BEST Scholarly Journals

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

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Distribution Practices of Women’s Promotion Groups in Senegal: A Role for Marketing

Dr. Nancy Haskell, Laval University, Quebec (Quebec) Canada

Yvonne M. L. Sawadogo, Laval University, Quebec (Quebec) Canada

Dr. Donald Beliveau, Laval University, Quebec (Quebec) Canada

ABSTRACT

In Sub-Saharan Africa, social partners and public authorities have provided assistance to local women’s promotion groups in subsistence marketplaces to assist them in producing for their own needs and, under certain conditions, to allow them to sell to the public. However, while microcredit and some basic management seminars aim at assisting these groups to engage in revenue-generating activities, they are left on their own when it comes to how to commercialise their products. This paper seeks to, first, explore the distribution practices of women’s promotion groups in Africa and, second, analyse whether appropriate distribution practices may help them improve their commercialisation and, by extension, their revenues. Several approaches were used to maximize the data gathered and to cross-validate information from different sources. Analysis based on the marketing literature offers a structured view of the distribution activities and challenges of three Women’s Promotion Groups (WPGs) in Saint-Louis, Senegal. Managerial implications are offered for both WPGs and supporting organisations. There has been marked progress in reducing global poverty over the past decades. However, despite the progress realized, the most recent estimates suggest, in 2011, more than one billion people lived on less than 1,25 USD a day (World Bank 2015a). It is therefore not surprising that poverty reduction remains a major preoccupation, especially in developing countries. Positive action programs to assist those living at or below the poverty line are numerous, initiated by supranational and national organisations as well as local authorities and organisations.

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Reducing Stock Risk with Hedge Funds

Dr. Mitchell Ratner, Rider University, Lawrenceville, NJ

Dr. Chih-Chieh (Jason) Chiu, Rider University, Lawrenceville, NJ

ABSTRACT

This paper tests the risk reduction properties of hedge fund investing against a sample of stocks ranging from 1990 through 2014. GARCH dynamic conditional correlation analysis indicates that hedge funds are a significant diversifier due to the consistent imperfect relationship between the hedge fund returns and the stock return indexes. Hedge funds serve as a weak safe haven in times of extreme stock market volatility. During periods of financial crisis, hedge funds also largely function as a weak safe haven. In contrast to their name, hedge funds do not provide a traditional “hedge” against stock risk. Imperfect correlation among investments is the foundation of most asset allocation strategies. The potential benefit of portfolio diversification motivates investors to identify assets that have relatively low correlation with stocks. While stocks and bonds remain the primary assets recommended by financial professionals, investors are acutely aware that they must identify alternative assets to reap the gains from diversification. The word “hedge” in finance refers to the reduction of risk. Hedge funds were initially established to reduce the risk of stock investing. Modern hedge funds use aggressive investment strategies that are often more risky than the stock market, but still have the potential to reduce portfolio risk. As global markets continue to converge, investors need to seek out alternative assets to further gain from diversification. Hedge funds invest in a variety of securities, assets, and derivatives, both domestic and international, and are considered assets that move with relative independence from stocks. A hedge fund is similar to a mutual fund in that it pools money from many investors and purchases securities.

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Unintended Consequences of Dodd Frank Act When Shadow Banking Creates A Moral Hazard

Dr. Michael Ulinski, Pace University, NY

Dr. Roy J. Girasa, Pace University, NY

ABSTRACT

The Dodd Frank Act was intended to stop bank that were too big to fail and spurned a smaller scale but potent banking system coined as Shadow Banking. The researcher provide background on the creation of and the potential harm of this system. Comparisons with traditional banking, pitfalls of it's use are examined and conclusions are drawn. There are a variety of definitions of shadow banking and what the term encompasses, none of which are all inclusive and are dependent on the approach one takes in its examination. The term “shadow banking” was originally coined by Paul A. McCulley in 2007 who attended the Kansas City Federal Reserve Bank annual symposium in Jackson Hole, Wyoming. The meeting to discuss the financial crisis then occurring nationally and globally focused on systemic risk and, in particular, what the author dubbed the “shadow banking system” which he noted was “the whole alphabet soup of levered up non-bank investment conduits, vehicles, and structures.”(1) In a series of Staff Reports issued by the Federal Reserve Bank of New York (“FSB”), the authors defined “shadow banks” as “financial intermediaries that maturity, credit, and liquidity transformation without explicit access to central bank liquidity or public service credit guarantees.(2)Similarly, two of the said authors in a later FSB report defined the term as “a web of specialized financial institutions that channel funding from savers to investors through a range of securitization and secured funding techniques.(3)

