Procedia Economics and Finance最新文献

The evaluation of corporate social responsibility (CSR) becomes the problem. The practice demonstrates that currently there are methods, standards and initiatives that allow evaluating this state. The question is which approach is the right one, because his choice may depend from the findings “whom and to what purpose the evaluation serves”, from the object and subject of the evaluation, as well as from the knowledge of current trends in the evaluation. The aim of this paper, based on an analysis, is to identify appropriate approach to evaluating the CSR of the company. The CSR concept is closely connected with ethical, environmental and social audit, sustainable development, management, philanthropy and various forms of donation. De facto, CSR offers a set of principles and values on which is possible to build a more cohesive society and to establish the transition to a sustainable economic system.

In this research the status of social responsibility of Iran's “Mehr Eghtesad” bank and the factors that affect it have been reviewed. The population of this study includes all of the employees of branches of Iran's Mehr Eghtesad bank of Chaharmahal and Bakhtiari and since the population which is being studied in this research is small, thus the whole population has been evaluated. To analyze the data from the questionnaire, lisrel software and confirmatory factor analysis were used. The results show that the status of social responsibility of Chaharmahal and Bakhtiari province's Mehr Eghtesad bank is proper and the dimension of humanitarian is weak among the dimensions. The index of social responsibility is associated with its dimensions. Also Results show that there is a constructive interaction between all aspects of social responsibility in Mehr Eqtesad Bank.

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.^†

Banking competition has intensified in recent years, largely due to globalization, technological process and economic instability. The banking system in this context is supplied with considerable challenges, with customers’ characteristics, needs and desires consistent with the current environment (globalization, technological change and economic crisis). It is necessary to identify those features that contribute to the development of competitive advantage. In this sense, this paper shows the results of the analysis of success factors in the banking system. To obtain the results the following methods were used: in-depth questionnaire (for experts), questionnaire (for customers), observation of public information and experimentation by numerous visits conducted. These actions are taken in order to discover and define the characteristics of organizational behavior and clients. The results consist of capitalization and conceptualizing a framework for the features that will underpin the development strategies of the banking system in times of economic instability.

The consumer of rural and farm tourism has evolved in the direction of being associated with types of fun and educational leisure activities. Tourism consumers search for new types of tourism, such as: farming entertainment. The aim of an educational trip in the rural areas is: to know the life and activity of the farmers, to create a positive image of the agriculture in the eyes of the next generations/ urban resident consumers. The educational rural tourism has various activities, i.e.: basic classes/ full courses/ short term workshops on the school farms. The educational activities for children include: floral arrangements, cooking classes on the farm, preparing natural herbal remedies, demonstrations of traditional ways of obtaining beer and wine, experience historical reconstruction of the traditional villages, etc. The recreational rural tourism includes: art of the plants, agricultural labyrinths, wine tasting tourism, vegetable picking, identification of spontaneous plant and wildlife species, etc. The authors present the steps have to be followed in order to develop new brand tourism products that meet the requirements for consumer's education.

This study examines the relations between consumer confidence, reel sector confidence and five different stock indices (aggregate, financial, industrial, service and technological) with VAR models. Michigan University Sentiment Index, VIX volatility index and GFK Germany Consumer Climate Index are also associated into the models to investigate international effects. The results suggest that, there is no causality relation from consumer confidence towards stock returns, however, stock returns found to positively affect consumer confidence. On the other hand, two-way causality exists between reel sector confidence index and stock returns, each one effects the other with certain lag of time. Michigan University Consumer Sentiment Index and VIX volatility index have explanatory power on almost all stock indices of Turkey, but GFK Germany Consumer Climate Index has no effect on any stock returns in all models. This may indicate that, globalization takes part in domestic markets, and rather than Germany, USA confidence climate is more felt in Turkey.

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.

The board of directors is a collective body that should act in the best interest of shareholders. The board requires the combination of executive and non-executive directors to pursue the shareholders’ interest. The non-executive directors on the board will not be able to exercise their duties effectively, unless they are independence from management and ensure they provides unbiased business judgment. Independent directors are the person entrusted by shareholders to represent them and will help to reduce agency problems. Further, the Code of Corporate Governance and regulators recommend the composition of board members should be balanced and consist of independent directors. However, mere compliance with the recommendations is not enough if the independent directors fail to exercise their functions effectively. A study has been carried out in a few countries by examining board independence and firm performance. The results showed a mixed association between proportions of independent directors and firm performance. Although the companies comprised the highest number of independent directors, it would not assure to enhance firm performance. Thus, the existence of independent directors on board should be monitored in order to bring positive shareholder values.

This literary paper aims to provide a literature review on halal sertu cleansing for halal integrity in supply chain management. Halal logistics is important to maintain integrity of halal products supply chain. Sertu cleansing operations is to ensure transportation and logistics carrying halal products are assured with no occurrence of contamination from non-halal. The awareness on the sertu cleansing operations in Malaysia among industry players is relatively low. Therefore, this study explores the literary review on sertu cleansing operations and procedural requirements, as stated in the Malaysian Standards MS2400:2010 for halalan-toyyiban assurance pipeline, or known as the halal supply chain management. Halal cleansing operations is significant for halal integrity implementation in the halal logistics’ equipment not only through compliance of this MS2400 requirements but what is more important to carry out with in-depth understanding and observance of the Shariah requirements. In summary, the knowledge and literature on sertu cleansing operations can be used as a reference for the halal authority, halal logistics service providers and researchers in halal logistics and supply chain management