The purpose of this research was to study potential differences in the formation of brand loyalty for domestic and global brands in Thai consumer groups through brand equity, consumer satisfaction, and country of origin effects. The study compared two well-known brands of a consumer product (shower gel), one of which presented as a local brand and the other of which had global branding. (Both brands are in fact manufactured by the same company and have similar functional and quality characteristics.) A convenience sample of Thai consumers (n = 400) was selected from shopping centers in and around Bangkok for a consumer survey about brand image and perceptions of the two brands. Factors in the formation of brand loyalty were then explored using structural equation modelling. The analysis showed that the effects of brand awareness and brand associations were similar for domestic and global brands. However, domestic brands had higher effects from customer satisfaction than perceived quality, while this relationship was reversed for global brands. The implication of this study is that domestic and global brands may be evaluated differently by consumers in some contexts, even if they are functional substitutes for each other. Consumers placed more emphasis on perceived quality than the brand experience for global brands. This could create problems for domestic brand marketers and those developing new domestic brands. However, this study only included a single product category. These results cannot be generalized across all consumer categories.
{"title":"Brand loyalty for domestic and global brands: A case of Thai fast-moving consumer goods","authors":"Sonthaya Sampaothong","doi":"10.15208/BEH.2018.43","DOIUrl":"https://doi.org/10.15208/BEH.2018.43","url":null,"abstract":"The purpose of this research was to study potential differences in the formation of brand loyalty for domestic and global brands in Thai consumer groups through brand equity, consumer satisfaction, and country of origin effects. The study compared two well-known brands of a consumer product (shower gel), one of which presented as a local brand and the other of which had global branding. (Both brands are in fact manufactured by the same company and have similar functional and quality characteristics.) A convenience sample of Thai consumers (n = 400) was selected from shopping centers in and around Bangkok for a consumer survey about brand image and perceptions of the two brands. Factors in the formation of brand loyalty were then explored using structural equation modelling. The analysis showed that the effects of brand awareness and brand associations were similar for domestic and global brands. However, domestic brands had higher effects from customer satisfaction than perceived quality, while this relationship was reversed for global brands. The implication of this study is that domestic and global brands may be evaluated differently by consumers in some contexts, even if they are functional substitutes for each other. Consumers placed more emphasis on perceived quality than the brand experience for global brands. This could create problems for domestic brand marketers and those developing new domestic brands. However, this study only included a single product category. These results cannot be generalized across all consumer categories.","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":"48967610","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}
This study illustrates how control-ownership wedge impacts the monitoring role of the corporate board through the quality of audit services in Turkey. Turkey has made essential amendments in the field of external audit in order to enhance the quality of the financial report and integrate its own capital market with that of the EU. It would be of interest to examine the influence of these changes on clients' demand for high quality audit. The agency theory is integrated with the resource dependence theory to show that boards possess distinct incentives and ability to demand high quality audit to monitor management activities. Logistic regression and feasible generalized least squares (FGLS) were used for regression estimations. The results indicate that board demographics, cognitive and structural diversity of board of directors, audit committee characteristics and audit quality are complementary and control-ownership wedge weakens the relationship between them which is an unfavorable outcome for minority shareholders. Thus, this study proposes that regulators should increase law enforcement to enhance good corporate governance in Turkey to accommodate the unique features of wedge firms and provide a protected environment for minority shareholders.
