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Halliburton and
Efficient Market Theory
Dr. Donald G. Margotta,
Northeastern University, Boston MA
ABSTRACT
On March 5, 2014 The
United States Supreme Court reviewed the case of Halliburton Corp. v. Erica P.
John Fund, a securities fraud case that had been in litigation for more than ten
years. The case has important implications for the acceptance of efficient
market theory in securities fraud litigation, and perhaps other types of
litigation, especially litigation involving valuations issues. This paper
reviews the history of the case, the legal issues motivating it, and the
implications the case has for the future use of efficient market theory in
litigation. Although the case before the Supreme Court in Halliburton Corp. v.
Erica P. John Fund (“Halliburton”),1 involved securities fraud
allegations against Halliburton, key issues in the case issues relate to the
Supreme Court’s 1988 landmark decision in Basic v. Levinson (“Basic”).2
In particular, that case validated use of the “fraud on the market” theory in
securities fraud litigation, a legal theory premised on the finance theory of
efficient markets and the validity of both theories were challenged in
Halliburton. The significance of Basic’s fraud on the market theory was
underscored by in a 2013 Forbes article (Fischel) which referred to it as “the
most powerful engine of civil liability ever established in American law,” while
plaintiffs in Halliburton described Basic (Kendall) as "the cornerstone for
modern private securities litigation." The economic importance of the case can
be seen from the fact that “more than 3,000 private class-action
securities-fraud lawsuits were filed between 1997 and 2012, generating more than
$73 billion in legal settlements” (Kendall) and companies involved in class
action lawsuits experienced approximately $600 billion in lost shareholder value
(Steinberg).
Google Scholar Index2
Systems Theory and
Unintended Consequences of Government- Motivated Currency Wars: A Multiple Case
Study
Dr. Craig Martin,
University of Phoenix, Northcentral University, and Walden University
ABSTRACT
Although the actions
initiated by governments and central banks are intended to produce positive
outcomes for the host country, financial implications for markets and the macro
economy often produce uncertainty and detrimental consequences for consumers and
investors alike. Using a foundation of Systems Theory and Complexity Theory, the
multiple case studies sought to further understand why these unintended factors
arise and to explore how financial risk for investors emanating from the
uncertain future of a currency war may be mitigated. The research suggests that
market volatility during and post the currency war is expected, that inflation
and/or deflation will arise and that upheaval of the system of global currencies
occurs as a result of the currency wars. By furthering understanding the
derivation of these economic consequences, long-term, retirement-planning
investors can manage portfolio asset diversity to mitigate risk for expected
returns on investment. Although international currency wars have produced one of
the most destructive sets of outcomes, government actions leading to a currency
war do not occur for the purpose of initiating economic conflicts (Rickards,
2011). Central governments seek full employment for national constituents;
economic theory has posited that employment growth follows from growth in
production of goods and services (GNP). Growth in exports contributes positively
to GNP growth, and governments employ fiscal and monetary policy to achieve
growth in exports (Hill, 2013). Unintended consequences from government actions
to foster growth in trade have ranged from the theft of market share in exports
from trading partners and the resultant retaliation by those partners to
sequential bouts of inflation and deflation and recession to collapse of
currency systems. Such are the outcomes from the currency wars of the twentieth-
and twenty-first centuries (Rickards, 2011).
Google Scholar Index2
Electronic Medical
Records, Patient Privacy and Deployment of Healthcare Systems on
Cloud
Resources: Analysis of the Legal, Business and Technological Aspects
Rupesh Mishra, POC
Supervisor, Golden Valley Hospital, Clinton, Missouri
Brian Palmer, Systems
Engineer, Saint Luke's Health System, Kansas City, Missouri
Dr. Sam Ramanujan,
Professor of CIS, University of Central Missouri, Warrensburg, Missouri
ABSTRACT
This paper explores the
legal and security aspects of onsite medical records in paper and electronic
formats as well as the business, legal and technological aspects of healthcare
systems deployed on cloud resources. We will take a look at the current
healthcare trend for entities deploying systems that uses a standardized form of
electronic medical records as a standard of care and how these entities maintain
privacy of confidential medical data. Furthermore, we also take a look at how
the presence of many disparate systems of various capacities and capabilities
within these entities makes it difficult to integrate them to provide quality
patient care at a larger scale in terms of efficiency, timeliness,
cost-effectiveness, geographical distribution and security. To eliminate issues
that arise from system integration problems, we will discuss how the deployment
of healthcare system over cloud resources could become a solution and innovation
for the healthcare field in the future. In the medical technology world, we are
truly entering a new era. Because of government initiatives concerning patient
privacy, providers are moving towards a common format for patient medical
records. The EMR, or Electronic Medical Record, is quickly becoming a key
focus. Gone are the days of folder upon folder of paper records and now a small
practice can hold all of its patient data on a portable hard drive. The change
is massive and while we are moving quickly, there are still improvements to be
made. At the core of this movement is the concern for patient privacy and the
integrity and protection of data. We should be concerned not only with
protecting data for the sake of the patients, but new technology developed
should also be focused on protecting the integrity of the data as well.
