Pub Date : 2019-11-15DOI: 10.24052/ijbed/v07n02/art-04
Nurul Azwanie Binti Budang, Taufik Abd Hakim
This paper intends to investigate the impacts and consequences of the inflow of Foreign Direct Investment (FDI) on Domestic Investment (DI) by the occurrence of the financial crisis (before, during and after Asia financial crisis) in Asia. The data were collected from 1993 to 2001 and separated into three subperiods of 1993-1995 (Before Asia Financial Crisis), 1996-1998 (During Asia Financial Crisis) and 19992001 (After Asia Financial Crisis), consisting of 38 Asian countries. In this paper, we estimated the data using the balanced panel data of Fixed Effects (FE) and Random Effects (RE) estimators with the existence of Instrumental Variables (IV). The general empirical finding found that FDI has crowded out (negative) effect on DI for all sub-periods where sub-periods during and after the Asia financial crisis showed significant results. Thus, this study concludes that the inflow of FDI is not statistically significant and harmful for DI before the Asia financial crisis. However, the impact of FDI is significant but negatively correlated with DI for the case of during and after the Asia financial crisis. Therefore, this study reveals that different economic conditions influence the inconsistent significance or not significant impact of FDI on DI in Asian countries. Corresponding author: Nurul Azwanie Binti Budang Email address for corresponding author: nurulazwanie94.na@gmail.com First submission received: 5th May 2019 Revised submission received: 31st July 2019 Accepted: 26th August 2019
{"title":"The crowding effects of foreign direct investment on domestic investment: Evidence from Asia","authors":"Nurul Azwanie Binti Budang, Taufik Abd Hakim","doi":"10.24052/ijbed/v07n02/art-04","DOIUrl":"https://doi.org/10.24052/ijbed/v07n02/art-04","url":null,"abstract":"This paper intends to investigate the impacts and consequences of the inflow of Foreign Direct Investment (FDI) on Domestic Investment (DI) by the occurrence of the financial crisis (before, during and after Asia financial crisis) in Asia. The data were collected from 1993 to 2001 and separated into three subperiods of 1993-1995 (Before Asia Financial Crisis), 1996-1998 (During Asia Financial Crisis) and 19992001 (After Asia Financial Crisis), consisting of 38 Asian countries. In this paper, we estimated the data using the balanced panel data of Fixed Effects (FE) and Random Effects (RE) estimators with the existence of Instrumental Variables (IV). The general empirical finding found that FDI has crowded out (negative) effect on DI for all sub-periods where sub-periods during and after the Asia financial crisis showed significant results. Thus, this study concludes that the inflow of FDI is not statistically significant and harmful for DI before the Asia financial crisis. However, the impact of FDI is significant but negatively correlated with DI for the case of during and after the Asia financial crisis. Therefore, this study reveals that different economic conditions influence the inconsistent significance or not significant impact of FDI on DI in Asian countries. Corresponding author: Nurul Azwanie Binti Budang Email address for corresponding author: nurulazwanie94.na@gmail.com First submission received: 5th May 2019 Revised submission received: 31st July 2019 Accepted: 26th August 2019","PeriodicalId":30779,"journal":{"name":"International Journal of Business Economic Development","volume":"07 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43536459","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-10-23DOI: 10.24052/ijbed/v07n02/art-01
Meldebra Hilom-Polinon, Taufik Abd Hakim
This study attempts to examine the impact of entry modes of foreign direct investment (FDI) namely Greenfield investment and Brownfield investment towards unemployment in 25 Asian countries over the period of 2006 – 2015 (10 years) where the countries were divided into three groups: total, developing and developed Asian countries. The Breuch-Pagan Lagrange Multiplier test has been used to determine whether Ordinary Least Square or Fixed Effect-Instrumental Variables is appropriate for this study. In order to avoid the endogeneity problem that usually occurs in the panel data analysis, this study includes instrumental variables in the fixed effect estimators. The results depict mixed findings where both total and developed Asian countries are negatively significant between FDI and unemployment while both of the entry modes are insignificant. However, for the case of developing Asian countries, this study found insignificant and positive relationship between FDI and unemployment, while both entry modes of FDI were negatively significant towards unemployment. Thus, this study concludes that the entry modes of FDI are significant to reduce unemployment in developing Asian countries compared to developed Asian countries. Corresponding author: Meldebra Hilom-Polinon Email address for corresponding author: meldebrastephen@gmail.com First submission received: 12th May 2019 Revised submission received: 31st July 2019 Accepted: 26th August 2019 1.0 Introduction Foreign direct investment is one of the fuels to the economic growth which it enhances private investment, encourage job creation, knowledge and technological labour skills transfer (Lloyd, 1996). The UNCTAD (2017) reported that the Asian region remains as the largest recipient of foreign direct investment in the world in 2017. Correspondingly, identifying the significance of foreign investors and also examining the effect of the foreign direct investment on the economy has become one of the major attractions for many parties. Basically, domestic investments and foreign investments are able to reduce the