By using a two-stage quantile regression approach (2SQR), this study demonstrates how the insurer’s leverage is determined across various quantiles. The evidence shows that the influence of the business concentration and marketing channel at the lower leverage quantiles is opposite to that at the higher leverage quantiles, which proposes that the mean effects of the two-stage ordinary least squares method are insufficient to capture the effects of business strategies on the insurer’s capital structure determination. Moreover, the 2SQR evidence also shows that the magnitude of the impacts for some determinations varies among the different leverage quantiles. In sum, the evidence suggests that these two competing approaches should be viewed as complementary functions when discussing the insurer’s capital structure.
{"title":"The analysis of capital structure for property-liability insurers: a quantile regression approach","authors":"J. Hung, Vincent Y. L. Chang","doi":"10.15208/BEH.2018.57","DOIUrl":"https://doi.org/10.15208/BEH.2018.57","url":null,"abstract":"By using a two-stage quantile regression approach (2SQR), this study demonstrates how the insurer’s leverage is determined across various quantiles. The evidence shows that the influence of the business concentration and marketing channel at the lower leverage quantiles is opposite to that at the higher leverage quantiles, which proposes that the mean effects of the two-stage ordinary least squares method are insufficient to capture the effects of business strategies on the insurer’s capital structure determination. Moreover, the 2SQR evidence also shows that the magnitude of the impacts for some determinations varies among the different leverage quantiles. In sum, the evidence suggests that these two competing approaches should be viewed as complementary functions when discussing the insurer’s capital structure.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43958633","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}
Norliza Che-Yahya, Ruzita Abdul-Rahim, R. M. Rashid
This study investigates the influence of "offer for sale" by existing shareholders on investors’ reaction in the IPO immediate aftermarket. The "offer for sale" is measured by the proportion of shares offered to public from the sale of the existing shareholdings prior to IPO against the total number of shares offered during IPO. The "offer for sale" activity suggests that proceed from the shares sold at an IPO would go into the pocket of the existing shareholders. That is, the proceed does not actually meet the primary goals of the IPO to raise funds for business expansion. IPO firms that go public mainly through "offer for sale" activity are expected to receive less demand during IPO from potential investors as the investors are less optimistic in firms which their shares are offered mostly through "offer for sale" activity relative to firms which their shares are newly issued. Thus, firms which their shares are offered through "offer for sale" activity are predicted to produce poor initial aftermarket return and trading. Using a final sample of 419 Malaysian IPOs issued from January 2000 to December 2015, regression results of this study reveal that firms which their shares are offered highly through "offer for sale" report poor and lower initial aftermarket return and trading volume. The results support the proposition of this study that investors are less optimistic in firms which their shares are offered mostly through "offer for sale" activity.
{"title":"The influence of “offer for sale” by existing shareholders on investors’ reaction in the IPO immediate aftermarket","authors":"Norliza Che-Yahya, Ruzita Abdul-Rahim, R. M. Rashid","doi":"10.15208/BEH.2018.56","DOIUrl":"https://doi.org/10.15208/BEH.2018.56","url":null,"abstract":"This study investigates the influence of \"offer for sale\" by existing shareholders on investors’ reaction in the IPO immediate aftermarket. The \"offer for sale\" is measured by the proportion of shares offered to public from the sale of the existing shareholdings prior to IPO against the total number of shares offered during IPO. The \"offer for sale\" activity suggests that proceed from the shares sold at an IPO would go into the pocket of the existing shareholders. That is, the proceed does not actually meet the primary goals of the IPO to raise funds for business expansion. IPO firms that go public mainly through \"offer for sale\" activity are expected to receive less demand during IPO from potential investors as the investors are less optimistic in firms which their shares are offered mostly through \"offer for sale\" activity relative to firms which their shares are newly issued. Thus, firms which their shares are offered through \"offer for sale\" activity are predicted to produce poor initial aftermarket return and trading. Using a final sample of 419 Malaysian IPOs issued from January 2000 to December 2015, regression results of this study reveal that firms which their shares are offered highly through \"offer for sale\" report poor and lower initial aftermarket return and trading volume. The results support the proposition of this study that investors are less optimistic in firms which their shares are offered mostly through \"offer for sale\" activity.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45430429","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}
Dividend payout policy has proved to be a complicated issue in the financial management literature that leads to the issuance of different arguments and theories explaining the facts about dividend ratio. The prime objective of the current study is to explore the impact of corporate governance on dividend payout ratio. In order to investigate the linkage between corporate governance and dividend payout ratio, data of four fiscal years (2013-2016) was extracted from annual reports of Indonesian publicly listed companies. The study examines the impact of ownership structure and corporate governance mechanisms on dividend payout ratio using panel data regression model. The findings of the study indicate that board independence, board size, institutional ownership, size and earnings before interest and tax are positive; whereas the CEO duality, managerial ownership, ownership concentration and leverage are in negative relation with dividend payout ratio.