Google Scholar Index2
Consumer’s Achieving
Styles (ASI) Similar to the Brand’s Achieving Styles (OASI) in a
High
Involvement, Relational Exchange within an Academic Setting
Dr. Stephen M. Rapier,
Pepperdine University, CA
Dr. David L. Ralph,
Pepperdine University, CA
Dr. Stacy M. P. Schmidt,
California State University, Bakersfield, CA
ABSTRACT
This is a quantitative
research study of the correlation of the consumer’s Individual Achieving
Styles (ASI) with the consumer’s perception of the Achieving Styles (OASI)
rewarded by the brand. The hypothesis proposed by the researcher is that the
consumer’s Individual Achieving Styles (ASI) will be similar to the
consumer’s perception of the Achieving Styles (OASI) rewarded by the
brand. The full research design for the hypothesis utilized a partially mixed
methods approach employing both quantitative and qualitative methodologies.
Using a sequential design that contained a two-stage approach, the dominant
quantitative phase was conducted first and the qualitative phase second before
mixing the data at the interpretation stage (Leech & Onwuegbuzie, 2009). The
final findings will reflect an integrative mixed methods approach, whereby the
data from each methodology contribute to the results (Castro, Kellison, Boyd, &
Kopak, 2010). These findings reflect only the first stage of the research which
consisted of only the quantitative phase of the study. The findings of the
quantitative study supported the hypothesis, that the consumer’s behavior will
correspond with the behavior favored by his/her brand choice. For the purpose
of this study, the hypothesis was predicated on the assertion in the leadership
literature that similarities between the follower and leader fuel the follower’s
feeling of “reassurance and familiarity” (Gardner, Avolio, Luthans, May, &
Walumbwa, 2005). The follower is motivated by the perceptions to bond with the
leader (Ilies, Morgeson, & Nahrgang, 2005). As a result of the study, it is
conjectured that a consumer similarly connects with a brand because of the
brand’s perceived similarity to him/herself.
Google Scholar Index2
Self-Leadership: Guiding
Principles for Adaptive Leaders and Organizations
Dr. Richard Pircher,
University of Applied Sciences bfi Vienna
Christiane Seuhs-Schoeller,
Center for Integral Leadership, Vienna, Austria
ABSTRACT
To adapt to a changing
environment requires appropriate perception of the current status. Therefore we
have scrutinized theoretical and empirical findings on individual human
perception as a basis for decision-making and appropriate behavior. Special
focus is placed on the role of the unconscious and dual-system approaches. From
this foundation we derive guiding principles for more sustainable internal
balancing and more comprehensive integration of external stimuli. These
principles allow leaders and organizations to identify blind spots more easily
and to improve perception of the inside and the environment. Self-leadership is
suggested to be the key factor for applying these principles both individually
and in organizations. We will give examples for organizations with improved
internal homeostasis and adaptability to changing environments.
The ability of an organization to
survive and to be successful relates to its potential to adapt to a changing
environment. The competence to perceive relevant stimuli from the outside and
the inside of the organization constitutes a prerequisite for organizational
adaptability. Consequently appropriate perception is a crucial factor for
individuals and teams to decide and behave in a productive way. Therefore in
this paper we apply a multi-disciplinary analysis of human perception. From this
basis we derive guiding principles for adaptable self-leadership. They are
expected to provide the foundation for the increased adaptability of
individuals, teams and organizations.
Self-leadership may be defined as “a comprehensive self-influence perspective
that concerns leading oneself toward performance of naturally motivating tasks
as well as managing oneself to do work that must be done but is not naturally
motivating” (Manz, 1986: p. 589). In addition to self-management, the concept of
self-leadership not only addresses the “how” of self-influence. Additionally,
also the “what” and “why” are covered.
Google Scholar Index2
Are Women Treated
Fairly in the U.S. and European Markets?
Jennifer Mitchell, Sam
Houston State University, TX
Dr. Balasundram Maniam,
Sam Houston State University, TX
Dr. Hadley Leavell, Sam
Houston State University, TX
ABSTRACT
The number of women in the
labor market increased across the globe in the last century. Although the
United States have legislatively determined that gender-neutrality is the law
for this country, that lofty goal does not appear to be reality. Determining
whether women are treated in a gender-neutral way is the first issue to address.
