Pub Date : 2017-01-01DOI: 10.11648/J.JIM.20170601.15
Natkawin Jiamchoatpatanakul
A regulatory repeal of Thai property funds has faced limitation of raising capital to acquire new assets for improving the overall performances. Since they can decide not to convert to be a new form of Real Estate Investment Trust (REIT) owing to disincentives of tax benefit loss and conversion cost, it is a cry for discovering workable solutions to enhance existing funds’ performances to maintain strong performance without the capital increase approach. Among twenty discussed methods in the research, fourteen workable solutions were proposed by forty one interviewees, some of which are consistent with the other studies. On the contrary, few discussed methods are inconsistent with others, i.e. incentive and management fee in a form of share to the fund manager owing to perception of inactive role of the Thai property fund managers when compared to those of the international REITs. The remaining four approaches were discussed to be unfitting for utilization. Looking forward, Thai funds might grow and increase their performances by utilizing number of workable solutions under the circumstances of non–existence of Thai property fund regulation to support inorganic growth opportunities.
{"title":"Solutions for Thai Property Funds’ Performance Improvements","authors":"Natkawin Jiamchoatpatanakul","doi":"10.11648/J.JIM.20170601.15","DOIUrl":"https://doi.org/10.11648/J.JIM.20170601.15","url":null,"abstract":"A regulatory repeal of Thai property funds has faced limitation of raising capital to acquire new assets for improving the overall performances. Since they can decide not to convert to be a new form of Real Estate Investment Trust (REIT) owing to disincentives of tax benefit loss and conversion cost, it is a cry for discovering workable solutions to enhance existing funds’ performances to maintain strong performance without the capital increase approach. Among twenty discussed methods in the research, fourteen workable solutions were proposed by forty one interviewees, some of which are consistent with the other studies. On the contrary, few discussed methods are inconsistent with others, i.e. incentive and management fee in a form of share to the fund manager owing to perception of inactive role of the Thai property fund managers when compared to those of the international REITs. The remaining four approaches were discussed to be unfitting for utilization. Looking forward, Thai funds might grow and increase their performances by utilizing number of workable solutions under the circumstances of non–existence of Thai property fund regulation to support inorganic growth opportunities.","PeriodicalId":42560,"journal":{"name":"Journal of Investment Management","volume":"6 1","pages":"28"},"PeriodicalIF":0.8,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"64818560","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 : 2017-01-01DOI: 10.11648/j.jim.20170601.13
A. John, J. Ackora-Prah, K. Boateng
Among the paramount information in the stock market is the awareness of the systematic risk of stocks which plays essential role in investment choices. This paper measured the systematic risk of seven stocks on the Ghana Stock Exchange (GSE) using monthly closing prices and the 91 day T-bill from the period 2011 to 2015. The CAPM was employed in measuring the systematic risk of the stocks. The results revealed that, CAL, FML and TLW were defensive stocks since each had a market beta less than one (1). PBC, CLYD, EGL and UNIL had the same systematic risk as the market since each recorded a market beta of one (1). All the seven stocks each had a positive market beta implying that they move in a similar manner as the market. The compensation for investing in each of the stock was approximately at 3%. The diversifiable risk associated with each of the stock was very low since few of the returns were scattered along the regression line.