{"title":"Corporate governance and dividend payout ratio in non-financial firms listed in Indonesian Stock Exchange","authors":"L. O. Sumail","doi":"10.15208/BEH.2018.58","DOIUrl":"https://doi.org/10.15208/BEH.2018.58","url":null,"abstract":"Dividend payout policy has proved to be a complicated issue in the financial management literature that leads to the issuance of different arguments and theories explaining the facts about dividend ratio. The prime objective of the current study is to explore the impact of corporate governance on dividend payout ratio. In order to investigate the linkage between corporate governance and dividend payout ratio, data of four fiscal years (2013-2016) was extracted from annual reports of Indonesian publicly listed companies. The study examines the impact of ownership structure and corporate governance mechanisms on dividend payout ratio using panel data regression model. The findings of the study indicate that board independence, board size, institutional ownership, size and earnings before interest and tax are positive; whereas the CEO duality, managerial ownership, ownership concentration and leverage are in negative relation with dividend payout ratio.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44966240","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}
Mohannad Obeid Al Shbail, Zalailah Salleh, Mohd Nazli Mohd Nor
This paper presents an assessment on the effect and consequences of burnout as a factor impacting premature sign-offs (PMSO) among internal auditors. Hence, questionnaires were sent to 187 internal auditors from Jordan to gather data. The data analysis results show the presence of some job burnout antecedents which are: ethical tension, role conflict, role ambiguity, and neuroticism personality trait. For internal auditors, job burnout can reduce the level of their job satisfaction. Meanwhile, dissatisfaction in the workplace among internal auditors, may increase negative behaviours including premature sign-offs.
{"title":"Antecedents of burnout and its relationship to internal audit quality","authors":"Mohannad Obeid Al Shbail, Zalailah Salleh, Mohd Nazli Mohd Nor","doi":"10.15208/BEH.2018.55","DOIUrl":"https://doi.org/10.15208/BEH.2018.55","url":null,"abstract":"This paper presents an assessment on the effect and consequences of burnout as a factor impacting premature sign-offs (PMSO) among internal auditors. Hence, questionnaires were sent to 187 internal auditors from Jordan to gather data. The data analysis results show the presence of some job burnout antecedents which are: ethical tension, role conflict, role ambiguity, and neuroticism personality trait. For internal auditors, job burnout can reduce the level of their job satisfaction. Meanwhile, dissatisfaction in the workplace among internal auditors, may increase negative behaviours including premature sign-offs.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43016659","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}
The impact of fiscal deficit measured by deficit in national budget on the growth of respective economy has been a widely researched area with plenty of debatable results. Shedding light in search of the optimum level of budget deficit, the current paper tried to contribute to the field of literature on this issue which is perhaps inadequate as far as Bangladesh economy is concerned. A total of 40 years of time series data spanning form 1975 - 76 to 2014 - 15 has been employed. Identification of integration order of the variables was examined performing Augmented Dickey Fuller (ADF), Phillips - Perron (PP) and Kwiatkowski-Phillips-Schmidt-Shin (KPSS) tests. Establishing the existence of cointegration among variables following the Johansen’s procedure, long run cointegrating vector has been estimated depending on VECM. The threshold has been identified solving the estimated long run cointegrating relationship for a local maximum. Findings can be summarized by saying that the long run impact of budget deficit on growth would remain positive; nevertheless, there would be no short run adjustment. Depending on the model definition and the particular exogenous variable(s), the threshold budget deficit has been measured to range between 4.55 to 5.0 percent of GDP.