{"title":"Board diversity, audit committee characteristics and audit quality: The moderating role of control-ownership wedge","authors":"A. Mustafa, A. Che-Ahmad, Sitraselvi Chandren","doi":"10.15208/BEH.2018.42","DOIUrl":"https://doi.org/10.15208/BEH.2018.42","url":null,"abstract":"This study illustrates how control-ownership wedge impacts the monitoring role of the corporate board through the quality of audit services in Turkey. Turkey has made essential amendments in the field of external audit in order to enhance the quality of the financial report and integrate its own capital market with that of the EU. It would be of interest to examine the influence of these changes on clients' demand for high quality audit. The agency theory is integrated with the resource dependence theory to show that boards possess distinct incentives and ability to demand high quality audit to monitor management activities. Logistic regression and feasible generalized least squares (FGLS) were used for regression estimations. The results indicate that board demographics, cognitive and structural diversity of board of directors, audit committee characteristics and audit quality are complementary and control-ownership wedge weakens the relationship between them which is an unfavorable outcome for minority shareholders. Thus, this study proposes that regulators should increase law enforcement to enhance good corporate governance in Turkey to accommodate the unique features of wedge firms and provide a protected environment for minority shareholders.","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":"44499055","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}
Participation in training has been claimed to have various effects on individuals, teams and organizations. In the context of higher education, continuous professional development (CPD) training programs is of utmost importance to improve academicians’ competencies, teaching effectiveness and eventually students’ performance. However, majority of studies on CPD training programs in Malaysia have been exploratory and descriptive in nature and none has investigated the relationship between participation in CPD training programs and perceived teaching performance. Thus, thus study aimed to bridge the empirical gap using quantitative secondary data from year 2015 to 2017. University’s CPD training program participation records and the teaching assessment ratings by students on eighty academicians were included in this study based on the data accessibility from both sources. Descriptive analyses showed that majority of respondents who were rated excellent by students attended CPD training programs. Linear regression analysis showed that 11% of variance in teaching performance was explained by participation in CPD training programs. This finding substantiates the importance of CPD training programs. More importantly, this result shows that compulsory CPD training programs during the initial teaching years is not sufficient to maintain teaching performance. Consequently, academicians need to participate in CPD trainings to upgrade their teaching know-hows.
{"title":"Participation in continuous professional development training and perceived teaching assessment: A case study at the Malaysian Technical University","authors":"N. H. Abdullah, A. Shamsuddin, E. Wahab, M. Muazu","doi":"10.15208/BEH.2018.38","DOIUrl":"https://doi.org/10.15208/BEH.2018.38","url":null,"abstract":"Participation in training has been claimed to have various effects on individuals, teams and organizations. In the context of higher education, continuous professional development (CPD) training programs is of utmost importance to improve academicians’ competencies, teaching effectiveness and eventually students’ performance. However, majority of studies on CPD training programs in Malaysia have been exploratory and descriptive in nature and none has investigated the relationship between participation in CPD training programs and perceived teaching performance. Thus, thus study aimed to bridge the empirical gap using quantitative secondary data from year 2015 to 2017. University’s CPD training program participation records and the teaching assessment ratings by students on eighty academicians were included in this study based on the data accessibility from both sources. Descriptive analyses showed that majority of respondents who were rated excellent by students attended CPD training programs. Linear regression analysis showed that 11% of variance in teaching performance was explained by participation in CPD training programs. This finding substantiates the importance of CPD training programs. More importantly, this result shows that compulsory CPD training programs during the initial teaching years is not sufficient to maintain teaching performance. Consequently, academicians need to participate in CPD trainings to upgrade their teaching know-hows.","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":"47503492","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}
This paper empirically analyzes the impact of liquidity risk on key financial performance aspects of Islamic banks in the UAE. To document the association between liquidity risk and other performance ratios, time series data are taken for full-fledged Islamic banks working in the UAE from 2000 to 2014. Liquidity ratios and capital adequacy ratios, profitability ratios, and tangibility ratios are determined. Correlation and regression analyses are used to test the study hypotheses using SPSS. The findings indicate that capital adequacy and tangibility ratios are the main factors to determine liquidity risk of UAE Islamic banks. Furthermore, the results showed that the size of Islamic banks’ assets and capital adequacy had a positive and significant association with liquidity risk. Policymakers and Islamic finance experts should devote more attention to enhancing the base of Islamic finance assets to manage liquidity issues.
