there are significant positive relationships between an IT security climate at the individual level, also known as IT security psychological climate, and several identified salient beliefs.  A discussion of the findings and their implications for theory and practice is provided. The global nature of business today makes information technology security increasingly important and complex as organizations strive to share their information and data assets more effectively with employees, partners and customers.  The criticality of IT security is echoed by FBI director Robert Mueller who recently declared that “cyber security may well become our highest priority in the years to come” (FBI, 2012).  Recognition of the role of the internal user and building a “human firewall” (Coe, 2003) are imperatives if organizations want to safeguard their information assets.  Internal user practices (Wade, 2004) and organizational culture (Britt, 2005) point to internal user beliefs and behavior as foundational aspects in the protection of an organization’s information assets.  Thus, there is a significant need to investigate IT security, internal user IT security beliefs and behavior.  IT security research can significantly aid in focusing more attention on the social aspects of IT security. 

 

Financial or Operating Lease?  Problems With Comparability of Financial Analysis Ratios

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

Dr. Patrik Svoboda, Mendel University, Brno, Czech Republic

 

ABSTRACT

The objective of financial statements is to provide information about the financial position, performance and changes in financial position of a company. The information should be useful to a wide range of users in making economic decisions. Financial statements should be understandable, relevant, reliable and comparable. The use of IFRS for financial statements preparation in more than 100 countries over the world, and the convergence of IFRS with US GAAP should increase the comparability of financial statements over the world. The comparability is decreased due to existence of some different treatments for reporting the same transaction allowed by IFRS and  that some transactions could be structured by companies in different ways (lease, pension) to get the demanded effect by reporting company (on-balance sheet and off-balance sheet).  The paper is concerned with an evaluation of possibilities of comparison of financial statements prepared under the current IFRS and US GAAP treatments for lease reporting. Financial Reporting as a result of application of accounting treatments should become a comprehensible source of information for users from different countries. It is supposed that the use of IFRS enhances the comparability of financial statements, improves corporate transparency and increases the quality of financial reporting (Daske, Hail, Leuz, Verdi, 2008). Companies which comply with the IFRS rules can achieve many benefits, e.g. they may reduce investor’s uncertainty and can thus reduce the costs of capital they can significantly improve the communication between business users and all their statements.  More than 100 countries in the world have already adopted IFRS. On the other hand, there are US Generally Accepted Accounting Principles (US GAAP) which were the only reporting system, which was accepted by financial markets in the USA for a long time. The two most significant organizations in the field of financial reporting regulation setters in the world -

 

IT Governance: A Multi-level Analysis toward a Unified Perspective

Dr. Humam Elagha, Royal University for Women, Kingdom of Bahrain

 

ABSTRACT

This paper examines the previous and current research in IT Governance to provide a basis for further research. A conceptual IT Governance framework that builds on four disciplines of IT Governance is proposed. The framework builds on the integration between the structural and processes perspectives of IT Governance Domains, IT Governance Maturity, IT Governance Mechanisms, and IT Governance Performance. Moreover, the paper empirically examines the relationship between the four disciplines of IT Governance. This study found robust empirical evidence that the maturity of the IT Governance Domains greatly enhances the level of IT Governance Maturity and the existence of IT Governance Mechanisms greatly enhances the overall effectiveness of IT Governance. This paper shows that current IT Governance research represents a strong, albeit not completely inclusive, combination of the four disciplines of literature. The paper concludes that even with the consideration of contemporary structures, academicians and practitioners similarly continue to explore the concept of IT governance in an attempt to find appropriate mechanisms to govern corporate IT decisions. The concept IT Governance emerged in mid-nineties and first used by Henderson & Venkatraman to describe the complex array of inter firm relationships involved in achieving strategic alignment between business and IT (Henderson & Venkatraman, 1993). IT governance is the structure of relationships, processes and mechanisms used to develop, direct and control IT strategy and resources so as to best achieve the goals and objectives of an enterprise. It is a set of processes aimed at adding value to an organization while balancing the risk and return aspects associated with IT investments. IT governance is ultimately the responsibility of the board of directors and executive management. In a broader sense, IT governance encompasses developing the IT strategic plan, assessing the nature and organizational impact of new technologies, developing the IT skill base, aligning IT direction and resources, safeguarding the interests of internal-external IT stakeholders as well as taking into account the quality of relationships between stakeholders (IT Governance Institute, 2007a; Korac-Kakabadse & Kakabadse, 2001; Kordel, 2004).

