Global Business and Economics Review (27 papers in press)
An empirical study of foreign direct investment, human development and endogenous growth
by Ngoc Quang NGO
Abstract: In the context of growing bodies of researching in foreign direct investment (FDI), what could be better than effective external financial source for developing countries? It is undoubtable to observe that FDI could foster the slow economic growth and improve the human development. Employing the predictive proxy called Human Development Index (HDI) commenced since 2010 by United Nation Development Programme (UNDP), this paper investigates the three determinants including life expectancy, education and income level of economic development in 102 developing countries during the period 1990-2015 by two-stage least squares method, correcting the endogeneity problem with particular instrumental variables. Our findings confirm the existing literature and emphasize the constructive role of foreign capital flows and human capital on economic growth and institutional quality as well as macroeconomic variables and gender equality.
Keywords: developing countries; economic growth; endogeneity; foreign direct investment; human development; HDI; inequality; institutional quality; instruments; international trade; poverty; welfare.
Does Privatization Improve Financial Performance? Evidence from Jordan
by Ashraf Bataineh, Ashraf Alrjoub, Ziyad Shwiyat
Abstract: The study aims to measure the effect of privatization on improving the financial performance at the Jordanian companies. The study sample consists of (6) Jordanian companies listed in Amman Stock Exchange (ASE) in 2017, and to achieve the objectives of the study, a model has been developed by using T-test for paired samples, which included many variables and the issuing time of annual financial reports as the dependent variable. The results showed that privatization programs did help to improve the performance of Jordanian companies, and in its adoption to privatization policies, the Jordanian companies listed on the ASE need more time to issue public reports, in order to be compared with other sectors. The results of multiple regression analysis showed statistically positive significant effects between the companies profitability, financial companies leverage, and liquidity of companies annual financial reports. The study recommended that Jordanian companies should keep pace with the rapid changes taking place in the companies' environment and encourage innovations for their companies.
Keywords: Privatization; Financial performance; Profitability; Liquidity; leverage; Amman Stock Exchange ASE; State owned enterprises SOEs.
Growth volatility and income inequality; asymmetric analysis for France
by SUDESHNA GHOSH
Abstract: The present study attempts to investigate the growth volatility and the income inequality association for one major OECD country of the European Union, namely France over the period 1970-2016. The paper adopts empirical time series techniques. The paper applies the nonlinear ARDL method of Shin et al. (2014) because this will enable to find the asymmetries in the relation. It is argued that the rate at which income inequality reacts to rising income volatility may not be equal to the degree of responsiveness to the decline in the volatility of income. The hypothesis of positive asymmetric impact of economic growth on the top income shares is empirically established in this analysis. The paper makes a novel attempt to study how inequality is impacted by growth volatility in France by adopting an asymmetric framework. Further, two inequality measures are adopted to find out how the richer sections of the population respond to economic shocks. By adopting the GINI measure of inequality along with income enjoyed by the top one per cent, the study had attempted to explore the downswings in volatility that affect the poor persistently. The study concludes that in the long-run: (a) A 10 per cent rise in income growth volatility causes 6.7 per cent rise in inequality in income distribution measured through GINI, again a 10 per cent decline in growth volatility leads to 9.9 per cent decline in inequality expressed by GINI. (b) A 10 per cent rise in government expenditure leads to a fall in GINI by 6 per cent, whereas a 10 per cent decline in government expenditure leads to a 15 per cent rise in the GINI. (c) A 10 per cent rise in the growth volatility leads to a rise in the top one per cent income share by 48 per cent. (d) A 10 per cent decline in growth volatility leads to a decline in the top one per cent income share by 5 per cent. (e) The study observes the unequal impact of income volatility on the distribution of income. A series of robustness measures have been adopted to check for the consistency of the approach.
Keywords: Income Inequality; Growth Volatility; Nonlinear ARDL; Time series; France.