unemployment rate by creating more job opportunities in the host countries (Ndikumana & Verick, 2008). According to OECD (2002), foreign direct investment inflow consists of two entry modes namely Greenfield investment and Brownfield investment. Greenfield investment is constructing or creating new businesses in the host countries and for Brownfield investment it consists of merging or buying an existing facility (acquisition). In simply meaning, both Greenfield investment and Brownfield investment are part of foreign direct investment. Moreover, foreign direct investments have been considered as being International Journal of Business and Economic Development, Vol. 7 Number 2 November 2019 www.ijbed.org A Journal of the Centre for Business & Economic Research (CBER) 2 an important source towards the increase in internal market such as creating jobs. Foreign direct investment inflow can influence th
{"title":"The impact of entry modes of Foreign Direct Investment towards unemployment: Evidence from Asian countries","authors":"Meldebra Hilom-Polinon, Taufik Abd Hakim","doi":"10.24052/ijbed/v07n02/art-01","DOIUrl":"https://doi.org/10.24052/ijbed/v07n02/art-01","url":null,"abstract":"This study attempts to examine the impact of entry modes of foreign direct investment (FDI) namely Greenfield investment and Brownfield investment towards unemployment in 25 Asian countries over the period of 2006 – 2015 (10 years) where the countries were divided into three groups: total, developing and developed Asian countries. The Breuch-Pagan Lagrange Multiplier test has been used to determine whether Ordinary Least Square or Fixed Effect-Instrumental Variables is appropriate for this study. In order to avoid the endogeneity problem that usually occurs in the panel data analysis, this study includes instrumental variables in the fixed effect estimators. The results depict mixed findings where both total and developed Asian countries are negatively significant between FDI and unemployment while both of the entry modes are insignificant. However, for the case of developing Asian countries, this study found insignificant and positive relationship between FDI and unemployment, while both entry modes of FDI were negatively significant towards unemployment. Thus, this study concludes that the entry modes of FDI are significant to reduce unemployment in developing Asian countries compared to developed Asian countries. Corresponding author: Meldebra Hilom-Polinon Email address for corresponding author: meldebrastephen@gmail.com First submission received: 12th May 2019 Revised submission received: 31st July 2019 Accepted: 26th August 2019 1.0 Introduction Foreign direct investment is one of the fuels to the economic growth which it enhances private investment, encourage job creation, knowledge and technological labour skills transfer (Lloyd, 1996). The UNCTAD (2017) reported that the Asian region remains as the largest recipient of foreign direct investment in the world in 2017. Correspondingly, identifying the significance of foreign investors and also examining the effect of the foreign direct investment on the economy has become one of the major attractions for many parties. Basically, domestic investments and foreign investments are able to reduce the unemployment rate by creating more job opportunities in the host countries (Ndikumana & Verick, 2008). According to OECD (2002), foreign direct investment inflow consists of two entry modes namely Greenfield investment and Brownfield investment. Greenfield investment is constructing or creating new businesses in the host countries and for Brownfield investment it consists of merging or buying an existing facility (acquisition). In simply meaning, both Greenfield investment and Brownfield investment are part of foreign direct investment. Moreover, foreign direct investments have been considered as being International Journal of Business and Economic Development, Vol. 7 Number 2 November 2019 www.ijbed.org A Journal of the Centre for Business & Economic Research (CBER) 2 an important source towards the increase in internal market such as creating jobs. Foreign direct investment inflow can influence th","PeriodicalId":30779,"journal":{"name":"International Journal of Business Economic Development","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44850283","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-09-01DOI: 10.24052/ijbed/v08n02/art-03
E. Fragouli, Ivana Despoina Doulgerof
The aim of the current research is to examine how and to what extent existing e-government services in planning, managing, and delivering EU funds in Greece, can evolve into new open-government models. It also aims to examine how to effectively engage citizens and potential beneficiaries to participate in processes, such as policymaking or projects’ and funds’ allocation within the framework of the Partnership Agreement 2014/2020. The study comprises of a combination of both secondary and primary data being selected from public bodies (managing authorities) and potential beneficiaries (public entities and citizens) searching their awareness, perceptions, concerns and attitudes on existing and possible future open government models. Findings show that respondents recognize the benefits of e-government services, yet they encounter difficulties using them, mostly due to the platforms’ technocratic language. They are uncertain however on the impact open data have had on the EU funds management and demonstrate reservations on trust and security issues, including interaction and integration of their proposals in policy- and decision-making processes. The study concludes with proposals on future academic research and policy applications in order to further advance the openness of governance in the EU funds.