{"title":"An empirical investigation between liquidity and key financial ratios of Islamic banks of United Arab Emirates (UAE)","authors":"M. Tabash","doi":"10.15208/BEH.2018.50","DOIUrl":"https://doi.org/10.15208/BEH.2018.50","url":null,"abstract":"This paper empirically analyzes the impact of liquidity risk on key financial performance aspects of Islamic banks in the UAE. To document the association between liquidity risk and other performance ratios, time series data are taken for full-fledged Islamic banks working in the UAE from 2000 to 2014. Liquidity ratios and capital adequacy ratios, profitability ratios, and tangibility ratios are determined. Correlation and regression analyses are used to test the study hypotheses using SPSS. The findings indicate that capital adequacy and tangibility ratios are the main factors to determine liquidity risk of UAE Islamic banks. Furthermore, the results showed that the size of Islamic banks’ assets and capital adequacy had a positive and significant association with liquidity risk. Policymakers and Islamic finance experts should devote more attention to enhancing the base of Islamic finance assets to manage liquidity issues.","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":"44721105","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}
This study examined the moderating role of competitive strategy in the relationship between financial leverage and performance of firms based on a sample of industrial firms in Jordan between 2007 and 2016. The interaction between competitive strategy and financial leverage was revealed to influence the effects of financial leverage towards the performance of firms in terms of return on assets (accounting-based measure) and market-to-book ratio (market-based measure). Conclusively, obtained results are in line with the notion that firms that employ cost leadership strategy experience tax advantages and increased efficiency through debt financing and/or debt covenants. This study extends the overall understanding on the effects of financial leverage towards performance of firms and how this relationship is moderated by competitive strategy among firms in an emerging market such as Jordan.
{"title":"Moderating effect of competitive strategies on the relation between financial leverage and firm performance: evidence from Jordan","authors":"Mahmoud Al-Rdaydeh, A. Almansour, M. A. Al-Omari","doi":"10.15208/BEH.2018.44","DOIUrl":"https://doi.org/10.15208/BEH.2018.44","url":null,"abstract":"This study examined the moderating role of competitive strategy in the relationship between financial leverage and performance of firms based on a sample of industrial firms in Jordan between 2007 and 2016. The interaction between competitive strategy and financial leverage was revealed to influence the effects of financial leverage towards the performance of firms in terms of return on assets (accounting-based measure) and market-to-book ratio (market-based measure). Conclusively, obtained results are in line with the notion that firms that employ cost leadership strategy experience tax advantages and increased efficiency through debt financing and/or debt covenants. This study extends the overall understanding on the effects of financial leverage towards performance of firms and how this relationship is moderated by competitive strategy among firms in an emerging market such as Jordan.","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":"44206847","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}
This paper analyzes the effects of fiscal and monetary policies on inflation rate in Indonesia. This research uses the error correction model for estimating the empirical model of inflation rate for annual data 1970-2017. The results present the significant effects of fiscal and monetary variables on the inflation rate. These findings reveal the inflationary effects of fiscal and monetary policies in the country. This research also finds the impact of output and exchange rate on inflation rate. Therefore, this paper supports the theory of demand-pull inflation as well as the proposition of imported inflation. The other uniqueness of this research is the inclusion of shock variables in the empirical model. This study asserts the significant role of inflation shock and unanticipated exchange rate on the domestic price level. It implies that domestic inflation is closely related to the international financial sector.