Diminishing Calendar Anomalies: Case of Indian Equity Markets
by Sakshi Saxena, Harsh Purohit, Nidhi Malhotra
Abstract: The present study probes the presence of seasonal anomaly mainly day of the week effect and month of the year effect in the Indian Stock Market ranging from January 2011 till January 2018. Daily and weekly closing data of Nifty Financial services index, Nifty Auto index, Nifty Bank index and Nifty 50 index has been considered for the same. Regression model using dummy variables has been used to investigate the same. The results states that none of the four nifty indices shows day of the week effect. Nifty 50 does not indicates the presence of the month of the year effect. In contrast, April effect is present in Nifty Auto. Nifty Bank index shows February and August effect, while Nifty Financial Services shows February effect.
Keywords: Day of the week effect; Monday effect; February effect; Calendar anomalies; Market efficiency.
Investigating the relationship between CSR and financial performance based on corporate reputation: Evidence from Vietnamese enterprises
by Khoa Truong An Nguyen, Khuong Ngoc Mai, Minh Man Cao
Abstract: This study investigates the relationship between CSR practices and financial performance as mediated by corporate reputation in a developing context. A total of 869 respondent firms from the manufacturing, real estate, trade, and service sectors participated in the research. Factor analysis and structuring equation modeling were used to investigate the direct and indirect effects of the identified factors. The results showed CSR practices positively affect financial performance mediated by corporate reputation. However, CSR practices in the legal, environmental, and philanthropic area have positive effects, while economy-oriented CSR practices do not show any significant effect. As such, firms should invest more in CSR in legal, philanthropic, and environmental areas to improve corporate reputation, which in turn leads to good financial performance.
Keywords: corporate social responsibility; financial performance; reputation; managerial perception; business sectors.
Competitiveness development model of manufacturing firms from dynamic capabilities perspectives
by Jaleh Farzaneh Hassanzadeh
Abstract: The main purpose of this study is to develop a model explaining the path toward competitiveness development for entrepreneurial food exporting firms.. In this study, the competitiveness development model is based on dynamic capabilities perspective. Few studies have been provided a model for competitiveness development of manufacturing firms from the dynamic capabilities perspective. For this purpose, the method of this study is grounded theory. Thus, twenty food-industries managers and experts in food sector were interviewed. The systematic approach presented by Strauss and Corbin (1998) was used to analyze the interviews. The competitiveness development model consists of the causal conditions, the intervening conditions, the contextual conditions, the export strategies of food exporting SMEs and the consequences. For analysis the interviews , MaxQDA software was used. The model identifies dynamic capabilities that lead to competitiveness and suggest the path to building such capabilities. Implications of findings are discussed at organizational-level and institutional-level.
Keywords: Competitiveness; Dynamic capabilities; International entrepreneurship; Entrepreneurial exports; Iran; Food industry; SMEs; Manufacturing firms; Configuration capabilities; Non-oil exports.
Healthcare professionals attitudes concerning prioritization decisions: A quali-quantitative analysis in Angola
by Micaela Pinho, Ana Pinto Borges
Abstract: Bedside rationing decisions are a necessary evil in the context of resource scarcity. The ethical values inherent in decisions about who to treat make interprofessional collaboration between health professionals essential. We evaluate and compare the attitudes of Angolan physicians and nurses towards patients prioritization decisions and the rationing principles supported. Faced with rationing scenarios comprising four patients respondents should: (i) select the only patient to treat, explaining their choice and (ii) establish a patient care sequential order. Nonparametric tests and multinomial logistic regressions were performed to compare patients choice between both groups and explore relations between sociodemographic, health and health-related behaviours and patient top priority assigned. Content analysis was used to explore the reasons for patients selection. Findings suggest that physicians and nurses share similar views, suggesting no tensions regarding patients prioritization. Respondents support health maximization, severity and fair-innings as rationing principles while waiting time and health-related behaviours were undervalued.