This paper does a comparative analysis of the treatment in the work place of
women, both in the United States and in several European countries. Research
focused on women’s employment in the last forty years indicates differing trends
between the United States and Europe regarding participation, wages and salary,
career advancement, and job specializations for women. These differing trends
may be explained by a number of factors. Technological changes have opened many
fields and allowed job specialization leaps for women. Legal changes have forced
the hand of employers. Globalization has opened the eyes of people
long-accustomed to a status quo. Education opportunities have become more
affordable thus permitting women to seek higher-level positions. Finally,
cultural preferences within the family structure have continued to evolve with a
strong shift toward two-parent families sharing the child-rearing
responsibilities. The United States and the European countries are experiences
these factors to varying degrees. This paper explores these differences in
treatment along with their causes. Gender equality is an emotional subject for
many. In order to facilitate change, the subject must be studied with objective
quantifiable methods. As an increasingly large number of women shifted into the
workforce, an intense amount of research, debate and legislation has occurred
regarding the difference in treatment of women in the workforce. One might
assume that the European workforce conditions would be comparable to the United
States. Instead, a number of inconsistencies occur in the statistics and customs
of women’s employment when comparing the United States and Europe. Variances
occur in the number of working women and the wage differences between genders.
Google Scholar Index2
Internal
Audit Excellence Orientation and Firm Survival
Pennapa Kueket,
Mahasarakham University, Thailand
Dr. Karun Pratoom,
Mahasarakham University, Thailand
Dr. Saranya Raksong,
Mahasarakham University, Thailand
ABSTRACT
The current, internal
audit department has developed a function of operations audit,
by focusing on excellence. The all
organizations have believed that the internal audit that focused on excellence
will be able to create value for the internal audit function and to survive to
the organization. This research aims to study the impact of internal audit
excellence orientation and firm survival by having mediating variable composite;
internal audit practice quality, risk management effectiveness, fraud error
detection success, operational efficiency outstanding, business excellence, goal
achievement. The 94 food export firms are the samples. The statistics used
is
the OLS regression. The study found
that the internal audit excellence orientation has a positive impact on internal
audit practice quality, risk management effectiveness, fraud error detection
success, operational efficiency outstanding, business excellence, goal
achievement, and firm survival. The result shows that operation of internal
audit that focused on excellence can create value for the internal audit and
operation of organization. In addition,
that internal audit practice quality has a significant positive effect on goal
achievement, that risk management effectiveness has a significant positive
effect on the business excellence, fraud error detection success has a
significant positive effect on the business excellence, operational efficiency
outstanding is not significantly related to the business excellence,
business excellence and goal achievement
has a significant positive effect on the firm survival.
The future research, we suggest to study antecedent variables that affect on the
internal audit excellence orientation, the benefits for internal audit
departments and organizations into adaptation for improving the operation to
have efficiency and effectiveness.
Google Scholar Index2
The Impact of Board
Financial Expertise and Education on Corporate Derivatives Using
Dr. Po-Kai Huang, Shih
Hsin University, Taiwan
Dr. Li-Yu Chan, JinWen
University of Science and Technology, Taiwan
ABSTRACT
This study investigates
the impact of board financial expertise and education on corporate use of
derivatives. Specifically, the study investigates whether a higher level of
financial expertise among board members is more likely to result in the company
using derivatives for hedging, but not for speculation. Results show that
directors on the board with financial expertise (and a master’s degree or above)
hold positive views on hedging. In addition, regarding the speculation ratio,
they have a negative influence. However, directors on the board with accounting
expertise (and a master’s degree or above) cause higher amounts of speculation
and have a negative influence on the hedging ratio. When
the
board of a company is making the decision to use derivatives, the people who are
making the decision are equally important. In addition, when the company wants
to engage in derivatives trading, it is also required by the government to take
full responsibility of the supervision and management of the trading. However,
because of the complex structure and high degree of professionalism related to
derivatives, for the Board to be able to take the onus of supervision and
management, it needs to have financial expertise. If the board has financial
expertise and takes responsibility of supervision and management, it would
prohibit the use of derivatives to conduct speculation and for hedging purposes.
In addition to hedging functions, derivatives also
provide the means to allow the company to engage in speculation. Speculation is
not good for a company. It can increase a company’s earnings or cash flow
volatility, as well as corporate exposure to risk.
Google Scholar Index2
Cost Allocation
Effectiveness and Organizational Survival: An Empirical Assessment of Textile
Manufacturing Businesses in Thailand
Pittaya Ponklang,
Mahasarakham University, Thailand
Dr. Karun Pratoom,
Mahasarakham University, Thailand
Dr. Saranya Raksong,
Mahasarakham University, Thailand
ABSTRACT
Cost allocation
effectiveness is important for cost management as it supports decision making,
enhances competitive advantage and enables organizations to survive. The
objective of this study is to investigate the effects of cost allocation
effectiveness on organizational survival. In this study, 179 textile
manufacturing businesses in Thailand are the sample of the study. The results of
the study reveal that cost allocation effectiveness has a significant positive
effect on cost management efficiency, decision making success, and resource
usefulness quality. Cost allocation effectiveness consequences have a significant
positive effect on superior operational excellence, outstanding firm
performance, and organizational survival. In addition, business vision,
managerial accounting knowledge, and competitive intensity have an important
positive impact on cost allocation effectiveness. The future study needs to
develop other methods which may be applied in the future such as in-depth
interview, case studies in order to fully understand of this construct
measurement and confirm all relationships of this model. It is the same needs to
collect data from covering a wider industrial manufacturing in order to increase
the external reliability. The importance of cost information has increased
judgment and decision maker’s use for planning, directing, and controlling of
the firms (O’Donnell and David, 2000) which are useful to support strategic
management. In addition, the appropriate strategy is determined for the
organization to focus on the cost information.