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The Potential Impact of FASB’s Proposed Changes to the Statement of Cash Flows

Dr. Roberta Cable, Professor, Pace University, Pleasantville, NY

Dr. Patricia Healy, Pace University, Pleasantville, NY

Dr. Claudia Li, Pace University, Pleasantville, NY

ABSTRACT

This research studies the impact of FASB’s proposed changes to the Statement of Cash Flows on not-for-profit organizations. Our study focuses on the change in the classification of purchases and sales of long-lived assets to operating activities from investing activities. It examines the potential effect of this change on the cash flow from operating activities for two different types of not-for profit entities, charities and hospitals. Our result shows that this reclassification affects different types of not-for-profit organizations differently. Specifically, hospitals, representing the kind of not-for-profits that receive the majority of its revenues from private payments, incurred a significantly larger impact on cash flows from operating activities than did charities, representing the kind of nonprofits that receives the majority of its revenues from donations. Our study provides insights not only on not-for-profit, but importantly, on for-profit entities about the possible effects of a future FASB proposal on the Statement of Cash Flows. The Financial Accounting Standards Board (FASB) proposed major changes in the financial presentations of not-for-profits. Working under their goals of improving the understandability and usefulness of financial statements, they issued the recent exposure draft, Proposed Accounting Standards Update (2015). A focus of this exposure draft was to change the presentation of financial statements for not-for-profit entities as required in the Statement of Financial Accounting Standards No. 117.

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Reclassifications for More Meaningful Presentations of Cash Flows

Dr. Farrell Gean, Pepperdine University, CA

Dr. Fred A. Petro, Pepperdine University, CA

Virginia Gean, California Lutheran University, CA

ABSTRACT

The authors of this paper continued to receive positive feedback from both undergraduate and graduate students when certain reclassifications for the statement of cash flows accounting report would be suggested in the classroom. Consequently, it was believed it would be useful to provide supporting arguments for these suggested changes in the following paper. After the underlying theory of the reclassifications is presented, it was believed that empirical evidence should be gathered to ascertain the desirability of the suggested changes by undergraduate and graduate students. Empirics are presented and analyzed. Evidence seems to support the desirability for these proposed changes. The generally accepted format for the statement of cash flows is to categorize cash flows according to three types of activities: operating, investing, and financing. This three prong approach is believed to provide more useful information for users than simply to place all cash inflows into a sources and all cash outflows into a uses classification. This two category approach was the generally accepted format for a number of years. Some made reference to this format as the “Where got? Where gone?” statement. It was sometimes compared to a swimming pool with the beginning cash balance the level of water at the beginning of the period, and the level of the water at end of period represented the ending balance of cash. If there were more sources of cash, inflows of water, than outflows of cash, outflows of water; then the level of the pool water would rise. The level of the water would drop if the reverse was true being more outflows than inflows of water.

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Corruption and Multi-National Corporations: A Conceptual Model

Dr. Wissam AL-Hussaini, Lebanese American University, Lebanon

ABSTRACT

The aim of this study is to explain the diverse motives behind Multinational Corporations (MNCs) opting to enter corrupt countries. It also illustrates why some corporations are not willing to seize a part in any corrupt transaction. This paper discusses when MNCs would relatively decide to amend the different dimensions of corruption such as pervasiveness or arbitrariness to further entrench themselves in the corrupt host country and protect their interests and profitability. Moreover, this study provides an overview of the different corruption definitions, types, causes, consequences, and measurements. Propositions and implications regarding the dealings of MNCs with corruption are presented. Corruption has been existent and strongly ongoing for a very long time. Throughout the history, this phenomenon played a major role in the fall of great civilizations. People, institutions, and even religions have sought many ways to deal with corruption. Religions, in specific, introduced andattempted to spread morals that fundamentally aimed at fighting corruption. The topic of “corruption” has been receiving more attention with the upsurge of the global operations of Multinational Corporations. With a high level of globalization nowadays, organizations do not solely operate at a national basis where rules are generally understood and clear-cut, but in multiple nations, each possessing its own customs and regulations (Eiche, 2012). Illegitimate corporate activities involving bribery and corruption have augmented as an effect of the global economy growth, particularly in emerging markets (Ulinski et al, 2013).