{"title":"Measuring the Systematic Risk of Stocks Using the Capital Asset Pricing Model","authors":"A. John, J. Ackora-Prah, K. Boateng","doi":"10.11648/j.jim.20170601.13","DOIUrl":"https://doi.org/10.11648/j.jim.20170601.13","url":null,"abstract":"Among the paramount information in the stock market is the awareness of the systematic risk of stocks which plays essential role in investment choices. This paper measured the systematic risk of seven stocks on the Ghana Stock Exchange (GSE) using monthly closing prices and the 91 day T-bill from the period 2011 to 2015. The CAPM was employed in measuring the systematic risk of the stocks. The results revealed that, CAL, FML and TLW were defensive stocks since each had a market beta less than one (1). PBC, CLYD, EGL and UNIL had the same systematic risk as the market since each recorded a market beta of one (1). All the seven stocks each had a positive market beta implying that they move in a similar manner as the market. The compensation for investing in each of the stock was approximately at 3%. The diversifiable risk associated with each of the stock was very low since few of the returns were scattered along the regression line.","PeriodicalId":42560,"journal":{"name":"Journal of Investment Management","volume":"6 1","pages":"13"},"PeriodicalIF":0.8,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"64818717","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 : 2017-01-01DOI: 10.11648/J.JIM.20170601.11
Juntao Li, Xia Qi
Dangerous goods transport is very dangerous. Once the dangerous goods accidents will be on human life and the environment cause significant harm and loss. Therefore, the safe transport of dangerous goods is very important. In my paper, the logistics monitoring system is designed for the logistics process of the refined oil. At First, the paper analyzes the present situation of dangerous goods logistics and logistics monitoring technology both at home and abroad. Secondly, we investigated the logistics monitoring technology, such as GPS/RFID/GPRS and so on. Next, we studied the characteristics of the refined oil, the mode of logistics and the business process of the recycling logistics. Finally, basing on the Internet of things, the software and hardware of the monitoring system is designed to ultimately achieve the purpose of the real-time monitoring in the refined oil logistics process, which improves the safety and the efficiency of information transmission in the process of transportation. The paper mainly studies the software and hardware configuration of the monitoring system. The next paper will be on the monitoring system software design for further study.
{"title":"Design and Research of Real Time Monitoring System for the Refined Oil Logistics","authors":"Juntao Li, Xia Qi","doi":"10.11648/J.JIM.20170601.11","DOIUrl":"https://doi.org/10.11648/J.JIM.20170601.11","url":null,"abstract":"Dangerous goods transport is very dangerous. Once the dangerous goods accidents will be on human life and the environment cause significant harm and loss. Therefore, the safe transport of dangerous goods is very important. In my paper, the logistics monitoring system is designed for the logistics process of the refined oil. At First, the paper analyzes the present situation of dangerous goods logistics and logistics monitoring technology both at home and abroad. Secondly, we investigated the logistics monitoring technology, such as GPS/RFID/GPRS and so on. Next, we studied the characteristics of the refined oil, the mode of logistics and the business process of the recycling logistics. Finally, basing on the Internet of things, the software and hardware of the monitoring system is designed to ultimately achieve the purpose of the real-time monitoring in the refined oil logistics process, which improves the safety and the efficiency of information transmission in the process of transportation. The paper mainly studies the software and hardware configuration of the monitoring system. The next paper will be on the monitoring system software design for further study.","PeriodicalId":42560,"journal":{"name":"Journal of Investment Management","volume":"6 1","pages":"1"},"PeriodicalIF":0.8,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"64818229","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 : 2017-01-01DOI: 10.11648/J.JIM.20170605.11
Peter Njagi Kirmi
Capital structure is the mix of debt and equity that the firm uses in its operation. Managers utilize most of their substantial time in attempting to find the perfect capital structure in terms of risk/reward payoff for shareholders. This is true for both large and small companies trying to strategize on how much of equity and debt to be used without putting the business at risk. The main objective of this study was to determine the relationship between capital Structure and profitability of listed energy and petroleum companies in Kenya by establishing the relationship between long-term and short-term debts with profitability and its effects. Descriptive and causal research designs were used. The study target population was four energy and petroleum companies listed in NSE that operates in Kenya. A census all the 4 energy and petroleum companies listed in the Nairobi securities exchange was used. Secondary data used for data analysis was obtained from the companies financial statements for a period of five years from 2012 to 2016. Data analysis was done using inferential statistics using SPSS. The study established a strong positive relationship between short term debt and ROA and an average negative relationship between Long term debts and ROA and a weak positive relationship between total debt and ROA. Both the short term and long term debts were found to have no significant effect on ROA at 5% level of significance.