Google Scholar Index2
The Impact of
Information Asymmetry and Dispersion of Opinion
on Stealth Trading
Around Earning
Announcements
Dr. Han-Ching Huang,
Chung Yuan Christian University, Taiwan R.O.C.
Dr. Pei-Shan Tung, Chung
Yuan Christian University, Taiwan R.O.C.
ABSTRACT
This paper examines stealth trading in stock
markets around earning
announcements. During preannouncement period, most of the
cumulative stock price change occurring in the small-size category is larger
than that in other size categories under earning announcement.
Moreover, the extent of stock stealth
trading before earning announcements is positively correlated with the level of
ex ante information asymmetry and negatively correlated with the dispersion of
opinion. After earning announcements, the stealth trading is negatively
correlated with the information asymmetry and negatively correlated with the
dispersion of opinion. This paper
examines stealth trading in stock markets around earning announcements. The
stealth trading hypothesis proposed by Barclay and Warner (1993) indicate that
if stock price movements are mainly caused by private information being revealed
through the trades of investors and if privately informed traders concentrate
their trades in certain sizes – not too small (which is too expensive in terms
of trading costs) and not too large (which could give them away) – then most of
a stock’s cumulative price change will take place on medium-sized trades. That
is, informed traders attempt to camouflage their information to earn more profit
by spreading their trades over time. Traditionally, informed traders engage in
medium-sized trades since the trading costs of small trades are too expensive
and large trades may reveal their information. Since transaction costs have
decreased due to the decimalization, Hansch and Choe (2007), Hvidkjaer (2008),
Blau et al. (2009), and Jain and McInish (2010) found that the lower bound of
the size of stealth trades has declined.
Google Scholar Index2
Performance Evaluation
System Competency and Firm Survival: Empirical Evidence from
Cosmetic Businesses
in Thailand
Suwit Waitip, Mahasarakham
Business School, Mahasarakham University, Thailand
Dr. Suparak Janjarasjit,
Mahasarakham Business School, Mahasarakham University, Thailand
Dr. Saranya Raksong,
Mahasarakham Business School, Mahasarakham University, Thailand
ABSTRACT
The main objective of this study
is to examine relationships between performance evaluation system competency and
firm survival of empirical evidence from cosmetic businesses in Thailand. Data
were collected by survey questionnaires distributed to the heads of accounting
departments of firms, 130 completed questionnaires are used in the analysis. The
results indicate that performance evaluation system competency has significant
positive impacts on firm survival by using organizational commitment awareness,
organizational citizenship behavior, organizational loyalty concern, business
excellence, and corporate competitiveness as the mediators. Similarly,
organizational commitment awareness has positive effects on organizational
citizenship behavior, organizational loyalty concern, and business excellence.
Likewise, organizational loyalty concern has significant relationship to
business excellence, and corporate competitiveness. However, organizational
citizenship behavior does not relate to business excellence, and corporate
competitiveness due to two variables may be affected by other important factors
such as organizational learning rather than such variable and it also was
conducted under the rules and regulations. The implications, further research,
and limitations are also highlighted. Nowadays, the environment has become more
complex and changing, especially business environments
issues regarding advance
technology for production and administration, the quality of products and
services, diversity of productions, and change of customer behaviors.
Google Scholar Index2
Foreign Exchange
Volatility and Yields Movements in Eurozone
Dr. Ana Rimac Smiljanic,
University of Split, Croatia
Dr. Ivan Karin, University
of Split, Croatia
ABSTRACT
This paper
studies the impact of yields movements on the long-term sovereign bonds on
foreign exchange volatility in the Eurozone from the beginning of 2003 to the
end of 2013. Using such a period of time allowed us to carry out separate
analysis before and after the global financial crisis. Namely, today in the
world of free financial flows the exchange rate is one of the most important
indicators of the country’s stability. After the emergence of the global
financial crisis, state stability is again in the main focus of investors. The Eurozone countries rocked the debt crisis after the global financial crisis. One
of the specificities of the Eurozone compared to the rest of the world is that a
common currency exists, while all member states are issuing government bonds
individually and have a separate fiscal policy. With the arrival of turbulence
in financial markets, investors have different perceptions of the quality of
government bonds of member countries. A change of government bond yields
indicates, also, a change in the perception of risk of investing in the
financial assets of countries from the Eurozone. This changed perception of risk
is causing the movement of capital among countries and consequently is resulting
in a change in the Euro and US dollar exchange rate. The results of our
empirical study proved that three member states have the greatest impacts on the
movement of capital between Euro and Dollar assets: namely Luxembourg, the
Netherlands and Germany. After the financial crash in 2008, the yields on the
sovereign debt of Eurozone countries started to move in different directions.
