Business and Economic Horizons最新文献

{"title":"Methodological approaches to assessment of the efficiency of business entities activity","authors":"O. Pakhnenko, Olga Liuta, N. Pihul","doi":"10.15208/BEH.2018.12","DOIUrl":"https://doi.org/10.15208/BEH.2018.12","url":null,"abstract":"The management of stable development of business entities requires the improvement of methodological approaches regarding their efficiency assessment. We think that the efficiency assessment should conduct a comparative analysis with other economic entities regarding the effectiveness of using existing amount of material, financial and labor resources. For a comparative assessment of the operational efficiency of Ukrainian enterprises authors suggested the method of frontier stochastic analysis. The essence of this approach is to build a standard enterprise with the highest efficiency indicators and calculation of the efficiency coefficients. According to the results of statistical hypotheses testing it is determined that the translog function with the truncated distribution of a random component best describes the investigated functional dependences. According to the results of modeling the efficiency coefficients for every enterprise and period of investigation were received and on the basis of them the ranking of enterprises efficiency was made.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"14 1","pages":"143-151"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67083125","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}

{"title":"The development of company’s debt portfolio","authors":"I. Geraschenko","doi":"10.15208/BEH.2018.15","DOIUrl":"https://doi.org/10.15208/BEH.2018.15","url":null,"abstract":"TGoal: Although companies use actively the potentials of a debt capital market and debt financial instruments market to finance their activities, the development of company’s debt portfolio for the strategic perspective remains a relevant issue. The goal of this paper is to create a model for the development of the optimal debt portfolio aimed at implementing company’s corporate strategy. Methods. We have created an optimization model for creating company’s debt portfolio based on G. Markowitz’s portfolio theory within a framework of our research. To develop a target function, we have used the maximum contingent income from the attraction of loans. We have created a system of restrictions based on financial risks diversification. To implement the model, we have used the MS Excel environment and the packet of applied programs MathCAD Results. We have elaborated the model for creating company’s debt portfolio for the strategic perspective. We have chosen the maximization of contingent benefits of attracting loan capital from different sources of debt financing as a target criterion of the model. The model’s restrictions enable to diversify financial risks. They encompass the following terms: the achievement of the goal structure of capital, the provision of financial risks diversification in choosing the strategy for financing company’s assets; the optimization a financial leverage effect; the diversification of the risks of losing ability to pay and reducing financial stability. To analyze the possible utilization of the model, we have considered the development of the debt portfolio of a construction company, which provides the strategy for company’s development over the next 5 years. The results of the research have enabled to develop company’s optimal debt portfolio that complies with the terms of financial risks diversification and to define the optimal sources of loans at each moment of time. Conclusions. Our model for the development of company’s debt portfolio enables to model the structure of the sources of loan financing depending on the needs for loan capital at each moment of time and maximum amounts that a company may attract from each source of debt financing. Changes in the terms of granting loan capital and changes in the situation in product and financial markets may lead to structural shifts in the content of financing sources; therefore, the process of modelling the optimal structure of debt financing should be a continuous. The obtained results of modeling the structure of a debt portfolio enable a company to make more informed decisions in attracting loan financing.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"14 1","pages":"185-206"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67083187","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}

{"title":"A study of elderly welfare by comparing private and public retirement homes: A case study in Bangkok","authors":"Nattaya Prapaipanich","doi":"10.15208/beh.2018.19","DOIUrl":"https://doi.org/10.15208/beh.2018.19","url":null,"abstract":"This study assessed the subjective well-being (SWB), or welfare, of the elderly in retirement homes in Bangkok, and examined related factors, particularly from the perspective of happiness economics, since the empirical evidence in this aspect is still limited. Primary data was collected by distributing questionnaires and carrying out in-depth interviews between August 2017 and November 2017. In total, 120 participants were included, of which 60 persons were from public retirement homes (44 women and 16 men) and 60 persons from private retirement homes (40 women and 20 men). The cross-sectional data were analyzed using standard descriptive statistics and estimations of logit regressions. The logit regression results reveal that the following were positively related with SWB/welfare in all regressions as hypothesized: a short distance between the retirement home and a temple/hospital, a retirement home located in the participant’s hometown, and interest in obtaining free college courses. Meanwhile, the coefficients on the need for a higher number of care staff were negative. Among the control variables, being female, being older, completing secondary school, and having plenty of money to spend were strongly and positively associated with SWB/welfare. It was noteworthy that receiving a total Barthel ADL index scores of more than 10 and having family and friends visit regularly (once or a few times a week) played an important role in increasing participants’ SWB/welfare in both public and private retirement homes.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"14 1","pages":"243-255"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67083378","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}