{"title":"Relationship Between Capital Structure and Profitability, Evidence From Listed Energy and Petroleum Companies Listed in Nairobi Securities Exchange","authors":"Peter Njagi Kirmi","doi":"10.11648/J.JIM.20170605.11","DOIUrl":"https://doi.org/10.11648/J.JIM.20170605.11","url":null,"abstract":"Capital structure is the mix of debt and equity that the firm uses in its operation. Managers utilize most of their substantial time in attempting to find the perfect capital structure in terms of risk/reward payoff for shareholders. This is true for both large and small companies trying to strategize on how much of equity and debt to be used without putting the business at risk. The main objective of this study was to determine the relationship between capital Structure and profitability of listed energy and petroleum companies in Kenya by establishing the relationship between long-term and short-term debts with profitability and its effects. Descriptive and causal research designs were used. The study target population was four energy and petroleum companies listed in NSE that operates in Kenya. A census all the 4 energy and petroleum companies listed in the Nairobi securities exchange was used. Secondary data used for data analysis was obtained from the companies financial statements for a period of five years from 2012 to 2016. Data analysis was done using inferential statistics using SPSS. The study established a strong positive relationship between short term debt and ROA and an average negative relationship between Long term debts and ROA and a weak positive relationship between total debt and ROA. Both the short term and long term debts were found to have no significant effect on ROA at 5% level of significance.","PeriodicalId":42560,"journal":{"name":"Journal of Investment Management","volume":"6 1","pages":"97"},"PeriodicalIF":0.8,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"64818614","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 : 2016-12-29DOI: 10.11648/j.jim.20160506.22
Yong-Yeon Ji
It is very important for enterprises to know how much financial risks themselves can bear, which is benefit for enterprises to avoid financial risks turning into financial crisis. How to recognize and evaluate financial risks become the most significant problem when operate enterprises. At the same time, make good use of financial risks also become an important content of the risk management object. The paper builds up financial risks index system of enterprises, which is feasible by using the fuzzy synthetic evaluating model. This method make up for tradition method pay more attention to quantitative index, and the accuracy is better than the tradition method. Moreover, this method can adjust the index system and the weight to adapt different industry, and also have the expansion.
{"title":"Empirical Analysis of Fuzzy Synthetic Evaluation of Enterprises’ Financial Risks","authors":"Yong-Yeon Ji","doi":"10.11648/j.jim.20160506.22","DOIUrl":"https://doi.org/10.11648/j.jim.20160506.22","url":null,"abstract":"It is very important for enterprises to know how much financial risks themselves can bear, which is benefit for enterprises to avoid financial risks turning into financial crisis. How to recognize and evaluate financial risks become the most significant problem when operate enterprises. At the same time, make good use of financial risks also become an important content of the risk management object. The paper builds up financial risks index system of enterprises, which is feasible by using the fuzzy synthetic evaluating model. This method make up for tradition method pay more attention to quantitative index, and the accuracy is better than the tradition method. Moreover, this method can adjust the index system and the weight to adapt different industry, and also have the expansion.","PeriodicalId":42560,"journal":{"name":"Journal of Investment Management","volume":"5 1","pages":"184"},"PeriodicalIF":0.8,"publicationDate":"2016-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"64817980","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 : 2016-11-30DOI: 10.11648/J.JIM.20160506.21
Irene J. Cheptumo
Women empowerment is a theme which has attracted interest from various organizations, government agencies and individuals from all sectors of the Kenya national economy. The study sought to establish the role of microcredit institutions on women empowerment in terms of credit and cost of microcredit. The study used both primary and secondary data. Primary data was collected through field research using questionnaire and interview schedule, while secondary data was collected from performance records. The study employed explanatory research design. The population of the study comprised of 514 women and 3 microcredit institutions in Baringo County, Kenya. Random sampling method was used to select the respondents. The respondents comprised of members of the women groups and both managers and employees of the microcredit institutions. Data was analyzed using both descriptive and inferential statistics mainly measures of central tendencies, regression, analysis of variance and correlation. Statistical Package for Social Sciences (SPSS) was used to ease analysis. The study found positive significant relationship between access to microcredit and women empowerment (β=0.771, p-value=0.000 and R square=0.694 or 69.4%). The study also found positive significant relationship between cost of credit and women empowerment (β=0.604, p-value=0.005 and R square=0.765 or 76.5%). The results suggest that microcredit significantly influence women empowerment.
