International Environment of Global Business eJournal最新文献

Corporate Governance in Macedonia - Micro and Macro Analysis 马其顿公司治理——微观与宏观分析

International Environment of Global Business eJournal Pub Date : 2011-12-01 DOI: 10.22495/RGCV1I1ART10

M. Apostolov

{"title":"Corporate Governance in Macedonia - Micro and Macro Analysis","authors":"M. Apostolov","doi":"10.22495/RGCV1I1ART10","DOIUrl":"https://doi.org/10.22495/RGCV1I1ART10","url":null,"abstract":"The corporate governance issue in Macedonian companies has been brought forward during the recent few years. The main reason is the fact that the privatization process completion of socially-owned and partly state-owned enterprises has put emphasis to the challenge to reasonably regulate relationships established within companies on one hand, and relationships between companies and larger society on the other. All market economies, including those with longest tradition, have faced this kind of challenge so far. Corporate governance becomes an increasingly important issue for the Macedonian economy. It is being taken with greater consideration by the companies, regulators and government. The strong wave of privatization programs from mid-90’ have resulted in an altered business environment, and new legal and institutional frameworks have been established. Indeed, corporate governance contributes to sustainable economic development by enhancing the performance of companies and increasing their access to external sources of capital. In this paper we will make attempt to analyze the predominant factors that create prolific corporate governance environment in two terms; a) micro level and macro level.","PeriodicalId":213755,"journal":{"name":"International Environment of Global Business eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129043858","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 10

Applicability of Minimum Alternate Tax in India 最低替代税在印度的适用性

International Environment of Global Business eJournal Pub Date : 2011-02-11 DOI: 10.2139/SSRN.1759907

N. Chaturvedi, Priyesh Sharma, Karandeep Makkar

{"title":"Applicability of Minimum Alternate Tax in India","authors":"N. Chaturvedi, Priyesh Sharma, Karandeep Makkar","doi":"10.2139/SSRN.1759907","DOIUrl":"https://doi.org/10.2139/SSRN.1759907","url":null,"abstract":"Applicability of MAT in India: As per section 115JB (1), every company shall liable to pay a Minimum Alternate Tax. If its tax on total income, computed at the normal rate, is less than 10% of its book profit, such book profit shall be deemed to be the total income of the assessee and the tax payable by the company shall be 10% (from Assessment Year 2010-11 15%, 18% for AY 2011-12) on such book profit.Normally, a company is liable to pay tax on the income computed in accordance with the provisions of the income tax Act, but the profit and loss account of the company is prepared as per provisions of the Companies Act. There were large number of companies who had book profits as per their profit and loss account but were not paying any tax because income computed as per provisions of the income tax act was either nil or negative or insignificant. In such case, although the companies were showing book profits and declaring dividends to the shareholders, they were not paying any income tax. These companies are popularly known as Zero Tax companies. In order to bring such companies under the income tax act net, section 115JA was introduced w.e.f assessment year 1997-98. MAT proposes the corporate sector to be slim and beautiful. It has been successful so far to burn the fat and make the sloth run; the new scheme will also do the same but in a different manner.","PeriodicalId":213755,"journal":{"name":"International Environment of Global Business eJournal","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133877131","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

An Analysis of Asset-Liability Management in Indian Banks 印度银行资产负债管理分析

International Environment of Global Business eJournal Pub Date : 2011-02-01 DOI: 10.2139/ssrn.1760786

M. Dash, Venkatesh K A, B. D.

{"title":"An Analysis of Asset-Liability Management in Indian Banks","authors":"M. Dash, Venkatesh K A, B. D.","doi":"10.2139/ssrn.1760786","DOIUrl":"https://doi.org/10.2139/ssrn.1760786","url":null,"abstract":"Asset-Liability Management (ALM) is concerned with strategic management of assets (uses of funds) and liabilities (sources of funds) of banks, against risks caused by changes in the liquidity position of the bank, interest rates, and exchange rates, and against credit risk and contingency risk. An effective ALM technique aims to manage the volume, mix, maturity, rate sensitivity, quality and liquidity of the assets and liabilities as a whole so as to attain a predetermined acceptable risk/reward ratio. The purpose of ALM is to enhance the asset quality, quantify the risks associated with the assets and liabilities and further manage them, in order to stabilize the short-term profits, the long-term earnings and the long-run sustenance of the bank. The Reserve Bank of India (RBI) has implemented the Basel II norms for the regulation of Indian banks, providing a framework for banks to develop ALM policies. The present study analyses asset-liability management in banks operating in India using the asset-liability guidelines provided by the Reserve Bank of India. The primary objective of the study was to compare the maturity gaps in public, private and foreign banks in the Indian banking industry.","PeriodicalId":213755,"journal":{"name":"International Environment of Global Business eJournal","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123174631","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 19

The Future of Chinese Growth 中国经济增长的未来

International Environment of Global Business eJournal Pub Date : 2011-01-24 DOI: 10.2139/ssrn.1635400

D. Beim

引用次数: 3

Risk Transfer Through Commodity Derivatives: A Study of Soyabean Oil 商品衍生品的风险转移:以大豆油为例

International Environment of Global Business eJournal Pub Date : 2011-01-07 DOI: 10.2139/ssrn.1736406