{"title":"Shareholder’s involvement in the audit committee, audit quality and financial reporting lag in Nigeria","authors":"I. A. Mohammed, A. Che-Ahmad, Mazrah Malek","doi":"10.15208/BEH.2018.26","DOIUrl":"https://doi.org/10.15208/BEH.2018.26","url":null,"abstract":"The purpose of the present study is twofold, to investigate the entrepreneurial intent of the university students, under consideration, and to chalk out with the factors (educational) to be considered for institutional support by the university under study. The Theory of Planned Behavior (TPB) questionnaire along with a separate sixteen items was administered in paper and pencil form only. Overall, 370 responses were collected from male & female both. The Data was analysed by applying correlations, linear and hierarchical regression and exploratory factor analysis (EFA). The results of the study reaffirm the theory of planned behaviour in Saudi context with a significant variance of 43.2 percent in explaining students’ entrepreneurial intent. However, In the present case it is found that Both attitude and perceived behavioral control are the significant predictors of Entrepreneurial intent. While, the subjective norm did not significantly predict the entrepreneurial intent. Moreover, the findings suggest a four steps generic model of institutional educational support for entrepreneurial nurturement to the local community.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"14 1","pages":"355-374"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67083489","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}

{"title":"Effects of service quality on customer satisfaction and customer loyalty: A case of 4- and 5-star hotels in Ho Chi Minh City, Vietnam","authors":"Ho Dinh Phi, Long Phan Thanh, Bang Nguyen Viet","doi":"10.15208/BEH.2018.32","DOIUrl":"https://doi.org/10.15208/BEH.2018.32","url":null,"abstract":"The purpose of this paper is to define and measure the effects of service quality on customer satisfaction and customer loyalty of four and five star hotels in Ho Chi Minh City, Vietnam. This study has used qualitative and quantitative researches: (i) qualitative research carried out through focus group discussions with 10 customers, and (ii) quantitative research conducted through direct interviews with 322 customers in Ho Chi Minh city (Viet Nam). The results show that: (i) customers’ loyalty is affected by four dimensions of service quality (reliability, responsiveness, website utility, and tangibles) and customer satisfaction; and (ii) customer satisfaction is affected by five dimensions of service quality (reliability, responsiveness, website utility, tangibles, and sympathy). However, the research subject has certain limitations: (i) due to limited resources in conducting research, the sample size consisted of 322 customers, (ii) This study conducted the sampling technique of using direct interview methods from respondents using service at 4- and 5-star hotels in HCM city, Viet Nam.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"14 1","pages":"437-450"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67084015","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}

{"title":"Underpricing and long-term market performance of initial public offerings in Indonesia: A quantile regression approach","authors":"N. Sasikirono, S. Sumiati, N. K. Indrawati","doi":"10.15208/BEH.2018.13","DOIUrl":"https://doi.org/10.15208/BEH.2018.13","url":null,"abstract":"This study aims to identify the relationship between underpricing and long-term market performance of IPOs in the Indonesian Stock Exchange (IDX), as well as determinants of IPOs' market performance. We based our paper on the idea that it is more meaningful and relevant to investigate underpricing and long-term market performance determinants at different distribution points. OLS and quantile regression analysis isapplied to 105 samples of IPOs during 2009-2013. The results of OLS and quantile regressions indicate that assets value, age, proceeds, and underwriters’ reputation are determinants of long-term market performance; while assets, age and proceeds also become underpricing determinants. Among these factors, proceeds become the most important determinant of underpricing and long-term market performance.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"14 1","pages":"152-167"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67083133","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}