赋予妇女权力这一主题引起了肯尼亚国民经济各部门的各组织、政府机构和个人的兴趣。这项研究试图确定小额信贷机构在信贷和小额信贷成本方面赋予妇女权力的作用。这项研究同时使用了第一手和二手数据。主要数据通过实地调查问卷和访谈计划收集，次要数据通过绩效记录收集。本研究采用解释性研究设计。研究对象包括514名妇女和肯尼亚巴林戈县的3家小额信贷机构。采用随机抽样的方法选择调查对象。答复者包括妇女团体的成员以及小额信贷机构的管理人员和雇员。数据分析采用描述性统计和推理统计，主要是集中趋势、回归、方差分析和相关分析。使用SPSS (Statistical Package for Social Sciences)简化分析。研究发现，获得小额信贷与妇女赋权之间存在显著正相关关系(β=0.771, p值=0.000,R方=0.694或69.4%)。研究还发现，信贷成本与妇女赋权之间存在显著正相关关系(β=0.604, p值=0.005,R方=0.765或76.5%)。结果表明，小额信贷显著影响妇女赋权。
{"title":"Microcredit and Women Empowerment in Kabartonjo Division: Baringo County, Kenya","authors":"Irene J. Cheptumo","doi":"10.11648/J.JIM.20160506.21","DOIUrl":"https://doi.org/10.11648/J.JIM.20160506.21","url":null,"abstract":"Women empowerment is a theme which has attracted interest from various organizations, government agencies and individuals from all sectors of the Kenya national economy. The study sought to establish the role of microcredit institutions on women empowerment in terms of credit and cost of microcredit. The study used both primary and secondary data. Primary data was collected through field research using questionnaire and interview schedule, while secondary data was collected from performance records. The study employed explanatory research design. The population of the study comprised of 514 women and 3 microcredit institutions in Baringo County, Kenya. Random sampling method was used to select the respondents. The respondents comprised of members of the women groups and both managers and employees of the microcredit institutions. Data was analyzed using both descriptive and inferential statistics mainly measures of central tendencies, regression, analysis of variance and correlation. Statistical Package for Social Sciences (SPSS) was used to ease analysis. The study found positive significant relationship between access to microcredit and women empowerment (β=0.771, p-value=0.000 and R square=0.694 or 69.4%). The study also found positive significant relationship between cost of credit and women empowerment (β=0.604, p-value=0.005 and R square=0.765 or 76.5%). The results suggest that microcredit significantly influence women empowerment.","PeriodicalId":42560,"journal":{"name":"Journal of Investment Management","volume":"5 1","pages":"171"},"PeriodicalIF":0.8,"publicationDate":"2016-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"64817806","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 : 2016-11-22DOI: 10.11648/J.JIM.20160506.20
R. Amin
Employees are one of the most important stakeholders in an organization because the employees provide their efforts; share their knowledge, skills, mental and physical abilities that contribute to the productivity and profitability of the organization. So, the organization should do everything they need to retain the employees. Job satisfaction is one of them. But the factors of job satisfaction of low-skilled employees are different from those of high-skilled employees. The objective of the study is to examine the factors and level of job satisfaction of low-skilled employees in manufacturing industry; Meghna Cement Mills Ltd., Bangladesh. Data had been collected through a case study, semi-structured interview and observation. This study reveals that job satisfaction level of full time low-skilled employees is much more than that of casual low-skilled employees in Meghna Cement Mills Limited. According to this study, equal benefits and wages, medical allowances, education, house rent and entertainment allowances, yearly leave and festival bonus, weekly holiday, tolerable working hours, job security, life insurance, compensation in case of any accident, scope to relax, good relation with the supervisors and existence of labor union should be considered as the most important factors to motivate and satisfy the low-skilled employees in an organization specially manufacturing organization. The findings and theoretical discussion of this study will help the concerned parties for further studies and policy formulation.