R. Sinha, Ashis Bhuniya

{"title":"Risk Transfer Through Commodity Derivatives: A Study of Soyabean Oil","authors":"R. Sinha, Ashis Bhuniya","doi":"10.2139/ssrn.1736406","DOIUrl":"https://doi.org/10.2139/ssrn.1736406","url":null,"abstract":"Prices of commodities are determined by the market forces of demand and supply and susceptible to changes due to changes in market forces. The change in market forces within a short period leads to sharp change in prices leading to price volatility. Price risk is the potential for a future price to deviate from the expected value. In ancient times various techniques and tools like arbitrage strategy were adopted by the trader to reduce this risk. The basic arbitrage strategy, buying/selling the cash asset while selling/buying a future contract was practiced in grain trade by Jews during ancient times. This was the past form of present day future contract. Now techniques and tools of financial engineering are applied to that old idea by extension of future trading to commodity or a financial instrument. Though future trading of commodities commenced during British India, it was banned during post independence era in the year 1955. After its reintroduction in the year 2003, the aggregate turnover of commodity exchanges reached to Rs. 7090456 crores, witnessing a spectacular growth of 40% in the year 2008-09. The present study on Soybean futures expiring on April 2010, worked out the hedge ratio based on JSE and HKM methodology. The study shows that hedging effectiveness improves in cross hedging and composite hedging.","PeriodicalId":213755,"journal":{"name":"International Environment of Global Business eJournal","volume":"23 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133846914","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 6

Volatility Transmission and Correlation Analysis between the US and Asia: The Impact of the Global Financial Crisis 美国与亚洲的波动传导及相关分析:全球金融危机的影响

International Environment of Global Business eJournal Pub Date : 2011-01-01 DOI: 10.2139/ssrn.1740446

N. Valls, Helena Chuliá

引用次数: 10

Can Price Movement Toward Equilibrium Overshoot? Evidence from Share Repurchases and Subsidiary Selling 价格走向均衡会超调吗?来自股份回购和子公司出售的证据

International Environment of Global Business eJournal Pub Date : 2010-12-20 DOI: 10.2139/ssrn.1663374

C. E. Wang, Ramon P. Degennaro

引用次数: 0

Contagion 2007-2009 and its Impact on Indian Fiscal and Monetary Policy 2007-2009年传染及其对印度财政和货币政策的影响

International Environment of Global Business eJournal Pub Date : 2010-12-03 DOI: 10.2139/ssrn.1719508

Uttam Hathi

{"title":"Contagion 2007-2009 and its Impact on Indian Fiscal and Monetary Policy","authors":"Uttam Hathi","doi":"10.2139/ssrn.1719508","DOIUrl":"https://doi.org/10.2139/ssrn.1719508","url":null,"abstract":"The financial crises of 2007-2009 emanating from the sub prime and Alt-A mortgages in US and its CDO’s resulted in a financial contagion which impacted countries across the world, countries which had negligible exposure to the CDO’s derived from sub prime and Alt-A mortgages as India. This financial crises created a seizure in the banking circles thereat at financial intermediation in the nerve centre of Banking industry - London and New York creating cascading effects across the world, roll overs of debts during the seizure period and thereafter became a imploding issue, this created a counter party risk and thus CDS’s prices reached levels as never before, which resulted in the underlining asset crashing and thus feeding into the crises. Governments across the world along with the central banks reacted at levels unprecedented, this stemmed the fall to an abyss but created its own issues, countries balance sheets ballooned on quantitative easing, fiscal imbalances arose thereto. This paper captures the cause of the of the financial crises highlighting the issues which resulted in a financial contagion, It traverses though crises India as a developing country faced and the acts and actions as its government took as fiscal measures and the acts of its Central Bank-RBI through its monetary policy with its available tools more so to infuse liquidity in the system as the core to the problem was of perceived problems of liquidity.","PeriodicalId":213755,"journal":{"name":"International Environment of Global Business eJournal","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124022510","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Federal Reserve Communications and Emerging Equity Markets 美联储通讯和新兴股票市场

International Environment of Global Business eJournal Pub Date : 2010-12-02 DOI: 10.2139/ssrn.1402584

B. Hayo, Ali M. Kutan, Matthias Neuenkirch

引用次数: 31

Togo Growth Diagnostics 多哥生长诊断

International Environment of Global Business eJournal Pub Date : 2010-12-01 DOI: 10.1596/1813-9450-5509

Susanna Lundström, Leonardo Garrido

{"title":"Togo Growth Diagnostics","authors":"Susanna Lundström, Leonardo Garrido","doi":"10.1596/1813-9450-5509","DOIUrl":"https://doi.org/10.1596/1813-9450-5509","url":null,"abstract":"This paper starts by analyzing past growth trends and sources of growth in Togo, as well as the structure of the economic actors in the country. The second part explores the current binding constraints to rapid and sustainable growth. For increased international competitiveness and growth, Togo will need to raise efforts to streamline its costly and cumbersome business procedures. However, for this to have a sizable impact, Togo must prove to potential investors that political stability is permanent and that corruption, poor budget execution and mismanagement of state owned enterprises belongs to the past. As a result of the new government's reform agenda and the return of international aid, a window of opportunities for high returns to the still limited public investments has opened up. This is especially true in infrastructure and connectivity services, which would not only take advantage of Togo's geographical location as a regional hub, but also make growth in Togo more inclusive. And as economic opportunities arise for the private sector, there is a need to restructure the banking sector, which has already started, to smooth distortions in the credit market. Promising sectors within agriculture that are vital to economic growth, employment opportunities, and poverty reduction remain important, but will need to overcome a number of coordination failures. Not least due to the history of government interventions causing economic distortions, the government must allow for a stronger role for private operators and encourage it wherever possible. Finally, although education does not exhibit constraints to economic activity in Togo today, it is of importance to improve the quality of education, not least to profit from and catalyze the opportunities related to Togo's potential as a regional hub.","PeriodicalId":213755,"journal":{"name":"International Environment of Global Business eJournal","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127587418","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 5