{"title":"Efficiency and client satisfaction of Islamic and conventional banks: A bilateral effect","authors":"Talla M. Aldeehani","doi":"10.15208/BEH.2018.22","DOIUrl":"https://doi.org/10.15208/BEH.2018.22","url":null,"abstract":"In this paper, we investigate the possible bidirectional causal relationship between bank efficiency and client satisfaction in the banking sector of Kuwait. For this purpose, we applied structural equation model (SEM) methodology. Based on a 5-point Likert scale questionnaire, data was gathered from Islamic banks (IBs) clients and conventional banks (CBs) client. We found a significant evidence of a, relatively, higher client satisfaction for IBs. The findings, also, provide evidence of a positive and significant bilateral causal relationship between client satisfaction and bank efficiency. This is a result that confirms an anticipated theoretical proposition related to the ultimate goal of firm value maximization. Discussions, interpretations, implications, and recommendations are provided.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"22 1","pages":"282-299"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67083172","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}

{"title":"Impact of family control on the relationship between earning management and future performance in Indonesia","authors":"Edy Suprianto, D. Setiawan","doi":"10.15208/BEH.2018.25","DOIUrl":"https://doi.org/10.15208/BEH.2018.25","url":null,"abstract":"This study attempts to examine whether the family control has an impact on the relationship between earnings management and future performance. We also will assess whether the auditor has the important role in family firms. The total sample in this study has covered 918 firm-years or observations. We suggest that the average value of the future performance of family-based firms is better than the one of non-family firms. We also show that accrual earnings management in Indonesia is more opportunistic than efficiency. Finally, bigger auditor firms which selected by family firms have the positive effect on future performance.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"14 1","pages":"342-354"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67083365","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}

{"title":"Accounting Expertise in the Audit Committee and Earnings Management","authors":"M. Al-Absy, K. Ismail, Sitraselvi Chandren","doi":"10.15208/BEH.2018.33","DOIUrl":"https://doi.org/10.15208/BEH.2018.33","url":null,"abstract":"This study attempts to investigate the influence of accounting expertise in the AC on the level of accrual earnings management (AEM) in Malaysian firms by using two proxies, the Modified Jones Models by Dechow et al. (1995) and Kasznik (1999). A sample of 143 firms with slight positive earnings were selected from the Bursa Malaysia Main Market for 2013, 2014 and 2015. Using panel data regression, this study shows that accounting expertise in the AC does not mitigate AEM. The accounting expertise of the AC directors and chairman and the AC’s balanced accounting expertise have a positive relationship with attitude for AEM. In line with prior studies, this paper concludes that AC directors are either not truly independent or do not have time or energy to mitigate earnings management practices. Thus, more policies are needed to strengthen the independence of the AC and ensure the members carry out their duties more responsibly.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"55 1","pages":"451-476"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67083670","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}

{"title":"Inflation persistence in BRICS countries: A quantile autoregressive (QAR) approach","authors":"A. Phiri","doi":"10.15208/BEH.2018.08","DOIUrl":"https://doi.org/10.15208/BEH.2018.08","url":null,"abstract":"Using the recently-introduced quantile autoregression methodology (QAR), this study contributes to the ever-expanding empirical literature by investigating the persistence in inflation for BRICS countries using quarterly time series data collected between 1996 to 2016. Our empirical analysis reveals two crucial findings. Firstly, for all estimated regressions, inflation persistence in the higher percentiles of the QAR regression exhibits unit root tendencies. Secondly, we note that the global financial crisis did alter the levels of inflation persistence at all quantiles for all BRICS countries. Collectively, we advise monetary authorities in BRICS countries to focus on keeping inflation at low and stable rates.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"14 1","pages":"97-104"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67082799","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}