{"title":"Job Satisfaction of Low-skilled Employees of Manufacturing Industry in Bangladesh: A Case Study","authors":"R. Amin","doi":"10.11648/J.JIM.20160506.20","DOIUrl":"https://doi.org/10.11648/J.JIM.20160506.20","url":null,"abstract":"Employees are one of the most important stakeholders in an organization because the employees provide their efforts; share their knowledge, skills, mental and physical abilities that contribute to the productivity and profitability of the organization. So, the organization should do everything they need to retain the employees. Job satisfaction is one of them. But the factors of job satisfaction of low-skilled employees are different from those of high-skilled employees. The objective of the study is to examine the factors and level of job satisfaction of low-skilled employees in manufacturing industry; Meghna Cement Mills Ltd., Bangladesh. Data had been collected through a case study, semi-structured interview and observation. This study reveals that job satisfaction level of full time low-skilled employees is much more than that of casual low-skilled employees in Meghna Cement Mills Limited. According to this study, equal benefits and wages, medical allowances, education, house rent and entertainment allowances, yearly leave and festival bonus, weekly holiday, tolerable working hours, job security, life insurance, compensation in case of any accident, scope to relax, good relation with the supervisors and existence of labor union should be considered as the most important factors to motivate and satisfy the low-skilled employees in an organization specially manufacturing organization. The findings and theoretical discussion of this study will help the concerned parties for further studies and policy formulation.","PeriodicalId":42560,"journal":{"name":"Journal of Investment Management","volume":"23 1","pages":"166"},"PeriodicalIF":0.8,"publicationDate":"2016-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"64818128","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 : 2016-10-31DOI: 10.11648/J.JIM.20160506.19
S. A. Rahim, N. Ahmad
The intention of the article is to explore whether different rating announcements on sukuk issuance provide any supplementary information to market for the years 2004-2011 in Malaysia. Data collected from the Securities Commission Malaysia (SC) and Bloomberg database. This research classifies the sukuk ratings from highest to poor quality. The investigation exercises event study methodology using cumulative average abnormal return (CAAR) on symmetric and asymmetric performances based on the reaction of the FTSE Kuala Lumpur Composite Index (FTSEKLCI) to the news of sukuk issuance. The results designate positive and significant asymmetric reactions on sukuk issuance. The market responds positively and significantly to the announcements of sukuk for the rating of high-quality, excellent and good ratings. However, FTSE KLCI will react negatively for the medium, questionable and weak ratings. The conclusions would be useful to issuers, investors, and decision-makers in assessing the credit risk of sukuk issuance. This study assists the sukuk issuers and investors in making profitable decisions on their investment.
{"title":"Investigating FTSE KLCI Using CAAR Estimations Following Sukuk Announcement in Malaysia: Based on Sukuk Ratings","authors":"S. A. Rahim, N. Ahmad","doi":"10.11648/J.JIM.20160506.19","DOIUrl":"https://doi.org/10.11648/J.JIM.20160506.19","url":null,"abstract":"The intention of the article is to explore whether different rating announcements on sukuk issuance provide any supplementary information to market for the years 2004-2011 in Malaysia. Data collected from the Securities Commission Malaysia (SC) and Bloomberg database. This research classifies the sukuk ratings from highest to poor quality. The investigation exercises event study methodology using cumulative average abnormal return (CAAR) on symmetric and asymmetric performances based on the reaction of the FTSE Kuala Lumpur Composite Index (FTSEKLCI) to the news of sukuk issuance. The results designate positive and significant asymmetric reactions on sukuk issuance. The market responds positively and significantly to the announcements of sukuk for the rating of high-quality, excellent and good ratings. However, FTSE KLCI will react negatively for the medium, questionable and weak ratings. The conclusions would be useful to issuers, investors, and decision-makers in assessing the credit risk of sukuk issuance. This study assists the sukuk issuers and investors in making profitable decisions on their investment.","PeriodicalId":42560,"journal":{"name":"Journal of Investment Management","volume":"5 1","pages":"158"},"PeriodicalIF":0.8,"publicationDate":"2016-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"64817925","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 : 2016-10-28DOI: 10.11648/j.jim.20160506.18
Zhi-hong Song, Xue Jin, Dong-mei Lee
Taking the 146 related-party technological cooperation announcements by Chinese listed companies from January 2008 to July 2013 as the sample, the article investigates the impact of the focal firms’ intellectual capital and cooperation frequency between related parties on the focal firms’ stock prices reactions. The empirical results indicate that focal firms involved in related-party technological cooperation receive strongly positive abnormal returns over the event window of (-1). We show that the cooperation announcements may bring positive stock prices reactions if the focal firms show a higher level of intellectual capital. In addition, our findings suggest that more cooperative activities between related parties may bring positive effects on the stock prices reactions for the focal firms.
