Procedia Economics and Finance最新文献

Many scientists and economists state that the degree of global integration of the Central and Eastern European countries (CEECs) stock markets is very low. However, the recent turmoils in the major financial centers in USA, China, etc. raise the question about the possible transmission of the global shocks to the CEECs stock markets despite the low degree of financial integration. The main research questions are: can the spillover effect transmit from the major stock markets on the CEECs stock markets and what type of shocks cause the cross-border contagion risk transmission to the CEECs stock markets? The objective of this study – to identify the transmission of global shocks through stock markets channel in the CEECs. The research methods: the systemic, logical and comparative analysis of the scientific literature and statistical methods: Dynamic Conditional Correlation Generalized Autoregressive Conditional Heteroskedasticity (DCC-GARCH) model. The empirical results of this study suggest that the highest degree of global and regional integration of the stock markets was observed in Poland's, Czech Republic's, and Hungary's stock markets that can be explained by higher development level of these stock markets comparing to other CEECs. The collapse of Lehman Brothers bank in United States in 2008 was the most significant shock transmitted to CEECs stock markets. The empirical results also suggest that the transmission of other systemic shocks (e.g. the Middle East financial markets crash (May 2006), Greek debt crisis (April 23, 2010), Portugal's debt crisis (May 16, 2011)) was also observed on some of the CEECs countries.

This paper aims to investigate the perception of employers and educators on the importance of knowledge taught in higher education and soft skills embedded to the accounting students. The sample consists of 127 educators and 95 employers in accounting and finance related field. The respondents agreed on different value to the employability knowledge and skills of the accounting graduates. Employers place higher value for taxation rather than auditing and services which perceived essential by educators. There is significant difference between employers and educators on importance of the graduate skills. The employers’ response that graduates should learn at a faster pace in accounting career. Meanwhile, the educators believed that there is too much reliance on memorization in accounting education. Overall, the highest three skillrequirements to accounting graduates are written communication, continuous learning and decision making skills.

The purpose of this study is to investigate the relationship between the green value, emotional value, environment conscious, consumers’ perceived quality, and repurchase intention towards green products at Parkson Bandar Utama, Selangor. The variables are divided into three models where perceived quality is acting as the mediating variable and repurchase intention as the dependent variable. The questionnaires were filled by the respondents who already purchased green products at Parkson Bandar Utama. For this quantitative research, a total of 200 respondents participated in the survey. The study has found that green value has significant relationship with both perceived quality and repurchase intention. Emotional value has significant relationship with perceived quality. However, its relationship with repurchase intention is insignificant. For environment conscious, though its relationship with perceived quality is insignificant, when paired against repurchased intention, the relationship is found to be significant.

For years, traditional finance has always presumed that investors are rational in their decision making process in the stock market about risk return trade-offs and maximizing utility. However, behavioral finance studies revealed that human beings do not behave as rationally as economists suppose as their decisions at times are affected by their psychological feelings. Numerous studies from ASEAN, Middle East and Western countries have in fact established that psychological factors do have relationships and impacts on the decision making of investors in their stock markets. In light of this, this research attempts to bridge the gap of the differences in terms of geographical location and demographic profile between Malaysia and other countries by examining the impact of the psychological factors on investors’ decision making in the Malaysian stock market. Questionnaires are distributed to a sample size of 200 investors in the Klang Valley and Pahang areas aged between 18-60 years who are involved in the Malaysian stock market. The findings show that overconfidence, conservatism and availability bias have significant impacts on the investors’ decision making while herding behavior has no significant impact on the investors’ decision making. It is also found that the psychological factors are dependent of individual's gender. The results of this research are mostly consistent with the evidences in previous studies. This study, hopefully, will help investors to be aware of the impact of their own psychological factors on their decision making in the stock market, thus increasing the rationality of investment decisions for enhanced market efficiency.

The paper focuses on earnings quality (EQ) of Malaysian Initial Public Offering (IPO) firms and examines the effect of share moratorium regulation and institutional ownership on IPO firms’ EQ behavior. Analyzing both real and accrual earnings management (EM) to measure EQ of 220 sample IPO firms over the period from 2002 to 2009, the results indicate that Malaysian IPO firms engage in both real and accrual discretionary EM. Both EQ measures are also observed to be similar between firms with and without share moratorium provision, evidencing the support towards Malaysia's public policy guideline of subjecting all IPO firms to share moratorium regulations as a commitment device to reduce information asymmetry and adverse selection problem between the strategic owners and new investors. The multivariate results further indicate the effective monitoring of institutional shareholders over investee firms’ EQ. The overall results collectively suggest the need for investors to examine investee firms’ real activity discretionary behavior in their investment decisions while regulators should device means of constraining it.

There are fewer women prefer the engineering fields compared to men. Many obstacles are existed which suspend women from the engineering, and examinations of three of them is the aim of this study. The obtained findings from the literature review results and based on the related studies held in Turkey and other countries, it has been tried to analyze the three obstacles: the existence of male-dominated organizational culture at work, the existence of the presence of lack of job satisfaction at work, and the existence of the work-family conflicts, that are confronting women in entering and remaining in engineering occupations. In the application part of this research, via the findings from the literature, the survey covers 112 women employees graduated from the engineering domain. The research was done particularly in the city of Istanbul, Turkey. From the answers of the participants, it has been attempted to find out their views, feelings and opinions about the existence of the three barriers are mentioned above, according to their demographic peculiarities. The finding are showed that these reasons, which are the existence of the men-dominated organizational culture, the presence of lack of job satisfaction, and the work-family conflict are existed and confronted women from entering and remaining in engineering occupations.

This study aims to analyze the profitability in Islamic Banks and Conventional Banks in Malaysia. The study uses the period of the year 2006 to until the year 2011. In methodology, this research using T-Test Model, Regression and Correlation. Meanwhile, data are collected from the Bursa Malaysia and bank website in Malaysia. This study finds that Islamic Banks are more profitable than Conventional Banks whereas Total Loan to Total Asset for Islamic bank is higher than Conventional bank. Based on Regression test, for Conventional Banks, ROE is an influence profitability of Conventional Bank.and for Islamic Banks, ROA and ROE are significant factor that influence profitability. Based on Correlation test, ROE is an influence profitability of Conventional Bank and for Islamic Banks, ROA and ROE are significant relationship with independent variable which is Total Equity to Total Asset.

Due to its contribution to the effective functioning of organizations the topic of Organizational Citizenship Behaviour (OCB) has gained much attention over the past years and has been studied in a diversity of settings. The purpose of this study was to examine OCB in the higher education sector. More specifically, the study investigated the degree of OCB that exists amongst the academic staff at a private university in North Cyprus. The study instrument utilized was the “Organizational Citizenship Behaviour Scale” developed by Podsakoff et al. (1990) which is the most widely used OCB study instrument in the literature. The 24 item scale measures the five subscales/dimensions of OCB, namely altruism, conscientiousness, sportsmanship, courtesy, and civic virtue. The average of all 24 items calculates overall OCB. The study results indicate that OCB does exist amongst the academic staff at the Faculty of Economics and Administrative Sciences; however the results are only partial in that the study is still ongoing. The complete study results will enable the researcher to conclude whether academic staff from different faculties indicates different levels of OCB.