Keywords: Health economics; Attitudes of Health Professionals; Rationing principles; Patients selection; Explicit healthcare rationing; Angola.
Consumers lifestyle of health and sustainability as determining factor of purchase behaviour for sustainable products: An empirical analysis
by Manita Matharu, Ruchi Jain, Shampy Kamboj
Abstract: Sustainability and environmentally conscious behaviour towards sustainable products are emerging research areas in India. There is dearth of research to understand Indian consumers sustainable purchase behaviour, particularly in the context of consumers lifestyle. Present study aims to examine effect of consumer lifestyle of health and sustainability (LOHAS) on purchase behaviour. This paper adapts LOHAS, consumer attitude towards sustainable purchasing, subjective norm, willingness to pay premium for sustainable product to examine sustainable product purchase behaviour in Indian context through an extended theory of planned behaviour. Collection of data is done through a questionnaire filled from 316 individuals who are consumers of sustainable products. This study validated the proposed conceptual model by structured equation modelling and provides that LOHAS emerged as an antecedent to consumer attitudes towards sustainable product purchase. Additionally, attitude towards sustainable purchasing and willingness to pay price for sustainable products found to be significant determinants of consumers sustainable purchase behaviour. The findings of this paper might interest consumer behaviour scholars and those firms that concern regarding the consumers purchase behaviour for sustainable products.
Keywords: Sustainability; Sustainable Products; Theory of Planned Behaviour; Structural
Equation Modeling; LOHAS.
The Strategic Dilemma of Counter-Cyclical Capital Investment
by Eric C. Larson, Carl Vieregger
Abstract: This research investigates the timing of strategic investment decisions in response to changing conditions in the macro-economic environment. Managers face a strategic dilemma when making capital investments within the macro-economic cycle: even though resources may be scarce during downturns, firms with managerial capabilities can exploit factor markets to make profitable investments. We first show that managers recognize the importance of investing through economic downturns (i.e., investing counter-cyclically), but we also hypothesize and show that firms invest less during economic contractions (i.e., they do not invest counter-cyclically). We then hypothesize and find that performance is declining in investment, suggesting that contingent factors may influence successful capital investments. Our main hypothesis and test demonstrate that firms increasing capital investment during macro-economic downturns experience greater forward performance over one, two, and three-year horizons. We also show that the underlying mechanisms of this increased performance may be the temporal orientation (i.e., investment horizon) of strategic capital allocation and the firms dependence on external sources of financing. The analyses in this paper suggest that executives should make capital investments when it is perhaps the most difficult to do so.
Keywords: capital investment; capital resources; economic cycle; strategic decision-making; strategic dilemma; counter-cyclical investment; strategic timing; strategic fit; scarce resources; economic downturns; economic contractions; firm performance; contingent factors; temporal orientation; payback period; external dependence.
Drivers of Corporate Domestic Investment: Regional Analysis for India
by Ashwani Bishnoi
Abstract: Investment analysis at regional level has remained major thrust area among policymakers for balanced regional development of a economy. This paper assesses the drivers of corporate investment in India using a panel data of 16 states for period 1999-2017. The study employs generalised method of moments (GMM) estimators and gives more focus on financial condition based dimension which has been overlooked by the existing literature. The way in which financial conditions affect the firms investment decision is important for an effective design of monetary policy. Empirical results confirm the roles of various factors with varying magnitude and direction. These factors include: fiscal policy, access of financial resources- be it the bank credit or the internal source of finance, the efficiency components covered through productivity and costs, infrastructural facilities, government effectiveness and financial pressure variables.
Keywords: private investment; infrastructure; financial pressure; panel data; GMM India.