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Customer Learning Capability of Event Management Businesses in Thailand:

An Empirical Investigation of the Antecedents and Consequences

Nattawut Panya, Mahasarakham Business School, Mahasarakham University, Thailand

Dr. Phaprukbaramee Ussahawanitchakit, Mahasarakham Business School, Mahasarakham University, Thailand

Dr. Prathanporn Jhundra-Indra, Mahasarakham Business School, Mahasarakham University, Thailand

ABSTRACT

In the context of high competitive intensity, businesses need to seek the factors that determine competitive advantage. Customer learning is a key factor, which encourage firms to quickly achieve business goals. This study aims to examine the impacts of five dimensions of customer learning capability on marketing profitability. The data that are used to test these relationships are generated from 134 event management firms in Thailand. The results show that the five dimensions of customer learning capability have important effects on learning outcome and marketing profitability. These findings are interpreted and discussed in the context of existing literature and a context of Thai business. Contributions of this study and future research directions are identified. In the new global economy, communication can develop the life standard of a customer through the awareness of goods and service quality. Especially, the value of those products and services are the main factors to decide whether to purchase or not. Consequently, customers have many choices to select the best ways to consume products and services. Customers are more informed, considerate and concerned about products and service quality. Faced with a deluge of product information and choices, they have the capability to integrate incoming and outgoing messages, leading them to demand diversity.

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Think Tank Comparisons: Lessons Learned at a for Profit University and Applied in a Corporate Setting

Dr. Maja Zelihic, Forbes School of Business at Ashford University, CA

Dr. Lora Reed, Forbes School of Business at Ashford University, CA

Dr. Alan Swank, Forbes School of Business at Ashford University, CA

Bill Davis, Forbes School of Business at Ashford University, CA

ABSTRACT

This paper sets the stage for an unlikely exploratory analysis comparing business and business school think tanks focused on group development and community building. The paper is based on a recent study of a virtual faculty think tank implemented in the business school of a large online university. Notably, the business school think tank is modeled after think tanks in industry. Thus, the impetus for the research proposed here will complete a ‘full circle’ when it comes to fruition. First, the business school virtual think tank study and its preliminary findings are summarized as foundational to the exploratory analysis that will later be conducted. The literature on think tanks as venues for group and community development is reviewed. Two theoretical frameworks, Peck’s stages of community and Tuckman’s stages of group development, are examined for relevance to the impending study and with relation to the recently completed study. Research questions are posited. A methodological approach is considered. Significance of the study is scrutinized and plans for future research are investigated. The notion of a diverse body of thinkers engaged in brainstorming, collaboration, and collegial action geared towards accomplishing common goals is as old as Plato’s Academy, which Rohrer (2008) posits may have been the first informal think tank in human history. Later, organizations such as medieval monasteries, the Royal United Services (founded in 1830), Fabian Society (as early as 1884), and Brookings Institution (originated in 1916) became recognized as other iterations of contemporary think tanks (Roher, 2008).

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Strategic Brand Orientation and Marketing Survival: An Empirical Investigation of Cosmetic Businesses in Thailand

Supachai Tungbunyasiri, Mahasarakham Business School, Mahasarakham University, Thailand

Dr. Pratanporn Jhundra-indra, Mahasarakham Business School, Mahasarakham University, Thailand

Dr. Pakorn Sujchaphong, Mahasarakham Business School, Mahasarakham University, Thailand

ABSTRACT

The purpose of this research is to investigate the effect of strategic brand orientation on marketing survival through several mediating constructs, including organizational product success, unconditional customer fulfillment, competitive reaction effectiveness, outstanding market acceptance, marketing excellence, and marketing advantage. The model is empirically tested by using the collected data of mail surveys from 125 cosmetic businesses in Thailand. Marketing director and marketing manager of each firm is the key informant. The OLS regression is used as a main analytical instrument to examine the proposed hypotheses. The results indicate that strategic brand orientation positively relates to several antecedents and consequents, and consequently affect marketing survival. Finally, conclusion and the suggesting for future research are presented. The competition continuously extends every year. New competitors are occurring from several directions, such as, from global competitors that aim to increase sales in new markets, from online competitors that seek the cost-efficient distributions, from store brand and private-label that provide low-price alternative, and from megabrand competitors that extend their brand into new categories to leverage the strength (Kotler and Keller, 2008). The significant increase of amount of competitors makes a difficulty in associating between firms and customers (Barich and Kotler, 1991) .Thus, in order to survive from such situation, firms are needed to create their identity to identify them in competitive market (Balmer and Soenen, 1997).