{"title":"From E- to Open-Government in delivering European Union funds to beneficiaries: the case of Greece","authors":"E. Fragouli, Ivana Despoina Doulgerof","doi":"10.24052/ijbed/v08n02/art-03","DOIUrl":"https://doi.org/10.24052/ijbed/v08n02/art-03","url":null,"abstract":"The aim of the current research is to examine how and to what extent existing e-government services in planning, managing, and delivering EU funds in Greece, can evolve into new open-government models. It also aims to examine how to effectively engage citizens and potential beneficiaries to participate in processes, such as policymaking or projects’ and funds’ allocation within the framework of the Partnership Agreement 2014/2020. The study comprises of a combination of both secondary and primary data being selected from public bodies (managing authorities) and potential beneficiaries (public entities and citizens) searching their awareness, perceptions, concerns and attitudes on existing and possible future open government models. Findings show that respondents recognize the benefits of e-government services, yet they encounter difficulties using them, mostly due to the platforms’ technocratic language. They are uncertain however on the impact open data have had on the EU funds management and demonstrate reservations on trust and security issues, including interaction and integration of their proposals in policy- and decision-making processes. The study concludes with proposals on future academic research and policy applications in order to further advance the openness of governance in the EU funds.","PeriodicalId":30779,"journal":{"name":"International Journal of Business Economic Development","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49449530","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-03-15DOI: 10.24052/IJBED/V07N01/ART-05
Lawal Babatunde Akeem
This paper examined the effect of key financial drivers on organizational performance of public establishments in Nigeria. There exists difficulty in achieving continued exercise and growth, poor management funding, failure to adequately anticipate cash flow, technology or reaction to competition with private establishments, indiscipline among members in public ministry and ill-timed financing. The objectives of this study are therefore to; examine the effect of cash flow management on organizational performance of public establishments in Nigeria and examine the effect of cost management on organizational performance of public establishments in Nigeria. The research design for this study was experimental design used to test the hypothesis in reaching a valid conclusion. The population of the study comprised of the public establishments in Ogun State, and the target population of the study was Agbado District Comprehensive High School, Oke Aro, Ogun State using purposive sampling. The study employed the use of primary data through the administering of questionnaire. Multiple regression models were used to analyze the data. Based on the findings, the study recommended that public establishments should take advantage of the excellent benefits derivable from the adoption of well-designed cash flow management. Also, public establishments should carefully implement cost management techniques to aid business performance and ensure continuity. Corresponding author: Lawal Babatunde Akeem Email address for corresponding author: ab400level@yahoo.com First submission received: 3oth November 2018 Revised submission received: 28th March 2019 Accepted: 30th March 2019 1.0 Introduction Organizational performance concept is core to public enterprises because the objective of government companies is to achieve profit, productivity and success. Mutindi, Namusonge and Obwogi (2013) observed that one of the important questions in business have been why some organizations succeed and why others fail, and this has influenced a study on the drivers of organizational performance. Kangangi (2014) highlighted performance measurement as one of the tools, which help firms in monitoring performance, identifying the areas that need attention, enhancing motivation, improving communication and strengthening accountability. Gichuki (2012) describes performance in terms of four perspectives, which are the financial, customer, internal processes and innovativeness. The financial perspective identified the key financial drivers of enhancing performance that are profit margin, asset turnover, leverage, cash flow, and working capital. Financial drivers of performance involve the translation of business strategies into deliverable results. It combines financial and operating principles to gauge how a company is able to meet its targets International Journal of Business and Economic Development, Vol. 7 Number 1 March 2019 www.ijbed.org A Journal of the Academy of Business and Retail Ma
{"title":"Effect of Key Financial Drivers on Organizational Performance: Evidence from Public Establishments in Nigeria","authors":"Lawal Babatunde Akeem","doi":"10.24052/IJBED/V07N01/ART-05","DOIUrl":"https://doi.org/10.24052/IJBED/V07N01/ART-05","url":null,"abstract":"This paper examined the effect of key financial drivers on organizational performance of public establishments in Nigeria. There exists difficulty in achieving continued exercise and growth, poor management funding, failure to adequately anticipate cash flow, technology or reaction to competition with private establishments, indiscipline among members in public ministry and ill-timed financing. The objectives of this study are therefore to; examine the effect of cash flow management on organizational performance of public establishments in Nigeria and examine the effect of cost management on organizational performance of public establishments in Nigeria. The research design for this study was experimental design used to test the hypothesis in reaching a valid conclusion. The population of the study comprised of the public establishments in Ogun State, and the target population of the study was Agbado District Comprehensive High School, Oke Aro, Ogun State using purposive sampling. The study employed the use of primary data through the administering of questionnaire. Multiple regression models were used to analyze the data. Based on the findings, the study recommended that public establishments should take advantage of the excellent benefits derivable from the adoption of well-designed cash flow management. Also, public establishments should carefully implement cost management techniques to aid business performance and ensure continuity. Corresponding author: Lawal Babatunde Akeem Email address for corresponding author: ab400level@yahoo.com First submission received: 3oth November 2018 Revised submission received: 28th March 2019 Accepted: 30th March 2019 1.0 Introduction Organizational performance concept is core to public enterprises because the objective of government companies is to achieve profit, productivity and success. Mutindi, Namusonge and Obwogi (2013) observed that one of the important questions in business have been why some organizations succeed and why others fail, and this has influenced a study on the drivers of organizational performance. Kangangi (2014) highlighted performance measurement as one of the tools, which help firms in monitoring performance, identifying the areas that need attention, enhancing motivation, improving communication and strengthening accountability. Gichuki (2012) describes performance in terms of four perspectives, which are the financial, customer, internal processes and innovativeness. The financial perspective identified the key financial drivers of enhancing performance that are profit margin, asset turnover, leverage, cash flow, and working capital. Financial drivers of performance involve the translation of business strategies into deliverable results. It combines financial and operating principles to gauge how a company is able to meet its targets International Journal of Business and Economic Development, Vol. 7 Number 1 March 2019 www.ijbed.org A Journal of the Academy of Business and Retail Ma","PeriodicalId":30779,"journal":{"name":"International Journal of Business Economic Development","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45097500","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-03-15DOI: 10.24052/IJBED/V07N01/ART-03
Fatile Jacob Olufemi, I Ogunlela Yemisi, Akindele Iyiola Tomilayo, Oluwole Kazeem Sanni
Improving public agency performance vis-à-vis productivity is the greatest challenge facing the public sector. The main objective of this study is to determine the effectiveness of performance measurement using balanced scorecard (BSC) in Lagos Internal Revenue Service (LIRS). Primary and secondary data were utilized for the study. The primary data collected was analyzed using both descriptive statistics while the stated hypotheses were tested using regression analysis. The study adopts the theory of change (ToC) postulated by Weiss as a theoretical basis. The findings of the study reveal that using the balanced scorecard to measure performance periodically with stakeholders' reflection in LIRS has increased significantly the annual revenue generation in Lagos State. The study recommends among others that more attention should be paid to the provision of adequate incentives as well as training and development on contemporary issues in tax management for tax officers to promote their efficiency and effectiveness in developing economies including Nigeria. Furthermore, since citizens' expectation on societal general development and demand varies across divisions and localities Lagos state. Lagos state government should, therefore, accommodate the aspirations of the various groups to engender sustainable tax compliance by citizens.