{"title":"Inflationary effects of fiscal and monetary policies in Indonesia","authors":"J. Sriyana","doi":"10.15208/BEH.2018.47","DOIUrl":"https://doi.org/10.15208/BEH.2018.47","url":null,"abstract":"This paper analyzes the effects of fiscal and monetary policies on inflation rate in Indonesia. This research uses the error correction model for estimating the empirical model of inflation rate for annual data 1970-2017. The results present the significant effects of fiscal and monetary variables on the inflation rate. These findings reveal the inflationary effects of fiscal and monetary policies in the country. This research also finds the impact of output and exchange rate on inflation rate. Therefore, this paper supports the theory of demand-pull inflation as well as the proposition of imported inflation. The other uniqueness of this research is the inclusion of shock variables in the empirical model. This study asserts the significant role of inflation shock and unanticipated exchange rate on the domestic price level. It implies that domestic inflation is closely related to the international financial 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":"42741710","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}
As CEO turnover occurs, the company may select an insider or outsider as a successor. This study attempts to ascertain whether firm performance, female directors, board religiosity and blockholder ownership influence the decision to appoint an internal or external candidate. Results from logistic regression analysis on 72 succession events over a five-year period (2011 to 2015) reveal that firms which are controlled by blockholders and those with females on their boards tend to select an outsider as the successor. Meanwhile, firms that have Muslims on their boards are more likely to select insiders as successors. This study implies that poor firm performance does not necessarily lead to outside CEO selection choice. On the overall, the findings indicate that blockholder ownership and gender diversity in the boardroom matter in the Nigerian corporate landscape.
{"title":"Outsider vs insider: Does firm governance matter?","authors":"Y. Abdullahi, Rokiah Ishak, N. Sawandi","doi":"10.15208/BEH.2018.48","DOIUrl":"https://doi.org/10.15208/BEH.2018.48","url":null,"abstract":"As CEO turnover occurs, the company may select an insider or outsider as a successor. This study attempts to ascertain whether firm performance, female directors, board religiosity and blockholder ownership influence the decision to appoint an internal or external candidate. Results from logistic regression analysis on 72 succession events over a five-year period (2011 to 2015) reveal that firms which are controlled by blockholders and those with females on their boards tend to select an outsider as the successor. Meanwhile, firms that have Muslims on their boards are more likely to select insiders as successors. This study implies that poor firm performance does not necessarily lead to outside CEO selection choice. On the overall, the findings indicate that blockholder ownership and gender diversity in the boardroom matter in the Nigerian corporate landscape.","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":"44866886","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}
This paper investigates the relationship between exchange rate volatility and export performance of the Egyptian economy for the period (1980-2016). Moving average standard deviation and conditional standard deviation from GARCH model are used to generate two different measures of exchange rate volatility. The co-integration results indicate the existence of a unique long-run relationship between the real value of non-petroleum exports (as well as the volume of total exports) and the GARCH measure of exchange rate volatility. Using a Vector Error Correction Model, it is found that the volatility of the real effective exchange rate has a significant negative effect on real exports, whereas the effect of the level of real effective exchange rate itself, is not found to be statistically significant. Relevant policy implications are derived from these results.
{"title":"Examining the nexus between exchange rate volatility and export performance: Empirical evidence from the Egyptian experience","authors":"Heidi Aly, R. Hosni","doi":"10.15208/BEH.2018.39","DOIUrl":"https://doi.org/10.15208/BEH.2018.39","url":null,"abstract":"This paper investigates the relationship between exchange rate volatility and export performance of the Egyptian economy for the period (1980-2016). Moving average standard deviation and conditional standard deviation from GARCH model are used to generate two different measures of exchange rate volatility. The co-integration results indicate the existence of a unique long-run relationship between the real value of non-petroleum exports (as well as the volume of total exports) and the GARCH measure of exchange rate volatility. Using a Vector Error Correction Model, it is found that the volatility of the real effective exchange rate has a significant negative effect on real exports, whereas the effect of the level of real effective exchange rate itself, is not found to be statistically significant. Relevant policy implications are derived from these results.","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":"46343197","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}
For adequate profitability management, it is important to identify all the factors that lead to its rise or fall, as well as to determine the intensity of correlation between relevant factors and profitability. This is to take timely and adequate measures to eliminate deviations arising from the expected profitability and improve it in the future period. The research subject is bank profitability in the Republic of Serbia in the period 2012-2015. The research objective is to outline the possible factors of bank profitability, with particular reference to internal factors of banking sector profitability in the Republic of Serbia. Research results show a high degree of correlation between the ROA and ROE profitability ratios, both statically and dynamically; dynamics of profitability ratios is in inverse correlation with capital adequacy ratio; there is a link between bank size and profitability and a link between the change of bank ownership and profitability, but it does not necessarily mean that foreign banks are more profitable than domestic banks.