 

Stock Market Development and Economic Growth in Namibia

Dr. Esau Kaakunga, University of Namibia, Windhoek

 

ABSTRACT

The purpose of this study was to investigate the influence of the stock market development on economic growth in Namibia using modern time series econometric techniques that of co- integration and error correction modeling. The study used market capitalization, local share index and total value of all shares traded as indicators of stock market development and real gross domestic product as a proxy for economic growth. The results of the study have shown that real gross domestic product is co-integrated with stock market development. The short-run results indicate that local share index and total values of local shares are negative and statistically insignificant correlated with economic growth. The study has found market capitalization as an important stock market performance indicator that has driven economic activities in Namibia during the period under review. Hence, policies that will promote the development of the capital market will also contribute to economic growth of the Namibian economy. The study is suggesting the removal of impediments to stock market development which include tax, legal, and regulatory barriers; and the employment of policies that would increase the productivity and efficiency of firms as well encourage them to access capital on the stock market and also enhance the capacity of the Namibian Stock Exchange, restore the confidence of stock market participants and safeguard the interest of shareholders. The stock market plays an important main role as an economic institution which improves the efficiency in capital formation and allocation. It enables both corporations and the government to raise long-term capital which enables them to finance new projects and expand other operations (Olweny and Kimani, 2011). Stock market has been associated with economic growth through its role as sources for new capital, whereas economic growth may be catalyst for stock market growth. Senbet and Otchere, (2008) have noted that the principal channel for the linkage between stock market development and economic performance is liquidity provision of the market. Yartey and Adjasi (2007) found out that stock markets contribute to financing of corporate investments and hence growth of listed firms in Africa as they are required to keep best practices.

 

National Problems, Global Solutions:  Technology, Information, and Safeguards

Dr. Kamlesh Mehta, National University, CA

Dr. Vivek Shah, Texas State University, TX

 

ABSTRACT

The era of digital and cyber information have dominated the 21st Century.  Due to the increase in the use of cyber and internet technologies, the rise in data mining and social network, and the increased need for cyber and digital security measures, consumers, businesses, government, and citizens must ask three fundamental questions: (1) Do the benefits of living in an era of data mining and social networking outweigh the loss of personal privacy?  (2) Should outsiders or next-to-kin be able to know more about a person than the person perhaps knows about one self?  (3) What safeguard strategies are available to companies to ensure cyber and digital security? The purpose of this research paper is to examine how data mining, social network analysis, and data collection techniques have changed the face of society, and our perceptions of what Personal Privacy actually means, and to review the strategies available to companies to safeguard cyber and digital security. The internet has become a veritable treasure trove of information about people, societies, and global trends.  The advent of the internet opened doors to new ideas and information sharing, however, this free information frontier may come at a price to personal privacy.  In the “Information Age” people have no qualms about releasing the most intimate details of their personal lives out into “Cyberspace” for the entire world to see or do they?  In most instances, people knowingly, or under false sense of privacy, or unknowingly release the most intimate details of the personal lives.  In George Orwell’s book “1984” (1950), an all seeing all controlling government ominously named “Big Brother” utilized a band of “Thought Police” to tell its citizens what to think, what to do, and how to act.  Free societies, as a whole, fear governing bodies that exercise too much control and have access to every bit of information about its citizens.  Businesses and governments are using ever more sophisticated Customer Relationship Management (CRM) tools and new intelligence gathering techniques such as data mining and social networking analysis to define their customer base or constituencies.  It is easy to paint an ominous picture of data mining and other CRM techniques, however, there are also many good uses for data mining such as tracking the spread of infectious diseases, building stronger social networks, enhancing global collaboration, and helping businesses reduce costs, define their target markets, and customer likes and dislikes.  In light of information explosion, we must ask three fundamental questions: (1) Do the benefits of living in an era of data mining and social networking outweigh the loss of personal privacy?  (2) Should outsiders or next to kin be able to know more about a person than the person perhaps knows about one self?  (3)

 

The Glass Ceiling and Women in Management in the Middle East: Myth or Reality?

Dr. Evangelia (Lia) Marinakou, Royal University for Women, Kingdom of Bahrain

 

ABSTRACT

Although globalization and equal employment have created opportunities for female managers, they are still underrepresented in the corporate ladder. Gender and gender role stereotypes are persistent in organizations that operate in the Middle East, challenging women’s employment and showing evidence of the glass ceiling in management. This paper explores the position of women in management in the Kingdom of Bahrain, as well as the barriers they face in climbing the career ladder. The findings from the semi-structured interviews with 15 female managers suggest that they identify long hours work, stereotypical behavior and gender discrimination as the prevailing factors to career growth. In addition, society and culture have also been widely identified, including family commitment and balancing work with family. The paper proposes that women who want to lead a successful professional life have found their way to break through the barriers of the invisible glass ceiling by commitment, family support and education. In addition, companies are gradually learning how to create cultures in which expectations and professionalism are not necessarily gender-linked. Although, the last decade in the Middle East has been a steady economic expansion (Saddi, Sabbagh, Shediac & Jamjoum, 2012), the Arab Spring has added pressure to unemployment rates creating many challenges such as low female labor force participation rates, low levels of private sector development, weak public and corporate governance, limited competition, pervasive corruption and bloated public sectors (Tlaiss & Kauser, 2011). Within this context, there have been many changes for Arab women, as women are now entering the workforce and are rising to managerial positions. The percentage of Bahraini women working increased from 4.9% at 1971 to 33.5% to 2010 (Supreme Council for Women, 2013). The female representation in the Bahraini labor force is estimated at 29.8 per cent, much less than the global estimate of 51.7 per cent, but better than of the Middle East average which is estimated as 25.4 per cent (ILO, 2010).

 

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