{"title":"Improving public agency performance using balance scorecard in Lagos internal revenue service (LIRS)","authors":"Fatile Jacob Olufemi, I Ogunlela Yemisi, Akindele Iyiola Tomilayo, Oluwole Kazeem Sanni","doi":"10.24052/IJBED/V07N01/ART-03","DOIUrl":"https://doi.org/10.24052/IJBED/V07N01/ART-03","url":null,"abstract":"Improving public agency performance vis-à-vis productivity is the greatest challenge facing the public sector. The main objective of this study is to determine the effectiveness of performance measurement using balanced scorecard (BSC) in Lagos Internal Revenue Service (LIRS). Primary and secondary data were utilized for the study. The primary data collected was analyzed using both descriptive statistics while the stated hypotheses were tested using regression analysis. The study adopts the theory of change (ToC) postulated by Weiss as a theoretical basis. The findings of the study reveal that using the balanced scorecard to measure performance periodically with stakeholders' reflection in LIRS has increased significantly the annual revenue generation in Lagos State. The study recommends among others that more attention should be paid to the provision of adequate incentives as well as training and development on contemporary issues in tax management for tax officers to promote their efficiency and effectiveness in developing economies including Nigeria. Furthermore, since citizens' expectation on societal general development and demand varies across divisions and localities Lagos state. Lagos state government should, therefore, accommodate the aspirations of the various groups to engender sustainable tax compliance by citizens.","PeriodicalId":30779,"journal":{"name":"International Journal of Business Economic Development","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44459679","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-03-15DOI: 10.24052/IJBED/V07N01/ART-04
Warren Matthews, Robert Driver
The United Kingdom has voted to exit the European Union. Within the European Union, the rich states of the north (led by Germany) control most policies, and the less rich states of the southern tier are suffering the effects of austerity (Greece, Spain, Italy). Traditional political parties are losing strength, and populist and nationalist parties are gaining votes and forming coalition governments (Greece, Spain, Italy). The European Union is not serving the needs of all its members, and this casts doubt on the concept of a union of sovereign nations. Corresponding author: Warren Matthews Email address for corresponding author: wmatthews@belhaven.edu First submission received: 7th February 2019 Revised submission received: 25th March 2019 Accepted: 30th March 2019
{"title":"Brexit: An unhappy marriage to the single market","authors":"Warren Matthews, Robert Driver","doi":"10.24052/IJBED/V07N01/ART-04","DOIUrl":"https://doi.org/10.24052/IJBED/V07N01/ART-04","url":null,"abstract":"The United Kingdom has voted to exit the European Union. Within the European Union, the rich states of the north (led by Germany) control most policies, and the less rich states of the southern tier are suffering the effects of austerity (Greece, Spain, Italy). Traditional political parties are losing strength, and populist and nationalist parties are gaining votes and forming coalition governments (Greece, Spain, Italy). The European Union is not serving the needs of all its members, and this casts doubt on the concept of a union of sovereign nations. Corresponding author: Warren Matthews Email address for corresponding author: wmatthews@belhaven.edu First submission received: 7th February 2019 Revised submission received: 25th March 2019 Accepted: 30th March 2019","PeriodicalId":30779,"journal":{"name":"International Journal of Business Economic Development","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42738272","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-03-15DOI: 10.24052/IJBED/V07N01/ART-01
Youngseo Yoo, S. Magee
Patents are valuable only when they are enforced in court. The purpose of this paper is to measure a patent owner’s profits that are lost when a competing firm unlawfully makes infringing sales. Our microeconomic methodology computes a two-firm duopoly equilibrium with an infringer present and compares it with the same market but with the infringer removed. The second equilibrium represents a legally sanctioned single-firm patent monopoly. We derive a single equation representing the lost profits damage percent to be paid to the patent owner by the infringer. We incorporate product demand, both firms’ marginal costs, output, market shares, and prices in our equation. There are three contributions of this paper. One, we derive the simplest duopoly/monopoly damage equation we have seen that captures all the economic effects into a single percentage damage number. Second, that damage percent multiplied times the patent owner’s actual profits (with infringement ongoing) equals the dollar damages the infringer should pay in court for the patent owner’s lost profits. Third, we apply our formula to a small pilot study of classic US patent lost profit cases and find that our equation’s damage predictions had a correlation of .71 with the actual Federal court damage outcomes. We also illustrate the use of the formula. For example, if a patent owner’s actual profits on its patented product was $10 million with infringing sales present, then lost profits damages due to the patent owner would be $12.5 million if the two firms’ sales were equal. Patent damages increase to over $40 million if the infringer’s market share increased to triple that of the patent owner in the two-firm market. Corresponding author: Stephen P. Magee Email address for corresponding author: magee@mail.utexas.edu First submission received: 3rd January 2019 Revised submission received: 19th March 2019 Accepted: 21st March 2019