{"title":"Budget deficit and growth: in search of ceiling for Bangladesh","authors":"S. Abdullah, A. Azad, Salina Siddiqua","doi":"10.15208/BEH.2018.52","DOIUrl":"https://doi.org/10.15208/BEH.2018.52","url":null,"abstract":"The impact of fiscal deficit measured by deficit in national budget on the growth of respective economy has been a widely researched area with plenty of debatable results. Shedding light in search of the optimum level of budget deficit, the current paper tried to contribute to the field of literature on this issue which is perhaps inadequate as far as Bangladesh economy is concerned. A total of 40 years of time series data spanning form 1975 - 76 to 2014 - 15 has been employed. Identification of integration order of the variables was examined performing Augmented Dickey Fuller (ADF), Phillips - Perron (PP) and Kwiatkowski-Phillips-Schmidt-Shin (KPSS) tests. Establishing the existence of cointegration among variables following the Johansen’s procedure, long run cointegrating vector has been estimated depending on VECM. The threshold has been identified solving the estimated long run cointegrating relationship for a local maximum. Findings can be summarized by saying that the long run impact of budget deficit on growth would remain positive; nevertheless, there would be no short run adjustment. Depending on the model definition and the particular exogenous variable(s), the threshold budget deficit has been measured to range between 4.55 to 5.0 percent of GDP.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44888291","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}
The aim of the study was to determine effects aggressive/ conservative working capital policies have on the value creation. Data from 10 listed non-financial companies on the Ghana Stock Exchange spanning from 2004-2015 was used for this study. The study adopted quantitative research design applied to panel cointegration technique and panel fully modified ordinary least square methodology. The panel cointegration results indicated that there was a long-run equilibrium association between working capital variables and shareholders’ value creation. The panel FMOLS results indicated that aggressive current asset investment policies enhance market-to-book ratio in the long-run. On the other hand, conservative current asset financing policies enhance market-to-book ratio in the long-run. This study has two contributions. First, prior studies investigated the connection existing between components of working capital management and shareholder value creation without investigating the specific policies these firms are pursuing and their effect on the shareholders’ value creation. Second, this study employs a contemporary econometric methodology in analyzing the data.
