Procedia Economics and Finance最新文献

This paper applies MPI approach to measure technical change and productivity growth in 40 Indian sugar companies for the period 2004-05 to 2013-14. The empirical findings show that on an average, Indian sugar companies have registered a negative TFP growth rate of 0.7 percent per annum, though it varies considerably across years, indicating to the existence of sugar cycle. Decomposition of TFP growth into technical change and technical efficiency change reveals that the negative growth is only due to technological regress. The study suggests that apart from bringing the technical change, rationalization of sugarcane price policy is need of the hour.

Islamic finance and banking has been an appealing phenomenon in the recent decades particularly after its suggestion by the Vatican in the aftermath of the 2008 Global financial crisis. Rejecting interest policy as an instrument for any business activity, Islamic banking is based on the non-interest substitutions that are profit, rental, commission, and wage, all of which are regarded as legitimate earnings of trade, its kinds, leasing, joint venture and partnerships, and other lawful and real productive economic activities. From Islamic perspective, interest is a value that is transferred from one party to another in any transaction without any matching value given back, resulting in an unequal distribution of income between individuals or groups. It takes place not only in loans but also in the sales of goods for each other or in the exchanges of currencies as well. The saying of the prophet Muhammed called “The Hadith or Saying of Six Things” concisely expresses 66 sales/exchanges that bear interest out of at least 114 transactions included in that saying. After dealing with that saying and defining the kinds of interest by making use of this saying, this paper tries to introduce some solutions to financial crises as a reply to the suggestion of the Vatican, and then it briefly introduces non-interest finance modes of banking and finance.

The objective of this study is to examine the validity of Export-Led Growth (ELG) hypothesis in selected Sub-Saharan African (SSA) countries for the period from 1985 to 2014. A new generation panel data approach is applied such as panel unit root, panel cointegration, Fully Modified OLS (FMOLS) and Dynamic Ordinary Least Square (DOLS). The empirical findings revealed that the panel unit root is stationary after the first difference and presents a cointegration. After the confirmation of panel cointegration, there exists a long-run relationship between exports and growth based on FMOLS and DOLS results. FMOLS and DOLS estimation showed a positive impact of investment, government expenditure and exports on the economic growth. Hence, the findings proved that export-oriented growth strategy is valid in the SSA countries.

Major developments in the last three decades have set the scene for the rise of novel problems on global scale. The unprecedented level of interdependence and interconnectedness between countries, firms and institutions has paved the way for the emergence of, both, novel practices that increase the quality of life and intriguingly complicated issues of global governance. The relationship between global actors are so intertwined that striving for predictability is barely feasible. In spite of the enhanced capabilities gained through involvement in the economic and financial value creation process, there are perils ahead for better global governance. Major issues pose global actors in terms of credibility, building and ensuring sustainability, erosion of capacity to fulfill promises and increasing fragility of financial markets as well as issues regarding depleting energy resources, environment and security. G-20 emerged as a remedial governance structure in the wake of the 2008 financial turmoil making sure that the prominent dynamic emerging countries are seated around the table. The expansion of G-8 into G-20 including the new global powerhouses has many positive implications. However, ongoing debates regarding this structure oscillate between hope and contestation. This conceptual paper intends to draw a general framework regarding the representative capability of G-20 members and discuss the hybrid quality of this so called steering committee given the era of turbulence that the world is heading towards.

The current study was carried out with the aim of evaluating the effects of relationship marketing on communication with Ilam gas Refining Company Industrial equipment suppliers. The present study is a descriptive and correlational one. The study population included 150 experts and managers involved in the purchase and supply of components used in Ilam gas Refining Company. Using simple random sampling method, a sample of 108 was selected according to Cochran formula. In this study data collection was done through questionnaire and data analysis was done through SPSS and AMOS software and path analysis model. The results showed that there was a positive significant relationship between the four aspects of relationship marketing (empathy, trust, Bonding, and Reciprocity) and ongoing communication with suppliers, but there is no significant relationship between aspects of communication and shared values with Industrial equipment suppliers.