专利只有在法庭上被强制执行时才有价值。本文的目的是衡量当竞争公司非法进行侵权销售时专利所有者的利润损失。我们的微观经济学方法计算了存在侵权者的两家公司双寡头垄断均衡，并将其与相同市场但侵权者被移除的情况进行了比较。第二种均衡代表法律认可的单一企业专利垄断。我们推导出一个单一的等式，表示侵权人支付给专利权人的利润损失百分比。我们将产品需求、两家公司的边际成本、产量、市场份额和价格纳入方程。本文的贡献有三点。首先，我们推导出最简单的双头垄断/垄断损害方程，将所有经济影响转化为单个百分比损害数。第二，损害百分比乘以专利权人的实际利润(在侵权仍在进行的情况下)等于侵权人应向法院支付的专利权人损失利润的损害赔偿金额。第三，我们将我们的公式应用于典型的美国专利损失利润案例的小型试点研究，发现我们的公式的损害预测与联邦法院实际损害结果的相关性为0.71。我们还举例说明公式的用法。例如，如果专利所有人在其专利产品上的实际利润为1000万美元，并且存在侵权销售，那么如果两家公司的销售额相等，专利所有人的利润损失损失将为1250万美元。在两家公司的市场中，如果侵权人的市场份额增加到专利权人的三倍，专利损失将增加到4000万美元以上。通讯作者:Stephen P. Magee通讯作者电子邮件地址:magee@mail.utexas.edu首次投稿:2019年1月3日修改收到:2019年3月19日接受:2019年3月21日
{"title":"How to value a patent: a simple formula for lost profits patent damages","authors":"Youngseo Yoo, S. Magee","doi":"10.24052/IJBED/V07N01/ART-01","DOIUrl":"https://doi.org/10.24052/IJBED/V07N01/ART-01","url":null,"abstract":"Patents are valuable only when they are enforced in court. The purpose of this paper is to measure a patent owner’s profits that are lost when a competing firm unlawfully makes infringing sales. Our microeconomic methodology computes a two-firm duopoly equilibrium with an infringer present and compares it with the same market but with the infringer removed. The second equilibrium represents a legally sanctioned single-firm patent monopoly. We derive a single equation representing the lost profits damage percent to be paid to the patent owner by the infringer. We incorporate product demand, both firms’ marginal costs, output, market shares, and prices in our equation. There are three contributions of this paper. One, we derive the simplest duopoly/monopoly damage equation we have seen that captures all the economic effects into a single percentage damage number. Second, that damage percent multiplied times the patent owner’s actual profits (with infringement ongoing) equals the dollar damages the infringer should pay in court for the patent owner’s lost profits. Third, we apply our formula to a small pilot study of classic US patent lost profit cases and find that our equation’s damage predictions had a correlation of .71 with the actual Federal court damage outcomes. We also illustrate the use of the formula. For example, if a patent owner’s actual profits on its patented product was $10 million with infringing sales present, then lost profits damages due to the patent owner would be $12.5 million if the two firms’ sales were equal. Patent damages increase to over $40 million if the infringer’s market share increased to triple that of the patent owner in the two-firm market. Corresponding author: Stephen P. Magee Email address for corresponding author: magee@mail.utexas.edu First submission received: 3rd January 2019 Revised submission received: 19th March 2019 Accepted: 21st March 2019","PeriodicalId":30779,"journal":{"name":"International Journal of Business Economic Development","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42293711","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-03-15DOI: 10.24052/IJBED/V07N01/ART-02
Racha El Moslemany, Egypt Maritime Transport, Demyana Nathan
The purpose of this paper is to investigate the relationships between ownership structure and Earnings Management (EM) of Egyptian companies. Discretionary accruals using the modified Jones model is evaluated to calculate the extent of EM. A sample of 50 companies listed on the Egyptian stock market for twelve years is used in the study. Three ownership indicators for concentration are included in the current research: block holder ownership, managerial ownership, and public ownership. A set of control variables are used in the current study: return on assets, firm size, firm age, debt ratio and market to book value. The statistical results indicated that there is a positive relationship between the Block holder ownership and the degree of earning management. However, no relationship was found between the Managerial Ownership and the Public Ownership on level of Earning Management. Corresponding author: Racha El Moslemany Email address for corresponding author: rachaelmoslemany@aast.edu First submission received: 7th January 2019 Revised submission received: 13th March 2019 Accepted: 19th March 2019 1.Introduction In academic literature, the corporate governance mechanism has gained remarkable attention. This is attributed to two main reasons. As a main reason the move toward globalization, the introduction of new technologies, the social and cultural environment encourages good corporate governance and promote financial information transparency. Second, the corporate financial scandals in many companies have led to losing confidence in the financial information provided (Zgarni, 2016). The reliability and accuracy of the financial information provided is required in the business environment in order to be able to make decisions and perform analysis. Earnings are considered the main source of information and would alter any decision (Elham; Salehi; and Vali Pour, 2016). This raised the need to set rules to guide and control the performance by enhancing the quality of the financial reporting and to ensure the transparency of the financial information (Zgarni, 2016). Despite this, accrual basis of accounting encourages managers to engage in earnings management. This is easily detected from the discontinuity in the distribution of earnings. Previous studies have elaborated the ways and methods managers undertake to manage their earnings (El-Sayed, 2012). Several definitions exist for EM. One the definitions is “purposeful intervention in the external financial reporting process with the intent of obtaining private gain” Schipper (1989, p. 92). Another definition is that “EM occurs when managers use judgment in financial reporting and in structuring transactions to alter financial reports to either mislead some stakeholders about the underlying economic performance of the company or to influence contractual outcomes that depend on reported accounting International Journal of Business and Economic Development, Vol. 7 Number 1 March 2019 www.ijbed.org
代理理论指的是公司所有者和董事之间建立的关系，这种关系是通过管理者代表所有者并为其利益而工作的概念来解释的。尽管代理理论的发展始于70年代，但Berle和Means（1932）自30年代以来就强调了分离控制政府的想法（Shleifer和Vishny，1997）。所有权和管理权之间的分离是冲突的主要来源，这反过来又导致了与这些冲突相关的成本。Berle&Means（1932年）、Adam Smith（1776年）和Ross（1973年）（Jensen和Meckling，1976年）首先强调了这一问题。代理理论导致了为了实现公司价值最大化而需要使管理者的利益与股东的利益相一致。此外，从文献中可以发现，代理理论可以用两件事来解释。第一种解释是，它非常简单，将公司分为两部分；管理人员和股东。此外，该理论假设管理者和员工更喜欢自己的福利，而不是所有者的福利（Daily、Dalton和Canella，2003）。尽管代理理论认为管理者和员工是以自身利益为导向的，但它在文献中被广泛用于促进所有权与管理和控制之间的分离（Bhimani，2008）。因此，这为经理们管理收入以实现目标提供了动力，而这反过来又会对他们的奖金产生影响。这就是他们财务报告和报表薄弱的原因（Davidson等人，2005年；Habbash，2010年）。EM是当前会计研究的一个主要问题。EM发生在管理者在其商业环境中滥用财务报告的情况下。当管理者倾向于更改某些收入和支出数据，以误导用户了解公司当前的财务业绩时，也会发生这种情况（Parveen等人，2016）。所有权结构被认为是公司治理的一种工具，可以用来降低代理问题产生的代理成本（Jensen和Meckling，1976）。有两种观点可以解释这个问题。第一种假设是，当公司经理拥有公司大部分股份时，这将导致他们的利益与所有者的利益之间的平衡。这将反过来降低与代理问题相关的成本，《国际商业与经济发展杂志》，第7卷，2019年3月1日www.ijbed.org《商业与零售管理学会杂志》（ABRM）20。第二个假设是，如果外部股东拥有公司股票的很大一部分，这将对管理者提供良好的控制，并迫使他们采取有利于所有者利益的行动（Al-Fayoumi、Abuzayed和Alexander，2010）。本节讨论了三种类型的所有权，管理所有权、机构所有权和大宗持有人。2.1管理层所有权根据代理理论，管理者的经营方式确实会增加他们的利益，无论这一点如何反映在股东身上，尤其是如果他们没有持有公司的大部分股份（Saleem，2016）。一些研究是为了衡量当管理者拥有他们管理的公司股票的很大一部分时EM的程度。根据一些研究，一些研究人员认为，管理层持股比例越高，管理者的权力就越大，导致倾向于管理自己的财富，而不是股东（Jung和Kwon，2002；Gul、Fung和Jaggi，2003；Peasnell、Pope和Young，2005）。根据这些研究人员的说法，当管理层与所有权分离时，管理者不会感受到来自金融市场的压力来改变公司的收益，也不会太关注短期财务报告（Jensen，1986；Klassen，1997）。因此，管理层的所有权百分比越高，操纵收益的倾向就越高，因为这将导致管理者做出反映个人利益而非公司福利的决策（SanchezBallesta和Garsa Meca，2007）。在这种情况下，一些研究人员指出，随着管理层所有权的增加，市场的效率会降低，因为管理者往往会做出自己的价值最大化决策。这是因为他们的所有权比例越高，他们的投票权就越高，从而确保了他们作为经理的地位。因此，根据这一说法，随着管理层所有权的增加，EM可能会增加（Parveen et al.，2016）。另一方面，管理层所有权被视为限制EM范围的一种方法（Jung和Kwon，2002；克莱因，2002；Sanchez-Ballesta和Garcia Meca，2007；Teshima和Shuto，2008；Jensen和Meckling，1976）。 这种动机的解释是
{"title":"Ownership structure and Earnings Management: evidence from Egypt","authors":"Racha El Moslemany, Egypt Maritime Transport, Demyana Nathan","doi":"10.24052/IJBED/V07N01/ART-02","DOIUrl":"https://doi.org/10.24052/IJBED/V07N01/ART-02","url":null,"abstract":"The purpose of this paper is to investigate the relationships between ownership structure and Earnings Management (EM) of Egyptian companies. Discretionary accruals using the modified Jones model is evaluated to calculate the extent of EM. A sample of 50 companies listed on the Egyptian stock market for twelve years is used in the study. Three ownership indicators for concentration are included in the current research: block holder ownership, managerial ownership, and public ownership. A set of control variables are used in the current study: return on assets, firm size, firm age, debt ratio and market to book value. The statistical results indicated that there is a positive relationship between the Block holder ownership and the degree of earning management. However, no relationship was found between the Managerial Ownership and the Public Ownership on level of Earning Management. Corresponding author: Racha El Moslemany Email address for corresponding author: rachaelmoslemany@aast.edu First submission received: 7th January 2019 Revised submission received: 13th March 2019 Accepted: 19th March 2019 1.Introduction In academic literature, the corporate governance mechanism has gained remarkable attention. This is attributed to two main reasons. As a main reason the move toward globalization, the introduction of new technologies, the social and cultural environment encourages good corporate governance and promote financial information transparency. Second, the corporate financial scandals in many companies have led to losing confidence in the financial information provided (Zgarni, 2016). The reliability and accuracy of the financial information provided is required in the business environment in order to be able to make decisions and perform analysis. Earnings are considered the main source of information and would alter any decision (Elham; Salehi; and Vali Pour, 2016). This raised the need to set rules to guide and control the performance by enhancing the quality of the financial reporting and to ensure the transparency of the financial information (Zgarni, 2016). Despite this, accrual basis of accounting encourages managers to engage in earnings management. This is easily detected from the discontinuity in the distribution of earnings. Previous studies have elaborated the ways and methods managers undertake to manage their earnings (El-Sayed, 2012). Several definitions exist for EM. One the definitions is “purposeful intervention in the external financial reporting process with the intent of obtaining private gain” Schipper (1989, p. 92). Another definition is that “EM occurs when managers use judgment in financial reporting and in structuring transactions to alter financial reports to either mislead some stakeholders about the underlying economic performance of the company or to influence contractual outcomes that depend on reported accounting International Journal of Business and Economic Development, Vol. 7 Number 1 March 2019 www.ijbed.org ","PeriodicalId":30779,"journal":{"name":"International Journal of Business Economic Development","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43108049","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-07-26DOI: 10.24052/IJBED/V06NU02/ART-06
Juliette Brathwaite
Firms’ strategic flexibility and agility in internationalization (INT) is influenced by context. However, there are few studies concerning INT conducted in and about emerging economies (EEs). There exists a dearth of literature on INT connected to strategic management (SM). Such gaps motivate this research to alleviate needs to further explore entrepreneurial orientation (EO) of owners and managers, their motives for foreign market entry, and effects of the innovation (IVN) and networking (NWG) with firms’ INT. It incorporates how strategic project management (SPM) flexibility can enable firms in EEs to be more agile in EO, influencing how they develop INT activities of exporting (EXP) and sales-subsidiary establishment (SSE), to minimize hindrances and improve performance. This is a vital attractive area of research to pursue for the importance of INT and advantages in and for EEs is increasing, and exploration reveals EO elements and enabling factors enhancing INT outcomes. The qualitative approach reviews literature in EO, INT and SPM, and presents a conceptual model with propositions, complemented by enhanced framework. Organization learning theory (OLT) perspective is utilized to better understand EO of firms in and from EEs, leading to effective INT outcomes. Findings and implications are that coordination assists EO, goal and role clarification, for SPM crucial to synergy, promotes agility, effective SM and outcomes, minimizing difficulties as IVN, NWG and learning (LNG) support drivers and mechanisms improving INT performance (Kodama, 2005; Belassi, Kondra and Tukel, 2007; Tomomitsu, Carvalho and Moraes, 2017). This paper contributes to theory and practice further developing EO-SPM-INT relationships, and focusing on SPM and IVN interactions, firms can better coordinate for more effective INT. Researchers and practitioners can benefit from the novel means to improve processes and critical managerial and success factors best integrating SO, SI and results beneficial in EEs’ INT. Corresponding author: Juliette Brathwaite Email address for corresponding author: juliepat02@yahoo.com First submission received: 12th April 2018 Revised submission received: 30th June 2018 Accepted: 16th July 2018
{"title":"Impacts of strategic project management on ntrepreneurial orientation relationship with nternationalization","authors":"Juliette Brathwaite","doi":"10.24052/IJBED/V06NU02/ART-06","DOIUrl":"https://doi.org/10.24052/IJBED/V06NU02/ART-06","url":null,"abstract":"Firms’ strategic flexibility and agility in internationalization (INT) is influenced by context. However, there are few studies concerning INT conducted in and about emerging economies (EEs). There exists a dearth of literature on INT connected to strategic management (SM). Such gaps motivate this research to alleviate needs to further explore entrepreneurial orientation (EO) of owners and managers, their motives for foreign market entry, and effects of the innovation (IVN) and networking (NWG) with firms’ INT. It incorporates how strategic project management (SPM) flexibility can enable firms in EEs to be more agile in EO, influencing how they develop INT activities of exporting (EXP) and sales-subsidiary establishment (SSE), to minimize hindrances and improve performance. This is a vital attractive area of research to pursue for the importance of INT and advantages in and for EEs is increasing, and exploration reveals EO elements and enabling factors enhancing INT outcomes. The qualitative approach reviews literature in EO, INT and SPM, and presents a conceptual model with propositions, complemented by enhanced framework. Organization learning theory (OLT) perspective is utilized to better understand EO of firms in and from EEs, leading to effective INT outcomes. Findings and implications are that coordination assists EO, goal and role clarification, for SPM crucial to synergy, promotes agility, effective SM and outcomes, minimizing difficulties as IVN, NWG and learning (LNG) support drivers and mechanisms improving INT performance (Kodama, 2005; Belassi, Kondra and Tukel, 2007; Tomomitsu, Carvalho and Moraes, 2017). This paper contributes to theory and practice further developing EO-SPM-INT relationships, and focusing on SPM and IVN interactions, firms can better coordinate for more effective INT. Researchers and practitioners can benefit from the novel means to improve processes and critical managerial and success factors best integrating SO, SI and results beneficial in EEs’ INT. Corresponding author: Juliette Brathwaite Email address for corresponding author: juliepat02@yahoo.com First submission received: 12th April 2018 Revised submission received: 30th June 2018 Accepted: 16th July 2018","PeriodicalId":30779,"journal":{"name":"International Journal of Business Economic Development","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46655928","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-07-26DOI: 10.24052/IJBED/V06NU02/ART-03
Imomov Imomnazar