{"title":"Working capital policies and value creation of listed non-financial firms in Ghana: a panel FMOLS analysis","authors":"S. Frimpong","doi":"10.15208/BEH.2018.51","DOIUrl":"https://doi.org/10.15208/BEH.2018.51","url":null,"abstract":"The aim of the study was to determine effects aggressive/ conservative working capital policies have on the value creation. Data from 10 listed non-financial companies on the Ghana Stock Exchange spanning from 2004-2015 was used for this study. The study adopted quantitative research design applied to panel cointegration technique and panel fully modified ordinary least square methodology. The panel cointegration results indicated that there was a long-run equilibrium association between working capital variables and shareholders’ value creation. The panel FMOLS results indicated that aggressive current asset investment policies enhance market-to-book ratio in the long-run. On the other hand, conservative current asset financing policies enhance market-to-book ratio in the long-run. This study has two contributions. First, prior studies investigated the connection existing between components of working capital management and shareholder value creation without investigating the specific policies these firms are pursuing and their effect on the shareholders’ value creation. Second, this study employs a contemporary econometric methodology in analyzing the data.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45803356","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}
The key objective of the study is to analyze the impact of global financial crisis on export in countries of SAARC region. For current empirical analysis, this study used a gravity model to investigate export of final goods from SAARC countries to high income countries during the period 2003 to 2014. The independent and dependent variables were used in the natural logarithm form of dummy variables. The geographical distance between capitals of trading partners and importer’s and exporter’s GDPs are used as standard independent variables. Consequently, this study includes their dummy variables demonstrating common official language, membership in regional trading agreements and financial crisis. Therefore, to examine the impact of last crisis, model comprises dummy variable (y2007, y2008, y2009 and y2010) representing critical years of study. Moreover, this study also used random effect approach which required that at least one assumption should be fulfilled which is zero correlation of independent variables. The current study concluded that financial markets of SAARC countries remained less vulnerable to financial crisis or bad-loan crisis because of having less exposure to subprime assets and high capital to risk assets ratio. However, trade of goods and services of the SAARC countries with the developed economy resulted in negative effects on most of the SAARC countries. Moreover, the study also revealed that financial crisis had serious repercussion for the other countries of the SAARC region due to lack of appropriate response and that a timely response by countries could save the prolonged negative influence of financial crisis.
{"title":"Global financial crisis 2008 and its vulnerability in SAARC countries","authors":"I. Setyawati","doi":"10.15208/BEH.2018.53","DOIUrl":"https://doi.org/10.15208/BEH.2018.53","url":null,"abstract":"The key objective of the study is to analyze the impact of global financial crisis on export in countries of SAARC region. For current empirical analysis, this study used a gravity model to investigate export of final goods from SAARC countries to high income countries during the period 2003 to 2014. The independent and dependent variables were used in the natural logarithm form of dummy variables. The geographical distance between capitals of trading partners and importer’s and exporter’s GDPs are used as standard independent variables. Consequently, this study includes their dummy variables demonstrating common official language, membership in regional trading agreements and financial crisis. Therefore, to examine the impact of last crisis, model comprises dummy variable (y2007, y2008, y2009 and y2010) representing critical years of study. Moreover, this study also used random effect approach which required that at least one assumption should be fulfilled which is zero correlation of independent variables. The current study concluded that financial markets of SAARC countries remained less vulnerable to financial crisis or bad-loan crisis because of having less exposure to subprime assets and high capital to risk assets ratio. However, trade of goods and services of the SAARC countries with the developed economy resulted in negative effects on most of the SAARC countries. Moreover, the study also revealed that financial crisis had serious repercussion for the other countries of the SAARC region due to lack of appropriate response and that a timely response by countries could save the prolonged negative influence of financial crisis.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48072245","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}
In countries with high susceptibility to corruption, internal government auditors play an important role in combating and mitigating the corruption problem. Since corruption is unethical behavior, government internal auditors must have ethical standards if they are to be effective. Research surrounding the processes of ethical decision making has had mixed outcomes. This article examines the effect of corruption awareness in Indonesian society as a whole, and Indonesian organizations in general. Ethical intensity issues are examined, as are the organizational factors that impact on ethical decision-making. Results are mediated by ethical sensitivity and professional skepticism, with the theoretical framework of ethical decision-making being supported. Additional analysis examining the effect of gender, education level and experience on ethical decision-making process is provided.