Most of the emerging market economy in 90s faced to grave crisis. After these crises, the monetary policies of emerging market economies gave up to use exchange rates as an anchor. For such markets inflation targeting became a new policy. Exchange rates’ overshooting effects in the markets and consequential troubles are important causes of these political changes. The study aims at comparatively measuring the pass through impacts of exchange rates to the prices in Asia Pacific, Latin (South) America, and Turkey economies, which implement inflation targeting regime, but have the variable traits in dollarization and inflation experiences For calculating of pass-through effects from exchange rates to domestic prices, the model that is used in the study has five variable factors. Analysis of model is base of VAR approach. Due to cross section series are used in addition to time series, Panel VAR model has been used. Upon obtained findings, it can be said that pass-through effect in Asia Pacific economies is lower than pass-through effect in Latin America and Turkey. This result also complies with the examined pass-through effect literature.^†

Business process reengineering (BPR) has been proposed as an effective managerial tool to deal with technological changes as well as the marketing changes in today's competitive markets, which minimizes activities costing across the processes or the entire organization by analyzing and redesigning workflow and processes inside and outside the organization. Unfortunately, the advantages of business process reengineering and how to implement and monitor it have not been known in the Iranian airlines and even taking into account the strategic and important role of this industry in the country's economy, no basic and effective research has been conducted on the use of this process in such companies. The main objective of this study is to investigate the effect of technical factors, human factors as well as the moderating effect of organizational culture on implementing business process reengineering in Iran Air. Research method of this study is applied in terms of its objective and it is descriptive-survey in terms of its method. The statistical population of the study included senior managers, middle managers, operational managers and supervisors and their total number was 312. The results of the analysis of statistical data show that human factors and technical factors affect the implementation of business process reengineering in Iran Air. Organizational culture also moderates the effect of human factors on the implementation of business process reengineering in Iran Air.

A digital era of consumerism and the diversity of customer's background have brought a new perspective in customer service field. As marketplace environment become broader, the expectations of customer continue to rise. This is very important and challenging task to be done by most banks and financial institutions. Hence, this paper aims to propose a conceptual framework on frontline's personality traits and its relationship towards their job performance in financial and banking industry. The five-factors in Big-five Model are used as critical dimensions that possibly provide empirical evidence in relation to frontlines’ job performance. Those dimensions or traits are namely as openness to experience, conscientiousness, extraversion, agreeableness and emotional stability. Subsequently, the consequences of personality traits on the multiple types of job performance are further elaborated in this paper too. It is includes task performance and contextual performance. On the other hand, it is expected that the propose framework of this study will assist organizations in delivering high service quality through proper study on their frontline's personality traits itself.

Domestic debt is an important tool of government finance for the economies which are vulnerable to budget deficits arising from government expenditures exceeding revenues. This tool used for government fiscal policy is a determinant of macroeconomic stability due to the effects on growth, employment and investment variables. In this context, the analysis of domestic debt dynamics has a vital importance especially for developing economies. As a developing economy for Turkey, the deterioration of fiscal balance after 1990's has led to a consistent increase in domestic debt. Aftermath of 2001 crises, domestic debt was restrained by the fiscal discipline which came into prominence by “Transition to Strong Economic Program”. In this regard, our study examines the structure of domestic debt process in Turkish economy over the period 1998-2015. Firstly, we investigate the linearity of the domestic debt series. Following the examination of non-linearity, we analyze the transition characteristics of domestic debt series by means of STAR (Smooth Transition Autoregressive) model.

New technologies, universal competition, and increased customer demands are imposing organizations to revise how they can benefit from Information Technology (IT) capabilities to do better supply chains management. One of the key essentials to keep organizations in the present economic competition is effective management of their supply chains under uncertainty. The concept of supply chain flexibility intends to specify the ability of a supply chain to perform in satisfaction under uncertainty. However, there is lack of cause and effect modelling in this area. Accordingly, this paper attempts to study the flexibility capabilities of IT-based supply chain, using a Grey-based DEMATEL Method. To this end, according to the literature, four main factors were identified as most important flexibility capabilities of IT-based supply chain which totally include 25 measurement items. Next, to evaluate the cause and effect relationships of factors an online questionnaire link distributed to professors and experts in this subject which finally 20 completed questionnaires collected. To analyze factors interactions using Grey-based DEMATEL method, firstly, experts’ opinions of grey numbers are turned into crisp numbers and all opinions are unified into a single viewpoint. Then the crisp numbers normalized in DEMATEL and total matrix of each factor is calculated. At the end, the values of R, D, R+D and R-D are calculated, which based on these criteria the cause and effect relationships of factors analyzed and flexibility capabilities of IT-based supply chain prioritized.