Namely, after the introduction of the Euro, the yields on bonds of these
countries were moved in a similar pattern, and differences among them became
smaller in time.
Google Scholar Index2
Modern
Computerized Accounting Knowledge and Job Performance of Accounting in the
Thai-Listed Firms
Mukdawan
Poldet, Mahasarakham University, Thailand
Dr.
Suparak Janjarasjit, Mahasarakham
University, Thailand
Dr.
Phaprukbaramee Ussahawanitichakit,
Mahasarakham University,
Thailand
ABSTRACT
This study
attempts to provide understanding the relationships among modern computerized
accounting knowledge, its consequents and job performance by investigating the
reality phenomena. The objective is to investigate the effects of modern
computerized accounting knowledge on job performance of accountants in the
Thai-listed firms. The knowledge-based view of the firm is used to explain the
relationship of the variables in conceptual model. Data were collected from a
sample of 95 accountants in the Thai-listed firms by questionnaire mailings. The
Ordinary Least Squares (OLS) regression is used for testing the proposed
hypotheses. The results show that modern computerized accounting knowledge has a
significant positive effect on computer-based AIS creativity and best accounting
practice. Moreover, computer-based AIS creativity and best accounting practice
have a significant positive effect on decision-making efficiency support.
Finally, decision-making efficiency support has a strong positive effect on job
performance. This empirical finding is a useful guideline for accountants,
organizations, and regulators to increase modern computerized accounting
knowledge for enhancing the accounting job outcome and job performance. In
short, conclusion and directions for future research are suggested at the end.
Advanced accounting technologies are
namely as accounting software, online-based accounting applications, real-time
systems, database management systems, computer networks, and database design.
They are used to prepare and to produce financial reporting and accounting
information for users to make better economic decision (Bovee et al., 2002;
Ghasemi et al., 2011; Jones and Willis, 2003; Sürmen and Daştan, 2007).
Nevertheless, it is an undeniable circumstance that information technology plays
a major role of accountants to provide the momentum of driving accounting
activities (Vaassen and Hunton, 2009).
Google Scholar Index2
The Process of European Direct Tax Harmonization
Dr. Maria Luisa Fernandez de Soto Blass, Universidad Catolica San Antonio de
Murcia, Spain
ABSTRACT
Tax
harmonization implies a process of progressive approximation and coordination of
legislation in tax matters of the member states of the European Union. It is a
series of steps which tries to reduce the financial and tax distortions and
discriminations in the jurisdictional conditions which exist within the member
states in order to achieve the full realization of freedom of movement of goods,
people, services and capital in the Single Market. It is one step off the
unification of tax systems through the creation of identical taxes but with
different rates in a first stage, or taxes and tax rates which are the same in a
second stage. The present paper contains
a study of the concept of tax harmonisation, the principles, techniques,
instruments and procedures in European Union Tax harmonisation, the development
of European Union harmonisation of direct taxation and finally some conclusions.
The researches discuss about the legal nature (direct or indirect ) of the
Spanish Estate Environmental Taxes. This
paper is the result of the researches that the author is carrying out about
“Taxation and Climate Change”, that is a National Investigation and Development
Research (DER2010-14799) and the other research about “Study
on the desirability and the
possibility of extending the freedom of choice
in education at the Community of
Madrid through
the implementation of
private funding sources (EDUCACEU)
REF USPBS-PI02/2011-UNESCO 5309-5802-5909 and group of researches:
Law:
Past,
present and future
legal
issues
of Universidad Católica San Antonio de Murcia.
Tax
harmonization implies
a process of progressive approximation and coordination of legislation in tax
matters of the member states of the European Union (Fernández de Soto Blass
(2004).
Google Scholar Index2
Accounting
Well-Roundedness Competency and Professional Success: Evidence from Bookkeepers
in Thailand
Phathairat Pongpratead,
Mahasarakham University, Thailand
Dr. Saranya Raksong,
Mahasarakham University, Thailand
Dr. Suparak Janjarasjit,
Mahasarakham University, Thailand
ABSTRACT
As changing environment of business, the bookkeepers, therefore, need to adapt
themselves according to environmental change such as new technologies, new
regulations, and laws. The bookkeepers need to have an accounting
well-roundedness competency (AWRC) to succeed and sustain their profession.
However, this research also proposes the definition of the AWRC leading to the
professional success (PS) by using regression analysis methods. The results show
that the AWRC needs to have accounting knowledge excellence, accounting applied,
and knowledge integration that can be a part of the PS. In addition, the AWRC
can generate the job quality (JQ) and job effectiveness (JEN) resulting in the
stakeholder acceptance that leads to the PS as well. To understand the role of
moderating variable, this research also proposes the experience usefulness (EU)
as to moderate the relationship AWRC with its dimensions and JQ and JEN. The
results show that the EU can only support to moderate the relationship between
the AWRC and the JQ as well as the AKE. As changing environment of business, the
bookkeepers, therefore, need to adapt themselves according to environmental
change such as new technologies, new regulations, and laws. The bookkeepers need
to have a well-roundedness competency to succeed and sustain their profession.
Davie (2008) found that the bookkeepers cannot provide an efficient work with
only the accounting knowledge because they need to have a variety of knowledge
for accounting occupation. This corresponds with the research of Oakes (2012)
that professional success needs to have a variety of knowledge. Ahmed (2013)
found that it is time to develop ability of bookkeepers to respond to the
requirement of accounting users in order to progress of the bookkeepers. As
above mentioned, accounting well-roundedness competency is important to sustain
and succeed for the bookkeepers.
Google Scholar Index2
The Investigation of
the Influence of Service Quality Toward Customer Engagement in
Service Dominant
Industries in Thailand
Dr. Wilert Puriwat,
Chulalongkorn University, Thailand
Dr. Suchart Tripopsakul,
Bangkok University, Thailand
ABSTRACT
The concept of customer
engagement gained the attention of marketing scholars and practitioners ever
since there was research evidence to confirm that positive customer engagement
lead to increasing a firms’ performance. In today’s interactive dynamic business
environment, customer engagement represents a strategic imperative for
generating enhanced corporate performance such as sales growth, superior
competitive advantage, and profitability. Engaged customers enhance a firm’s
performance by providing positive word-of-mouth, being involved in new product
development processes, and co-creating experience and value. Although there has
been an increased recognition in the concept of customer engagement, empirical
research concerning both antecedents and consequents of customer engagement are
still very limited, especially in marketing literature. This study endeavors to
add value to the customer engagement conceptualization in response to emerging
importance of the theory as emphasized by the Marketing Science Institute. The
concept of customer engagement has become more popular in marketing theory and
needs more concrete empirical research to support it. However, only a few extant
empirical studies have examined the relationship between service quality and
customer engagement. The purpose of this study is to investigate the influence
of service quality toward customer engagement. The results found that service
quality has a positive relationship with customer engagement as the antecedent
factor. According to the Structural Equation Modeling analysis of proposed
hypotheses, sub dimensions of service quality significantly influence customer
engagement in three dimensions; namely, cognitive, emotional, and behavioral
engagement.
Google Scholar Index2
Internal Audit
Knowledge Management Proficiency and Internal Audit Success: An Empirical
Investigation of Corporate Governance Awarded Firms in Thailand
Napaporn
Shupkulmongkol, Mahasarakham University, Thailand
Dr.
Phaprukebaramee Ussahawanitchakit, Mahasarakham University,
Thailand
Dr.
Suparak Janjarasjit,
Mahasarakham University,
Thailand
ABSTRACT
This paper aims to
examine the relationship among the effects of internal audit knowledge
management proficiency and internal audit success. The components,
the consequences of internal audit knowledge management proficiency are included
best
internal audit practice, internal audit report efficiency, internal audit
quality, internal audit professionalism, and internal audit success. For the
relationships among internal audit knowledge management proficiency and its
consequences can explain by the knowledge-based view theory (KBV). Future
research is suggestion to seek other consequence variables of internal audit
knowledge management proficiency for literature review. Theoretical and
managerial contributions are explicitly provided. Conclusion and suggestions and
directions of the future research are included. Currently the world has entered
the era of Knowledge-based Economy (KBE). Knowledge has been considered as one
of the most important assets for businesses and the strategic resources needed
for the organization to maintain a sustainable competitive advantage (Chen, Yeh,
and Huang, 2012; Nonaka, Toyama, and Konno, 2000). Moreover, the knowledge is
more important than physical assets (land, capital, and labor, etc.) (Chen, Yeh,
and Huang, 2012).Knowledge management is the process that allows organizations
to create and acquire knowledge and to select, organize, use, disseminate, and
transfer important information and expertise which is essential for the
management of the organization (Decision making, problem solving, learning, and
strategic planning, etc. (Gupta, Lyer, and Aronson, 2000).
Google Scholar Index2
Empirical Investigation
of the Market Reactions to the SEO in Korean Stock Market
Dr. Doug S. Choi,
Metropolitan State University of Denver, Denver, CO
ABSTRACT
The purpose of this study
is to examine stock market reactions to the seasoned equity offering (SEO) among
the firms in the Korean stock market.
An
SEO is a new
equity issue
by an already publicly
traded company.
Major effort is devoted to ascertain the extent to which Myers’ (1984) pecking
order theory of corporate financing appears to explain financial structure among
fifty of the largest firms listed in the Korean Stock Exchange for five
financial years from 2008 to 2012. The results of this study will reveal if the
experiences of the U.S. firms hold true in the Korean financial community. The
capital structure studies incorporating recent developments in the Korean market
are beneficial to U.S. as well as Korean firms, since many U.S. firms have
become heavily involved with many Asian firms through direct and indirect
investment. Although the capital
structure theory is not a new area of research, it remains one of the most
interesting and puzzling topics of research. Following the work of Modigliani
and Miller (1958) and Miller (1977), the general view of capital structure has
been the static trade-off theory. According to this theory, firms’ optimal
capital structure mix is generally viewed as a trade-off between the various
costs of bankruptcy and financial distress. Recent empirical studies, however,
suggest that some important financing behaviors are not explained by the static
trade-off theory since there are wide variations in actual financing behaviors,
even in firms with similar financial characteristics. These discrepancies have
propagated several attempts to reconcile theory with perceived practices.