AN EVIDENCE-BASED STUDY ON COMPETENCY ADOPTION FRAMEWORK AND ASSESSING ITS IMPACT ON ORGANISATIONAL PERFORMANCE
by Yogesh Misra, Vibhash Kumar, Vanita Tripathi
Abstract: Companies have invested heavily in competency-based HR systems without having established guidelines on its implementation. This research studies the adoption of the competency framework in HR, along with perceived organisation performance (POP) and financial organisation performance (FOP). The study solicited research sample from the senior HR heads (N=175) of equity index companies listed in recognised stock exchanges of India. This study proposes a Competency Adoption Framework (CAFRMW) to measure the extent of adoption and evaluates the ability of CAFRMW to predict perceived and market-based performance measures effectively. The significant findings highlight that successful adoption of competency depends upon succinct documentation and formal communication of the same. Additionally, making competency accessible, contemporary, and training-appropriate is the key to success.
Keywords: Competency adoption framework; HR practices; Organisational Performance; Structural Equation Modelling.
Is the monetary policy behaviour of the South African Reserve Bank nonlinear?
by Abdul-Aziz Iddrisu, Imhotep Paul Alagidede
Abstract: In spite of the apparent asymmetry in monetary policy behaviour, monetary policy rule exposition continues to be carried out in the linear context. The burgeoning literature on nonlinear monetary policy rules fail to capture nonlinearity appropriately, putting the precision and accuracy of such estimates in doubt for policy purposes. With the aid of sample splitting and threshold estimation technique, the current study considers the monetary policy behaviour and responses of the South African Reserve Bank (SARB) in the Taylor rule context. The chosen technique delivers a threshold estimate after 5,000 bootstrap replications with confidence intervals based on asymptotic theory devoid of nuisance parameters. The study finds nonlinear Taylor rule to adequately capture the policy behaviour of the SARB with threshold inflation of 5.2% and asymmetric responses below and above this threshold.
Keywords: Monetary policy; Taylor rule; Sample splitting; Threshold estimation; Inflation targeting.
Econometric Search of Undocumented Workers in the U.S.
by Yongseung Han, Eréndira Yareth Vargas López, Myeong Hwan Kim
Abstract: This study seeks to find where undocumented workers reside in the United States. By postulating that the U.S. destination of an undocumented worker is affected by socio-economic factors, an equation is estimated using the standard panel-data methods. A static panel-data estimation (fixed-effects and random effects) does not reveal a meaningful relation between undocumented workers and other factors. The Arellano-Bond estimation, in which the previous level of undocumented workers are used as a proxy for a network, provides statistically significant relations at the 0.05 level; the number of undocumented workers in a state is determined by the states socio-economic factors such as economic conditions (e.g., unemployment rate and household income) and social factors necessary to form a network (e.g., foreign-born population, Hispanic population, urban population, the number of households having limited English-speaking ability and the previous level of undocumented workers). Among these factors, the previous level of undocumented workers has the largest impact on the current level of undocumented workers.
Keywords: Undocumented Worker; Illegal Immigration; Economic Migration; Real Wage; Unemployment Rate; Household Income.
Testing Weak-Form Market Efficiency in the Stock Exchange of Thailand
by Nattawut Jenwittayaroje
Abstract: This research tests the weak-form market efficiency, one of the most important financial theories, on the stock indices of the Stock Exchange of Thailand, namely, SET, SET50, SET100, SETHD, sSET, and MAI indices during the period from January 2002 to May 2019. This study employs three well-known weak-form market efficiency tests: autocorrelation tests, runs tests, and variance ratio tests (Lo & MacKinlay, 1988). The results show that SET, SET50, SET100, and SETHD indices become more weak-form efficient over time, suggesting that any strategy based on past returns to predict future returns is futile. However, sSET and MAI indices are not weak-form efficient, and show no sign of improved efficiency over time, thereby enabling the creation of trading strategies to earn abnormal returns, using past returns to predict future returns.
Keywords: Weak-form market efficiency; Random walk; Stock index; Total return; Stock Exchange of Thailand.
Impact of financial development on income inequality: Evidence from System Dynamics approach
by Syahrin Suhaimee, Mohd Azlan Shah Zaidi, