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The Effect of Corporate Social Responsibility Disclosure on Corporate Financial Performance 企业社会责任披露对企业财务绩效的影响
Pub Date : 2019-09-13 DOI: 10.18488/journal.62.2019.65.264.288
Duong Thi Thu Thao, M. Lê
Corporate social responsibility (CSR) is gradually turning into a critical issue in business management. Over the decades, both theoretical and empirical literature were concentrated on studying the effect of CSR disclosure on corporate financial performance (CFP). However, the results have been ambiguous and inconsistent. The purpose of this paper is to examine the relationship between CSR disclosure and CFP in Vietnamese large listed firms on short-term and long-term profitability. We performed linear regressions on the sample data to investigate the effect of CSR disclosure on corporate financial performance. CSR disclosure is measured by using a disclosure index which consists of environmental, social, economic and legal aspects. For CFP, return on assets (ROA) and Tobin’s Q ratio were employed as measures of short-term and long-term profitability respectively. The results indicated in the short run, there is no significant relationship between CSR disclosure and corporate financial performance. However, in the long run, there was a positive significant relationship between CSR disclosure and corporate financial performance. The results are encouraging since it provides empirical evidence that Vietnamese firms can be both socially responsible and financially successful. It is expected to make Vietnamese firms become more aware of the significance of CSR practice.
企业社会责任(CSR)正逐渐成为企业管理中的一个重要问题。几十年来,理论和实证文献都集中于研究企业社会责任披露对企业财务绩效的影响。然而,结果是模棱两可和不一致的。本文旨在探讨越南大型上市公司企业社会责任披露与财务绩效对短期和长期盈利能力的关系。我们对样本数据进行线性回归,考察企业社会责任披露对企业财务绩效的影响。企业社会责任的披露是通过使用一个由环境、社会、经济和法律方面组成的披露指数来衡量的。对于CFP,资产收益率(ROA)和托宾Q比率分别作为短期和长期盈利能力的衡量指标。研究结果表明,在短期内,企业社会责任披露与企业财务绩效之间不存在显著关系。然而,从长期来看,企业社会责任披露与企业财务绩效之间存在显著的正相关关系。结果令人鼓舞,因为它提供了经验证据,证明越南企业既可以对社会负责,又可以在财务上取得成功。这将使越南企业更加意识到企业社会责任实践的重要性。
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引用次数: 2
Assessing the Perceived Value of Customers for being Satisfied towards the Sustainability of Hypermarket in Malaysia 评估顾客对马来西亚大卖场可持续性满意的感知价值
Pub Date : 2019-08-28 DOI: 10.18488/journal.62.2019.65.248.263
M. R. H. Polas, Mohammad Imtiaz Hossain, Abdul Saboor Asheq, Nihad Hossain, Md. Akib Javed, Li Nianyu
Article History Received: 1 April 2019 Revised: 8 May 2019 Accepted: 21 June 2019 Published: 28 August 2019
收稿日期:2019年4月1日修订日期:2019年5月8日接收日期:2019年6月21日发布日期:2019年8月28日
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引用次数: 10
Problems of Bilateral Trade Deficit between Bangladesh and India: A 2SLS Regression Analysis 孟印双边贸易逆差问题:2SLS回归分析
Pub Date : 2019-08-20 DOI: 10.18488/journal.62.2019.64.215.231
Muntasir Murshed, Syed Margub Elahi
This study investigates the factors that determined the bilateral trade deficit of Bangladesh against India. The results of the Johansen cointegration test indicated that there were long-term associations between the trade deficit of Bangladesh real income levels, and the bilateral RER of both countries. Results from the two-stage least squares regression analyses indicated that a 1% increase in the real income levels of Bangladesh and India aggravated the bilateral trade deficit of Bangladesh by 4.61% and 3.98% respectively while a 1% real appreciation of the bilateral real exchange rate was found to reduce the deficit by almost 6%, ceteris paribus. Results also showed that Bangladesh faced persistent deficits in its bilateral trade balance against India due to its exports being comparatively less elastic than its imports engagements with India. The paper also sheds light on the anti-dumping policy pursued by India that has contributed to the unbalanced trade between the two economies.
本研究探讨了决定孟加拉国对印度双边贸易逆差的因素。约翰森协整检验的结果表明,孟加拉国实际收入水平的贸易逆差与两国的双边RER之间存在长期关联。两阶段最小二乘回归分析的结果表明,孟加拉国和印度的实际收入水平每增加1%,孟加拉国的双边贸易逆差分别增加4.61%和3.98%,而双边实际汇率每实际升值1%,孟加拉国的贸易逆差就会减少近6%,其他条件相同。结果还显示,孟加拉国对印度的双边贸易逆差持续存在,原因是孟加拉国的出口弹性相对低于对印度的进口。该文件还揭示了印度奉行的反倾销政策,该政策导致了两国经济之间的贸易不平衡。
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引用次数: 2
The Impact of Military Spending on Economic Wellbeing in Nigeria 军事开支对尼日利亚经济福祉的影响
Pub Date : 2019-07-31 DOI: 10.18488/journal.62.2019.64.186.200
Michael A. Akume, Gylych Jelilov, B. Akanegbu
The impact of military spending on domestic output is contentious and therefore requires further analysis on a country by country basis to determine its level of significance. Nigeria’s military contributions to the Economic Community of West African States (ECOWAS) sub-region and the recent rise of various insurgencies, particularly, Jam??at Ahl al-Sunna lil-Da?awah wa al-Jih?d’ (Boko Haram) – arguably the most fatal insurgent group – has increased Nigeria’s military expenditure. This study investigates the impact of this increase in military spending on the economic well-being (measured by GDP per capita) of Nigerians using the Autoregressive Distributed Lag (ARDL) bounds testing approach to co-integration for the period from 1988 to 2017. The results suggest that there is a positive relationship between military spending and economic well-being in Nigeria. However, the impact on citizens’ wellbeing is not instantaneous as the variable is only significant after the current year spending; which does not last longer than a year. The study therefore recommends that defense spending be strategic, and that all earmarked funds for defense be deployed appropriately so that increases in wellbeing can be more long-term as opposed to lasting for only one year.
军事开支对国内产出的影响是有争议的,因此需要对每个国家进行进一步分析,以确定其重要程度。尼日利亚对西非国家经济共同体(ECOWAS)次区域的军事贡献,以及最近各种叛乱活动的兴起,特别是Jam??在Ahl al-Sunna il- da ?awah wa al-Jih?博科圣地——可以说是最致命的叛乱组织——增加了尼日利亚的军事开支。本研究使用自回归分布滞后(ARDL)边界检验方法调查了1988年至2017年期间军事开支增加对尼日利亚人经济福祉(以人均GDP衡量)的影响。结果表明,在尼日利亚,军事开支和经济福利之间存在正相关关系。然而,对公民福祉的影响不是即时的,因为变量只有在当年支出之后才显着;这种情况不会持续超过一年。因此,该研究建议,国防开支应该是战略性的,所有用于国防的专项资金都应该得到适当的部署,这样福利的增加才能更加长期,而不是仅仅持续一年。
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引用次数: 2
The Transitional Relationship between Economic Growth and Exchange Rate in Ghana: An Empirical Approach 加纳经济增长与汇率的过渡关系:一种实证方法
Pub Date : 2019-07-08 DOI: 10.18488/JOURNAL.62.2019.63.174.185
Ignatius Abasimi, Xuan Li, Seidu Mohammed
Article History Received: 12 February 2019 Revised: 19 March 2019 Accepted: 1 May 2019 Published: 8 July 2019
收稿日期:2019年2月12日修订日期:2019年3月19日接收日期:2019年5月1日发布日期:2019年7月8日
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引用次数: 0
Investigating the Impact of Business Alignment on Job Gratification in an Organization: The Case of a University in Egypt 调查企业结盟对组织工作满意度的影响:以埃及一所大学为例
Pub Date : 2019-05-20 DOI: 10.18488/JOURNAL.62.2019.63.141.158
S. Abdo, D. Edgar
The purpose of this study was to investigate effects of business alignment and job gratifications of employees in a university, viewed as a corporate organization. This study examined if there was an empirically demonstrable connection between these two variables. This empirical research was conducted through a survey on a research sample of 200 employees of an Egyptian University. The results of this study found that there was no significant relationship between these two variables. However, it was found that employees’ job gratification can be sensitive to both positive and negative influences from certain business alignments and job gratification factors. The study concluded that there was relatively little impact of business alignment on job gratification while employee performance has only a very small impact on mediating relationship between business alignment and job gratification. Nevertheless, it is concluded that, in the university context, management should address, promote and monitor corporate intrapreneurship in the organization, eventually creating an organization with employees who are satisfied in their jobs. Managements in such organizations should therefore align themselves towards the promotion of corporate intrapreneurship activities by being receptive to, and by encouraging and rewarding innovative suggestions from employees.
本研究的目的是探讨企业组织中大学员工的业务结盟和工作满意度的影响。本研究考察了这两个变量之间是否存在可实证证明的联系。本实证研究是通过对埃及一所大学200名员工的调查研究样本进行的。本研究结果发现,这两个变量之间没有显著的关系。然而,我们发现员工的工作满意度对某些业务联盟和工作满意度因素的积极和消极影响都很敏感。研究发现,企业契合度对工作满意度的影响相对较小,员工绩效对企业契合度与工作满意度之间的中介关系影响很小。然而,结论是,在大学背景下,管理应该解决,促进和监督组织中的企业内部创业精神,最终创造一个员工对工作满意的组织。因此,这些组织的管理人员应通过接受、鼓励和奖励雇员提出的创新建议,使自己与促进公司内部创业活动保持一致。
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引用次数: 1
Dutch Disease: Myth or Reality? An Analysis of the ARDL Model 荷兰病:神话还是现实?对ARDL模型的分析
Pub Date : 2019-05-03 DOI: 10.18488/JOURNAL.62.2019.63.130.140
Yakubu Joy Asmau, Michael Samuel Agility, Abarshi Jemimah Amina
Article History Received: 31 December 2018 Revised: 7 February 2019 Accepted: 20 March 2019 Published: 3 May 2019
收稿日期:2018年12月31日修稿日期:2019年2月7日收稿日期:2019年3月20日发布日期:2019年5月3日
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引用次数: 1
Foreign Direct Investment - Growth Linkage in Sub-Saharan Africa: Is Governance a Mediating Factor? 撒哈拉以南非洲地区外国直接投资与增长的联系:治理是中介因素吗?
Pub Date : 2019-04-09 DOI: 10.18488/journal.62.2019.62.111.129
Fisayo Fagbemi, K. Bello
In sub – Saharan Africa, weak institutions and the rising concern for improved business environment offer considerable leverage for enhancing the effectiveness of institutional framework, capital inflows, and public investment efficiency. These have put SSA in the global spotlight in recent times. Hence, the study examines the mediating effect of governance on FDI – growth nexus in 35 SSA countries between 2002 and 2017 using panel data techniques (Pooled OLS, Fixed Effects, and Panel-Corrected Standard Error’ (PCSE) estimation) and the Dynamic One – Step Difference and System GMM. Results indicate that control of corruption, political stability and regulatory quality, including governance composite index, have a positive and significant effect on economic growth, suggesting that institutions have a salutary impact on SSA economies. The findings further show that FDI inflows adversely influence growth owing to insufficient absorptive capacity that could enhance FDI effectiveness in the region. More importantly, the pervasiveness of poor governance in SSA is identified as a critical case that undermines the development of the nexus between FDI and economic growth. Thus, the study suggests that FDI – growth linkage would be enhanced by promoting a strong institutional environment that offers a good mechanism for attaining the actual FDI spillover potential through a policy framework that points the path towards cost-effective measures in SSA. Also, there should be core investment policies across African countries that would induce the private sector in consolidating government efforts and resources aimed at improving international competitiveness by diversifying the region’s economies away from a protracted commodity – based.