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Understanding the Segmentation of Consumers in the Gulf Region: A Critical Element of Marketing

Dr. Ahmad A. Alfadly, Arab Open University, Kuwait

ABSTRACT

Purpose: The aim of the current research is to comprehend the consumer segmentation in the Gulf Area. In addition, the study focuses on segmenting the consumer Gulf market on the basis of actionable and strategy yielding marketing variables. Design: The study relied upon both secondary and primary sources for collection of the required information and data. The secondary sources included previous studies as well as the published reports and materials about customer segmentation. These data were utilized in designing the research that identified the main factors, variables of the study, and development of the survey. The ethical beliefs of consumers from Saudi Arabia, Oman and Kuwait were revealed, which include Machiavellianism, ethical beliefs, and their preferred ethical ideology. Findings: As per the research a few limitations are particularly ascertained if clients in the Arab world vary from one another in context to their moral perspectives, moral philosophies, and extent of Machiavellianism. Also, the study shows that Arab customers differ in context of their moral perspectives, their favored philosophy, and the degree of Machiavellianism they portray. Value: Currently, international enterprises and public choice makers contemplate the job of analyzing the Arabs’ attitude a chief importance for successively functioning in the area. Despite this sensitive interest, restricted attention has been paid by both social and behavioral analysts to analyze the individuals living in that area of the globe.

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Audit Excellence Orientation and Audit Survival: Empirical Evidence from Tax Auditors in Thailand

Srisuda Intamas, Mahasarakham Business School, Mahasarakham University, Thailand

Dr. Phaprukbaramee Ussahawanitchakit, Mahasarakham Business School, Mahasarakham University, Thailand

Dr. Sutana Boonlua, Mahasarakham Business School, Mahasarakham University, Thailand

ABSTRACT

This research aims at investigating the relationships among five dimensions of audit excellence orientation (professionalism focus, audit independence awareness, audit creativity development, audit expertise orientation, and audit skepticism mindset) and audit survival through mediating influences of best audit practice, audit report quality, and audit information value. Audit vision, audit competency, audit experience, stakeholder force, market competitive pressure become the antecedents of audit intelligence. In this study, data were collected by mail survey questionnaire to the 415 TAs in Thailand who are the sample. The results of OLS regression analysis indicated that audit excellence orientation has a significant positive effect on audit excellence orientation consequents. In addition, audit excellence orientation consequents have a significant positive association with audit survival. Furthermore, audit vision, audit competency, audit experience, and stakeholder force have a positive influence on audit excellence orientation. To verify and increase the benefits, advantages, and contributions of the study, future research needs to collect data from a larger population or comparative population in order to increase the reliability of the results as well as use another sample population, such as certified public accountants (CPAs), governmental auditors (GAs), internal auditors (IAs), or others in Thailand. A potential discussion concerning the research results is effectively implemented in the study.

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The Components of Marketing Strategies (MSM) and the Relationships with Strategy

Antecedents and Consequences: Evidences from Egypt

Dr. Mansour S. M. Lotayif, Associate Professor of Business, Beni Suef University, Egypt

ABSTRACT

The current study aims at identifying the causality relationships between components, consequences, and antecedents of marketing strategies making MSM. The experiences of 213 Egyptian executives were utilized to achieve these objectives. Throughout multivariate analytical technique (e.g. multiple regression), bivariate analytical techniques (e.g. correlations), significant relationships between MSM components, consequences, and antecedents were found. Antecedents and consequences of marketing strategy making (MSM) have not taken enough interest from marketing scholars, and even the few empirical studies that dealt with both of them have focused on a limited set of components (Menon et al., 1999). Literature in this perspective is dichotomously characterized, as either the consequences or the antecedents of MSM are focused but not both. More specifically, Sinha (1990); Bourgeois and Eisenhardt (1988); and John and Martin (1984) have focused on the antecedents of MSM whilst Eisenhardt (1990); Ramanujam et al. (1986) have investigated its consequences. Therefore, the current study adopts a comprehensive approach by addressing MSM components, antecedences and consequences simultaneously. The main contribution in this filed is Menon’s et al. (1999) model. They suggested and tested a three phases’ model: antecedents, MSM components, and consequences.

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The Internal Audit Professionalism Orientation and Firm Goal Achievement:

An Empirical Assessment of Auto Parts Businesses in Thailand

Kongkiat Sahayrak, Mahasarakham Business School, Mahasarakham University, Thailand

Dr. Sutana Boonlua, Mahasarakham Business School, Mahasarakham University, Thailand

Dr. Kesinee Muenthaisong, Mahasarakham Business School, Mahasarakham University, Thailand

ABSTRACT

This study aims at investigating the influences of internal audit professionalism orientation on firm goal achievement through the mediating effect of audit practice efficiency, internal audit report reliability, operational information quality, and business value creativity. Internal audit professionalism orientation consists of internal audit regulation compliance focus, internal audit independence awareness, professional code of ethics mindset, internal audit well roundedness integration, and internal audit creativity orientation. In this study, data were collected by mail survey questionnaire administered to the92 auto parts businesses in Thailand who are the samples of this study. The results of OLS regression analysis suggest that internal audit creativity orientation has a strong significant positive effect on audit practice efficiency, internal audit report reliability, operational information quality, and firm goal achievement, while professional code of ethics mindset has a significant positive effect on audit practice efficiency, internal audit report reliability, and operational information quality. Furthermore, internal audit regulation compliance focus and internal audit well roundedness integration has a significant positive effect on business value creativity. Meanwhile, internal audit independence awareness has no significant positive effect on internal audit outcome and the consequences. Potential discussion is efficiently implemented in the study. Theoretical and professional contributions are explicitly provided. Conclusions, suggestions, and directions for future research are recommended. Nowadays, an uncertain economic environment has rapid change, which influenced on firm survival in a highly competitive situation.

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A Preliminary Study on the Role of Risk Perception in Electronic Commerce Systems Adoption

Dr. Yujong Hwang, DePaul University, Chicago IL

Kyung Hee University, College of International Studies, South Korea

ABSTRACT

The different influences of online trust, such as integrity, benevolence, and ability, on customer loyalty to the website are discussed with risk taker and risk avoider characteristics in this preliminary study. We propose that, in the risk taker samples, the influence of online trust through website ability on customer loyalty is fully mediated by the intention to use the website. However, in the risk avoider samples, online trust beliefs such as ability and integrity as well as intention to use website have direct influences on customer loyalty. Theoretical and practical implications of these proposed models are discussed in this paper. Recent failure of a large number of companies operating in B2C segment of electronic commerce has damped the perceptions about future success of e-tailing sector. Managers have retracted to rethink business models and devise new strategy for building a sustainable business model. Researchers are in a constant hunt to develop models that capture and explain electronic commerce phenomenon. The current situation is ripe for a better understanding of factors that drives consumers behavior in online market channels. This study makes a coherent effort in enhancing understanding of consumer behavior in electronic markets by analyzing and proposing the new model.

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Internal Audit Process Excellence and Decision Making Success: An Empirical

Investigation of ISO 9001 Businesses in Thailand

Krittayawadee Gatewongsa, Mahasarakham Business School, Mahasarakham University, Thailand

Dr. Phaprukbaramee Ussahawanitchakit, Mahasarakham Business School, Mahasarakham University, Thailand

Dr. Kesinee Muenthaisong, Mahasarakham Business School, Mahasarakham University, Thailand

ABSTRACT

The purpose of this study is to investigate the relationships between internal audit process excellence and its consequences to the companies that are certified by ISO 9001 in Thailand. The consequences of internal audit process excellence comprise internal audit quality, internal audit reliability, internal audit acceptance, operational information advantage, and decision-making success. These 244 companies are certified by ISO 9001 in Thailand and OLS regression is examined in this study. The results indicate that internal audit process excellence has strongly supported with internal audit quality, internal audit reliability and internal audit acceptance. Meanwhile, stakeholder expectation as an antecedent of internal audit process excellence is strongly supported. Conclusions and suggestions for future research are presented accordingly. Organizational management has expanded, resulting in greater administrative complexity in a variety of situations, arising from the rapid changes occurring in the economy and society, policy making, and advanced science and technology. Management is unable to supervise the implementation details of the various agencies thoroughly. The internal audit is intended to serve an important role as a tool for effective management, monitoring and providing control measures (Daniela and Attila, 2013). Internal audits are faced with many challenges such as organizational growth, increasing use of electronics and computer technology, etc. (Pinto et al., 2014).