{"title":"Related Party Cooperation and Stock Prices Reactions: An Empirical Investigation on the A-Share Listed Companies in China","authors":"Zhi-hong Song, Xue Jin, Dong-mei Lee","doi":"10.11648/j.jim.20160506.18","DOIUrl":"https://doi.org/10.11648/j.jim.20160506.18","url":null,"abstract":"Taking the 146 related-party technological cooperation announcements by Chinese listed companies from January 2008 to July 2013 as the sample, the article investigates the impact of the focal firms’ intellectual capital and cooperation frequency between related parties on the focal firms’ stock prices reactions. The empirical results indicate that focal firms involved in related-party technological cooperation receive strongly positive abnormal returns over the event window of (-1). We show that the cooperation announcements may bring positive stock prices reactions if the focal firms show a higher level of intellectual capital. In addition, our findings suggest that more cooperative activities between related parties may bring positive effects on the stock prices reactions for the focal firms.","PeriodicalId":42560,"journal":{"name":"Journal of Investment Management","volume":"5 1","pages":"151"},"PeriodicalIF":0.8,"publicationDate":"2016-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"64817350","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 : 2016-10-25DOI: 10.11648/j.jim.20160506.17
G. K. Chepkwony, B. Okello
The purpose of this paper was to examine the determinants of effective adoption of procure-to-pay system in County Government of Bomet. The study was steered by the following research objectives: to examine how Information Communication Technology infrastructure influence effective adoption of procure-to-pay system; to evaluate how staff training influence effective adoption of procure-to-pay system and to find out the influence of management on effective adoption of procure-to-pay system. The study used two theories namely; the theory of innovation diffusion and technology adoption model. The study population comprised of 57 employees working in County Information Communication Technology, procurement and finance office and the county director of procurement. Owing to the limited number of employees in the three departments, all the employees were involved in the study making the study a census survey. The study used structured questionnaires in data collection. A pilot study was conducted in Bomet County to determine validity of the research instruments where Cronbach’s alpha coefficient was used. For the purpose of establishing the relationship between the independent and dependent variable, chi square test and regression analysis was carried out. The study revealed that ICT infrastructure, staff training and management support are all critical determinants of procure-to-pay system. The study recommends that the government policy makers should come up with written guidelines in development of ICT infrastructure in public organizations. Management of county governments should identify training needs, develop training strategies and conduct regular and effective training on adoption of innovative strategies like procure to pay system. Further studies should be conducted to assess the role of the national government in adoption of procure to pay system. Studies should be conducted to assess the challenges faced by public organizations in adoption of procure to pay system and suggest possible solutions to the challenges. Lastly, further studies should be conducted to assess the benefits of adoption of procure to pay system.
{"title":"Determinants of Procure-to-Pay System Adoption in the County Government of Bomet, Kenya","authors":"G. K. Chepkwony, B. Okello","doi":"10.11648/j.jim.20160506.17","DOIUrl":"https://doi.org/10.11648/j.jim.20160506.17","url":null,"abstract":"The purpose of this paper was to examine the determinants of effective adoption of procure-to-pay system in County Government of Bomet. The study was steered by the following research objectives: to examine how Information Communication Technology infrastructure influence effective adoption of procure-to-pay system; to evaluate how staff training influence effective adoption of procure-to-pay system and to find out the influence of management on effective adoption of procure-to-pay system. The study used two theories namely; the theory of innovation diffusion and technology adoption model. The study population comprised of 57 employees working in County Information Communication Technology, procurement and finance office and the county director of procurement. Owing to the limited number of employees in the three departments, all the employees were involved in the study making the study a census survey. The study used structured questionnaires in data collection. A pilot study was conducted in Bomet County to determine validity of the research instruments where Cronbach’s alpha coefficient was used. For the purpose of establishing the relationship between the independent and dependent variable, chi square test and regression analysis was carried out. The study revealed that ICT infrastructure, staff training and management support are all critical determinants of procure-to-pay system. The study recommends that the government policy makers should come up with written guidelines in development of ICT infrastructure in public organizations. Management of county governments should identify training needs, develop training strategies and conduct regular and effective training on adoption of innovative strategies like procure to pay system. Further studies should be conducted to assess the role of the national government in adoption of procure to pay system. Studies should be conducted to assess the challenges faced by public organizations in adoption of procure to pay system and suggest possible solutions to the challenges. Lastly, further studies should be conducted to assess the benefits of adoption of procure to pay system.","PeriodicalId":42560,"journal":{"name":"Journal of Investment Management","volume":"5 1","pages":"140"},"PeriodicalIF":0.8,"publicationDate":"2016-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"64817712","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：