在撒哈拉以南非洲,薄弱的制度和对改善商业环境的日益关注为提高制度框架的有效性、资本流入和公共投资效率提供了相当大的杠杆作用。这些都使SSA最近成为全球关注的焦点。因此,本研究利用面板数据技术(汇集OLS、固定效应和面板校正标准误差(PCSE)估计)以及动态一步差分和系统GMM,考察了2002年至2017年间35个SSA国家治理对FDI -增长联系的中介作用。结果表明,腐败控制、政治稳定和监管质量(包括治理综合指数)对经济增长具有显著的正向影响,表明制度对SSA经济体具有有益影响。研究结果进一步表明,由于吸收能力不足,外国直接投资流入对增长产生不利影响,而吸收能力不足可以提高该区域的外国直接投资效率。更重要的是,南亚地区普遍存在的治理不善被认为是破坏外国直接投资与经济增长之间关系发展的一个关键案例。因此,该研究表明,通过促进一个强有力的制度环境,为实现实际的外国直接投资溢出潜力提供一个良好的机制,从而加强外国直接投资与增长的联系,通过一个政策框架,指出在南南合作中采取成本效益措施的道路。此外,非洲各国应制定核心投资政策,促使私营部门整合政府的努力和资源,使该区域的经济多样化,摆脱长期依赖商品的局面,从而提高国际竞争力。
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引用次数: 5
Decision-Making on Working Capital Management, Based on Industry Differences 基于行业差异的营运资金管理决策
Pub Date : 2019-04-09 DOI: 10.18488/journal.62.2019.62.99.110
H. Tsangari
The effect of working capital components on profitability has conflicting empirical evidence, which is mostly data-driven. This paper aims to provide additional insight to this end, especially focusing on the neglected aspect of industry differentiation. The analysis implements a panel regression methodology on a dataset of 300 observations from firms in Cyprus, adjusting for control variables and considering industry differences. Overall, the present study illustrates that industry differences warrant in-depth examination for decision-making regarding working capital management policies. The findings show that the cash conversion cycle and its components have an effect on profitability, but the sign and level of significance vary according to the industry sector: results in the merged sample differ from the results by industry sector. For example, the cash conversion cycle has a positive effect on the consumer goods sector and a negative effect in the industrials sector. Additionally, management of creditors and suppliers is as important as the management of debtors, especially for consumer goods and industrials. Managers should aim for the optimal level of the working capital components, while simultaneously adjusting their strategies based on their industry sector, to boost firm profitability.
营运资金构成对盈利能力的影响存在相互矛盾的经验证据,这些证据主要是数据驱动的。本文旨在为此提供额外的见解,特别是关注被忽视的行业差异化方面。该分析对来自塞浦路斯公司的300个观察数据集实施了面板回归方法,调整了控制变量并考虑了行业差异。总体而言,本研究表明,行业差异需要深入审查有关营运资金管理政策的决策。研究结果表明,现金转换周期及其组成部分对盈利能力有影响,但其显著性的标志和水平因行业而异:合并样本的结果与行业的结果不同。例如,现金转换周期对消费品部门有积极影响,对工业部门有消极影响。此外,对债权人和供应商的管理与对债务人的管理同样重要,特别是对消费品和工业而言。管理者应以营运资金成分的最佳水平为目标,同时根据其行业部门调整其战略,以提高公司的盈利能力。
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引用次数: 0
An Entrepreneurship Research in Singapore: Basic Psychological Needs and Motivation 新加坡创业研究:基本心理需求与动机
Pub Date : 2019-03-18 DOI: 10.18488/journal.62.2019.62.87.98
Chen Sheng, F. Poon
JEL Classification: L26, M13. At the initial stages of starting a company, one who sets up the business and business deals is a start-up entrepreneur. This research focuses on entrepreneurs in start-up companies and explores how certain psychological needs influence motivation at the start-up stage. Basic Psychological Needs Theory is the latest and central theory from the SDT (Self-Determination Theory) (Deci and Ryan, 2000;2002). Jian et al. (2012) pointed out that psychological need is a critical factor in connecting the external environment and internal individuality. Additionally, entrepreneurial motivation is a precondition for entrepreneurship. Recent research suggests that motivation is an important role in entrepreneurial behavior and success where motivation has influenced entrepreneurs to start a business (Virginia and Carlos, 2012) . The research looks at the relationship between the psychological need and motivation of candidates of start-up in Singapore utilizing positivist approaches. Multiple regression analysis was used to analyze a causal relationship between psychological need and entrepreneurial motivation. Results found that there was a statistically significant relationship between two concepts.
JEL分类:L26, M13。在创办公司的最初阶段,一个人建立业务和商业交易是一个创业企业家。本研究以创业公司的创业者为研究对象,探讨创业阶段的某些心理需求是如何影响创业动机的。基本心理需求理论是SDT(自决理论)最新的核心理论(Deci和Ryan, 2000;2002)。Jian et al.(2012)指出心理需求是连接外部环境和内部个性的关键因素。此外,创业动机是创业的先决条件。最近的研究表明,动机在创业行为和成功中起着重要作用,动机影响着企业家创业(Virginia和Carlos, 2012)。本研究运用实证主义的方法,探讨了新加坡创业候选人的心理需求与动机之间的关系。运用多元回归分析分析心理需求与创业动机之间的因果关系。结果发现,两个概念之间存在统计学上显著的关系。
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引用次数: 1
期刊
International Journal of Business, Economics and Management
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