{"title":"Corruption awareness and ethical decision making in Indonesia","authors":"A. Ashari, M. Nanere, Philip Trebilcock","doi":"10.15208/BEH.2018.41","DOIUrl":"https://doi.org/10.15208/BEH.2018.41","url":null,"abstract":"In countries with high susceptibility to corruption, internal government auditors play an important role in combating and mitigating the corruption problem. Since corruption is unethical behavior, government internal auditors must have ethical standards if they are to be effective. Research surrounding the processes of ethical decision making has had mixed outcomes. This article examines the effect of corruption awareness in Indonesian society as a whole, and Indonesian organizations in general. Ethical intensity issues are examined, as are the organizational factors that impact on ethical decision-making. Results are mediated by ethical sensitivity and professional skepticism, with the theoretical framework of ethical decision-making being supported. Additional analysis examining the effect of gender, education level and experience on ethical decision-making process is provided.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44108797","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}
Our paper revisits the determinants of company cash holding. It attempts to explain the cash holding behavior of firms’ managers by investigating non-financial companies listed on the London Stock Exchange from 2011 to 2016. Our results indicate that firm size, leverage, cash flow, cash flow volatility, and investment opportunity exert influence on such cash holding behavior. It can be explained by the trade-off theory, the pecking-order theory and free cash flow theory. Our results may shed light on the decrease in the cash holding level for the post-crisis period.
{"title":"Determinants of corporate cash holding: evidence from UK listed firms","authors":"Le Duc Hoang, Phi Long Tran, T. Ta, D. M. Vu","doi":"10.15208/BEH.2018.40","DOIUrl":"https://doi.org/10.15208/BEH.2018.40","url":null,"abstract":"Our paper revisits the determinants of company cash holding. It attempts to explain the cash holding behavior of firms’ managers by investigating non-financial companies listed on the London Stock Exchange from 2011 to 2016. Our results indicate that firm size, leverage, cash flow, cash flow volatility, and investment opportunity exert influence on such cash holding behavior. It can be explained by the trade-off theory, the pecking-order theory and free cash flow theory. Our results may shed light on the decrease in the cash holding level for the post-crisis period.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47798787","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}
B. Prabawani, Ita Hanika Musfirowati, Eri Werdani Riandhita
Redenomination discourse has become a concern, again, in line with the instructions of the Indonesian President to the Finance Minister to re-socialize the program to the society. Socialization is important given the Indonesian society is geographical, demographical, and psychographic heterogeneous. The heterogeneous society is potential to have a low understanding level of what and how redenomination would be applied, while the ignorance would trigger rush and hyperinflation. Hence, a research is needed to acknowledge the people understanding about redenomination. This is a door knocking survey which involved 600 respondents in Semarang, Kudus, and Banjarnegara as representatives of Indonesian society with diverse backgrounds. The data were processed using Cramer's V Test and Crosstab. The results show that Indonesians' understanding of redenomination is low, especially the people living far from the government centers. In addition, educational factors and occupations are the main factors that determine the level of understanding on redenomination. There is an indication that the higher the education, the higher the public understanding of redenomination. Similarly, people with the Teachers/Lecturers profession, working in the formal sector, and have managerial positions, have a better understanding of redenomination, than people who are not working or working in the informal sector.
{"title":"Socialization: An important factor of redenomination success in Indonesia","authors":"B. Prabawani, Ita Hanika Musfirowati, Eri Werdani Riandhita","doi":"10.15208/BEH.2018.49","DOIUrl":"https://doi.org/10.15208/BEH.2018.49","url":null,"abstract":"Redenomination discourse has become a concern, again, in line with the instructions of the Indonesian President to the Finance Minister to re-socialize the program to the society. Socialization is important given the Indonesian society is geographical, demographical, and psychographic heterogeneous. The heterogeneous society is potential to have a low understanding level of what and how redenomination would be applied, while the ignorance would trigger rush and hyperinflation. Hence, a research is needed to acknowledge the people understanding about redenomination. This is a door knocking survey which involved 600 respondents in Semarang, Kudus, and Banjarnegara as representatives of Indonesian society with diverse backgrounds. The data were processed using Cramer's V Test and Crosstab. The results show that Indonesians' understanding of redenomination is low, especially the people living far from the government centers. In addition, educational factors and occupations are the main factors that determine the level of understanding on redenomination. There is an indication that the higher the education, the higher the public understanding of redenomination. Similarly, people with the Teachers/Lecturers profession, working in the formal sector, and have managerial positions, have a better understanding of redenomination, than people who are not working or working in the informal sector.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49262409","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}
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