Google Scholar Index2
Regional Economic
Development Models of Automotive Centers in the Southern German states:
Neckarsulm and Sindelfingen
David Fekete, Szechenyi
Istvan University, Gyor, Hungary
ABSTRACT
This
article observes two German automotive industry centers (Sindelfingen and
Neckarsulm) in the framework of the research programme titled “Development
of Economic and Social Role of Automotive Regional Innovation and Technological
Knowledge Centre at Széchenyi István University”.
In the study I analyze the cooperations between the relevant actors of the
automotive industry centers in order to reveal the functional models and their
institutionalized or informal cooperation systems in Sindelfingen and Neckarsulm.
There are many similarities between the two centers: cities with relatively
small population, the presence of a significant automotive industry company,
there aren’t any universities and R&D activity takes place in the framework of
the automotive industry companies. Both cities are interested in the
diversification of the economic system and their economic development policy
focuses on the development of infrastructure.
Nowadays, one of the flagships of the European economic growth is the continuous
development of the automotive industry. Keeping and increasing the capacity of
this sector is a key element for both the state and the local participants,
therefore the ones, who are involved, do their best. Collaboration and
co-operation amongst the city, the automotive company, the local institution of
higher education and K+F (research and development) institutions, can be
considered as an important key element of local development. In Győr – that
gives home to the most important automotive factory of Audi AG and at the same
time to the biggest engine factory of the world – a widespread cooperation has
started among the participants of the automotive industry (big, small and middle
sized automotive companies, educational institutions, career guidance centres,
local authority, higher education, cluster etc.)
Google Scholar Index2
Proactive Internal
Control System and Firm Success: An Empirical Investigation of Electrical
Appliances and Electronic Parts Businesses in Thailand
Pattareya Henklang,
Mahasarakham University, Thailand
Dr. Sutana Boonlua,
Mahasarakham University, Thailand
Dr. Phaprukbaramee
Ussahawanitchakit, Mahasarakham University, Thailand
ABSTRACT
This study aims to
investigate the effects of proactive internal control system on firm success via
the proactive internal control system consequences; organizational risk
reduction, corporate practice efficiency, financial reporting quality, internal
audit quality, goal achievement, and stakeholder. Data were collected by survey questionnaires
administrated to the internal audit directors or internal audit managers of
electrical appliances and electronic parts
businesses in Thailand, 214 completed
questionnaires are used in the analysis. The results of the study indicated that
the proactive internal control system had an influence on organizational risk
reduction, corporate practice efficiency, financial reporting quality, internal
audit quality, goal achievement, and firm success. Moreover, organizational risk
reduction, corporate practice efficiency, financial reporting quality, and
internal audit quality had an influence on goal achievement, and stakeholder
satisfaction. Furthermore, goal achievement had a positive effect on stakeholder
satisfaction; similarly, goal achievement and stakeholder satisfaction showed a
positive effect on firm success as well. Future research is then needed to
collect data from the different sample and/or comparative populations in order
to verify the generalizability of the study and increase the level of
reliability. At present, internal control systems have become very important for
the operation and achievement of organizational objectives in businesses
worldwide. Internal control system represents all the approved policies and
procedures used by management in order to achieve an effective business
management (Mihaela and Lulian, 2012). Moreover, internal control systems are
the basic instrument for the enterprise control to assist the administration as
important mechanism of governance processes for the organization’s activities.
It also plays important roles in detecting and eliminating the threats and risks
in due time, preventing fraud and irregularities in its operation (Lakis and
Giriūnas, 2012; Wardiwiyono, 2012).
Google Scholar Index2
Research
and Development Effects on Company Dynamic Capabilities
Dr. Lovorka
Galetic, Professor, Faculty of Economics & Business, University of Zagreb,
Croatia
Dr. Zeljko
Vukelic, Marius Consulting, Zagreb, Croatia
ABSTRACT
In the
current conditions of wide-reaching changes, research and development is faced
with new challenges and is increasingly tasked with creating business solutions
in a markedly different way than in the past. Great progress in the area of new
technologies, the resulting rapid increase in the speed of doing business,
global business networking, and the increasing appearance of new business models
are but a few of the examples that illustrate the very enhanced dynamics in
business today. The dynamic capabilities framework, as a concept recognised at
the end of the 20th century, is gradually becoming an increasingly
important factor of business success. This paper examines the main
characteristics of research and development and presents a new model of company
dynamic capabilities in line with contemporary trends and the current conditions
of the 21st century. Connections between these two concepts have been
developed in theory. This link has created a basis for investigating the
influence of a company’s research and development on its dynamic capabilities,
with the aim of development and strengthening capabilities, as this can
ultimately result in a competitive advantage and achieving the desired business
result. Research and development was considered on the basis of its fundamental
determinants, which are also a framework for their measurement pursuant to the
most recent Frascati Manual of the Organisation for Economic Co-Operation and
Development. These determinants pertain to expenditures on research and
development, and on personnel involved in research and development, which are
divided into research and technical staff based on their profession and role in
the accompanying processes.