{"title":"Internal factors of bank profitability in the Republic of Serbia","authors":"Violeta Domanović, Violetta Todorovic, Sladjana Savovic","doi":"10.15208/BEH.2018.46","DOIUrl":"https://doi.org/10.15208/BEH.2018.46","url":null,"abstract":"For adequate profitability management, it is important to identify all the factors that lead to its rise or fall, as well as to determine the intensity of correlation between relevant factors and profitability. This is to take timely and adequate measures to eliminate deviations arising from the expected profitability and improve it in the future period. The research subject is bank profitability in the Republic of Serbia in the period 2012-2015. The research objective is to outline the possible factors of bank profitability, with particular reference to internal factors of banking sector profitability in the Republic of Serbia. Research results show a high degree of correlation between the ROA and ROE profitability ratios, both statically and dynamically; dynamics of profitability ratios is in inverse correlation with capital adequacy ratio; there is a link between bank size and profitability and a link between the change of bank ownership and profitability, but it does not necessarily mean that foreign banks are more profitable than domestic banks.","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":"49096538","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 hypothesis about positive influence of lower tax rate was tested on the Russian small businesses of construction and manufacturing sectors. The period from 2006 to 2014 includes the three-year gap, during which the net income tax rate was the same for all Russian regions, and the six-year interval of regionally differentiated tax rates. Quantitative estimates of the consequences of tax change without time lag, with time lags 1 and 2 year were made on the basis of double logarithmic regressions with fixed effects. Positive effect of lower tax rate was documented. The number of enterprises was the indicator, which was influenced most. A regional tax rate decrease by 1 per cent results in an increase of the number of small enterprises by 0.1-0.2%. This effect becomes evident in the first year of regional tax rate change and remains on the same level during the following two years. 1% decrease in tax rate led to 0.1% increase in the turnover of the company. Tax stimulus led to an increase of employment in manufacturing industry (the coefficient of elasticity is 0.1), while the impact on employment in construction sector was not identified. There is a potential for expanding tax revenues to the Russian budget system by increasing the taxation base with the help of the positive effect from tax rate reduction.
{"title":"Economic impact of the change in tax rate on small enterprises of manufacturing and construction sectors: Evidence from Russia 2006-2014","authors":"K. Tumanyants","doi":"10.15208/BEH.2018.45","DOIUrl":"https://doi.org/10.15208/BEH.2018.45","url":null,"abstract":"The hypothesis about positive influence of lower tax rate was tested on the Russian small businesses of construction and manufacturing sectors. The period from 2006 to 2014 includes the three-year gap, during which the net income tax rate was the same for all Russian regions, and the six-year interval of regionally differentiated tax rates. Quantitative estimates of the consequences of tax change without time lag, with time lags 1 and 2 year were made on the basis of double logarithmic regressions with fixed effects. Positive effect of lower tax rate was documented. The number of enterprises was the indicator, which was influenced most. A regional tax rate decrease by 1 per cent results in an increase of the number of small enterprises by 0.1-0.2%. This effect becomes evident in the first year of regional tax rate change and remains on the same level during the following two years. 1% decrease in tax rate led to 0.1% increase in the turnover of the company. Tax stimulus led to an increase of employment in manufacturing industry (the coefficient of elasticity is 0.1), while the impact on employment in construction sector was not identified. There is a potential for expanding tax revenues to the Russian budget system by increasing the taxation base with the help of the positive effect from tax rate reduction.","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":"47836019","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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