One Belt – One Road” – the Chinese initiative to create the Silk Road Economic Belt (SREB) and the Maritime Silk Road (MSR) was first announced by the Chairman of the People Republic of China Xi Jinping during his official visit to Kazakhstan and Indonesia in 2013. The main goal of “One Belt – One Road” initiative lies in the exploration, formation, and promotion of a new model for international cooperation and development through strengthening of current regional bilateral and multilateral mechanism and structures of collaboration with the participation of China based on maintenance and development of the spirit Ancient Silk Road. Central Asia for many centuries was a dynamic center linking regional and international communities via the historic Silk Road. Nowadays Central Asia is tremendously important for China for several reasons. Firstly, Central Asia is the gate for China to the West. All land routes which going from China to Europe or South Asia passing through Central Asian countries. Secondly, three of Central Asian countries share a border with China. There are traditional -cultural links between peoples on both sides of the border. Lastly, Central Asian countries are rich in natural resources especially in hydrocarbon reserves which is more important for the lifeline of the Chinese economy. Connectivity and trade with Central Asia are considered necessary for development and stability of Chinese foreign policy. Corresponding author: Imomov Imomnazar Email address for corresponding author: imomnazartajdip@gmail.com First submission received: 20th March 2018 Revised submission received: 20th June 2018 Accepted: 26th June 2018 Introduction Nowadays, China is experiencing an economic growth very fast in world history. Still, it’s unclear that with which model Chinese are developing and going ahead. It’s the daily question between scholars and analytics. So, “One Belt – One Road” is supposed to be an answer for the future of Chinese long-term development goals. Chinese President Xi Jinping launched the “One Belt – One Road” (OBOR) initiative in Nazarbayev University, in Kazakhstan 2013. One of the biggest stories in Asian business is China’s One Belt, One Road initiative, an economic and diplomatic project that could transform trade. The implementation of Chinese initiative should help increase trade and investment in the countries along the Belt and Road. The Belt and Road run through the continents of Asia, Europe, and Africa, connecting the East Asia economic circle at one hand and developed European economic circle at the other, and encompassing countries with huge potential for economic development. “One Belt – One Road” is the first ambitions and megaproject which connecting the people of Asia to the Europe and Africa within economic trade tradition and cultural ties which the world history never experienced it before. “We can Use the innovative model of collaboInternational Journal of Business and Economic Development, Vol. 6 Number
{"title":"Impact of «One Belt, One Road» initiatives to the economy of Central Asian countries","authors":"Imomov Imomnazar","doi":"10.24052/IJBED/V06NU02/ART-03","DOIUrl":"https://doi.org/10.24052/IJBED/V06NU02/ART-03","url":null,"abstract":"One Belt – One Road” – the Chinese initiative to create the Silk Road Economic Belt (SREB) and the Maritime Silk Road (MSR) was first announced by the Chairman of the People Republic of China Xi Jinping during his official visit to Kazakhstan and Indonesia in 2013. The main goal of “One Belt – One Road” initiative lies in the exploration, formation, and promotion of a new model for international cooperation and development through strengthening of current regional bilateral and multilateral mechanism and structures of collaboration with the participation of China based on maintenance and development of the spirit Ancient Silk Road. Central Asia for many centuries was a dynamic center linking regional and international communities via the historic Silk Road. Nowadays Central Asia is tremendously important for China for several reasons. Firstly, Central Asia is the gate for China to the West. All land routes which going from China to Europe or South Asia passing through Central Asian countries. Secondly, three of Central Asian countries share a border with China. There are traditional -cultural links between peoples on both sides of the border. Lastly, Central Asian countries are rich in natural resources especially in hydrocarbon reserves which is more important for the lifeline of the Chinese economy. Connectivity and trade with Central Asia are considered necessary for development and stability of Chinese foreign policy. Corresponding author: Imomov Imomnazar Email address for corresponding author: imomnazartajdip@gmail.com First submission received: 20th March 2018 Revised submission received: 20th June 2018 Accepted: 26th June 2018 Introduction Nowadays, China is experiencing an economic growth very fast in world history. Still, it’s unclear that with which model Chinese are developing and going ahead. It’s the daily question between scholars and analytics. So, “One Belt – One Road” is supposed to be an answer for the future of Chinese long-term development goals. Chinese President Xi Jinping launched the “One Belt – One Road” (OBOR) initiative in Nazarbayev University, in Kazakhstan 2013. One of the biggest stories in Asian business is China’s One Belt, One Road initiative, an economic and diplomatic project that could transform trade. The implementation of Chinese initiative should help increase trade and investment in the countries along the Belt and Road. The Belt and Road run through the continents of Asia, Europe, and Africa, connecting the East Asia economic circle at one hand and developed European economic circle at the other, and encompassing countries with huge potential for economic development. “One Belt – One Road” is the first ambitions and megaproject which connecting the people of Asia to the Europe and Africa within economic trade tradition and cultural ties which the world history never experienced it before. “We can Use the innovative model of collaboInternational Journal of Business and Economic Development, Vol. 6 Number ","PeriodicalId":30779,"journal":{"name":"International Journal of Business Economic Development","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43881477","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：