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IT Scammers Target Retiring Baby Boomers

Ronald O. Acton, University of Central Missouri, Warrensburg, Missouri

Dr. Mustafa Kamal, University of Central Missouri, Warrensburg, Missouri

ABSTRACT

According to AARP, 25% of US population is categorized as Baby Boomers (BB) age group. The first of the BB generation started to retire at the age 65 in 2011. Among all age groups, these citizens have accumulated the highest percentage of household wealth over the years. This population is specifically targeted by internet based thieves. From email phishing, to internet based scams, elderly populations are target of local as well as international crooks. Identity theft, bank account fraud, illegal money transfer, virus based threats have become very common and are on the rise. The aging population, however, has many resources available to help them become aware of risks and identify new threats against them. These include available support groups, readily available knowledge, conscious family members, community support, support organizations, awareness of law enforcement agencies and protective software. By educating themselves the aging population can greatly reduce their risk of falling prey to internet scams. Many of us have great experience going fishing with grandpa. All the preparation that take place the night before, all the excitement in planning, all the measurement of big fishes that are going to be caught. Everyone goes to bed thinking about all the catch tomorrow will bring. These are happy thoughts and best time of one’s life.

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The Impact of ICT on e-Government

Dr. Shahram Amiri, Stetson University, DeLand, FL

Dr. Joseph M. Woodside, Stetson University, DeLand, FL

Brianne Boldrin, Stetson University, DeLand, FL

ABSTRACT

Given the global debt crisis, increasing government debt ratios are unsustainable. An e-government model utilizing ICT and resulting Big Data is anticipated to reduce costs and decrease debt. This manuscript examines the relationship between the United Nations’ International Telecommunication Union’s ICT sub index and the World Economic Forum’s Networked Readiness Index to governmental debt levels through analytical and quantitative methods. Our research concluded that there is in fact a significant correlation between technology and governmental debt. The paper contributes a quantifiable measurement and relationship between technological advancement, and government debt across the BRICS countries. Current and developing technologies promote the advancement of E-government. E-government uses information and communication technologies (ICT) to allow the government to connect with citizens and private groups electronically (Relationship between E-Government, ICT and E-Governance). This provides citizen centered services that increase the transparency of governmental agencies through the integration of various departments and programs. Two major trends have increased E-governance projects for ICT. The first is the recent development in the ease of the use of the governmental operational systems.

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Re-launching of CCCTB Project in the EU: Moving from CCCTB Towards CCTB

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

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

ABSTRACT

On 16^th March, 2011, the European Commission has published the draft directive on common system of corporate taxation. The project proposed a single set of rules that companies could use to calculate their taxable profits. Primarily, the goal of CCCTB proposal was to strengthen the smooth functioning of Internal Market and to decrease compliance costs of taxation for companies operating cross-border. However, the element of consolidation comprised in the proposal, turned to be the most difficult part for the negotiation. Therefore, on 17th June 2015, the European Commission introduced Action plan on re-launching of CCCTB, announcing the move from CCCTB towards CCTB i.e. common corporate tax base. The aim of the paper is to research the impact of the change on the tax bases of the companies. The comparative analysis of the situation when the allocation formula under CCCTB system would be applied and the situation of cross-border loss offsetting under currently proposed CCTB system was performed during the research. On 16^th March, 2011, The European Commission has published the draft directive on common system of corporate taxation in the European Union (hereinafter as CCCTB). The system offered unified set of rules that cross-border companies could use for calculation of their taxable profit. It is considered as the most ambitious project in the history in the area of direct taxation.

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Fiscal Policy and Private Investment in Namibia

Dr. Esau Kaakunga, Senior Lecturer and Deputy Dean, Faculty of Economic & Management Sciences, University of Namibia, Windhoek, Namibia

ABSTRACT

The purpose of this paper is to analyse the impact of fiscal policy on private investment in a developing economy. The regression results indicate that the share of taxes on income and profit and the ratio of total central government to GDP are negatively related to investment by the private sector. They also revealed that investment by the public sector had promoted investment by the private sector. The findings also show that taxes on income and profit crowd-out private investment during the period under review. The results of the study suggest that the government should continue with its emphasis on infrastructure development, since this would create an enabling environment for the private sector to play its vital role in the economy. It is also recommended that the government should review its tax structure annually in order to make its tax regime more competitive and to avoid high taxes on income and profit which could have detrimental effects on the investment by the private sector. The study further recommends that there is a need to put a limit on the increase of current expenditure as well as to monitor the levels of the total central government debt. Namibia, on the eve of independence in 1990, could be described as having a siege economy. It was a country which had been isolated from the rest of the world and was characterized by extreme disparities in access to public facilities and distribution of income.

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