Google Scholar Index2
Regional Economic
Development Models of Automotive Centers in the France: Rennes and Poissy
Andras Horvath,
International Relations Expert, Budapest, Hungary
ABSTRACT
The PSA Rennes Plant is one
of the most important car plants in France. The plant was acquired by the PSA
Group in 1976. The plant is one of the biggest employer of Rennes. In the 60s
Citroen decided to build a new plant on a greenfield site in Rennes which area
was an agricultural center. During the next fourty years the plant produced 10
million cars. The plant has good relation with the institutions of education
system. They launched a partnership which works well. Both parties benefit the
advantages. The PSA provides internships and entry-level jobs for the students.
The Academy can also develop their education program because PSA supports the
learning of the new technologies. PSA also gives advices to students for the
guidance. They permit to visit the plant where student can ask from PSA experts
and also can meet several job opportunities. Both parties are interested in an
education program often updated. The Science center in Rennes called L’Espace
des Science is an intermediary between science and people. It has an important
role, it wants to show the science for people of all ages. PSA’s Poissy plant is
an important car plant in the suburbs of Paris. The history of the plant is
linked to the city’s history. In the 20th century the production of
vehicle provided job for citizens. Nowadays 80% of job is directly or indirectly
connected to PSA Group. The city leaders always have a good relationship with
the plant.
Google Scholar Index2
The Moderating Role of
Corporate Image on the Impact of Service Guarantee on Service Recovery Effect
Dr. Shao-Cheng Cheng,
Chinese Culture University, Taipei, Taiwan
Yu-Huan Kao, Chinese
Culture University, Taipei, Taiwan
ABSTRACT
Many scholars explored the
impaction of service guarantee type towards consciousness of quality,
probability of service failure, purchase intention and consumer's psychology and
behavior, but little research about consumers’ responding after recovery when
enterprise violated service guarantee. Therefore, this study uses experiment
framework with totally 6 groups to investigate three different kinds of service
guarantee against two different levels of corporate image to test whether
service guarantee and corporate image impact service recovery differently in the
restaurant industry. The results indicate that whether enterprise has provided
service guarantee, the recovery effect are quite depressed even after recovery
or compensation. But the recovery effect of enterprise with good corporate image
is better than the normal one’s. In other words, even the enterprises provide
service guarantee, they should make sure it can be execute correctly, otherwise
the consumers will still not be satisfied after recovery. Increasing new
customer and maintaining the relationships with regular customers are both
significant for business managers (Johnston and Hewa, 1997), and an
organization’s success is depending on whether it can provide highly stable
service quality and satisfactory experience to maintain the customer
relationships (Webster and Sundaram, 1998). Increasing the number of new
customer and maintain the relationships with regular customers are both
significant for the operator (Johnston and Hewa, 1997), and an organization’s
success is depending on whether it can provide highly stable service quality and
satisfactory service experience to maintain the customer relationships (Webster
and Sundaram, 1998).
Google Scholar Index2
Banking Sector in
Poland: Stability over the Crisis
Dr. Michał Kruszka, Vistula
University, Warsaw, Poland
ABSTRACT
The paper introduces performance of banking system in Poland during the period
of European economic crisis. It also contains presentation of influence of
financial supervisor on financial market and the real sector of the economy and
possible threats to the institutional framework of financial supervision in
Poland. Article presents how microeconomic changes of parameters of mortgage
granted in foreign currency can be transformed into bank’s capital needs. Some
details about resolutions and recommendations issued by the Polish Financial
Supervision Authority (KNF) are also magnified in the paper. The practice of
last years indicates that activity of the supervisory authority is an important
determinant of financial stability. This
paper introduces performance of banking system in Poland during the period of
European economic slowdown, ie. years 2007-2013. Main aim of author is to
present a stability of Polish financial market and to show influence of
financial supervisor on financial market and the real sector of the economy.
Moreover an attempt has been made to find out what are possible threats to the
institutional framework of financial supervision in Poland. Author presents also
how microeconomic changes of parameters of mortgage loans granted in foreign
currency can influence bank’s capital needs. Such an attitude is very important
when one consider that in Poland some problems with mortgage lending (less
serious than in the other EU countries) stemmed from changes of exchange rates
rather than burst of housing bubble. The paper is divided into four parts. The
first contains short presentation of key macroeconomic figures, the second is
aimed at performance of banking sector, the third presents an example of FX
loans problem while the last presents some details about resolutions and
recommendations issued by the Polish Financial Supervision Authority (KNF).
Google Scholar Index2
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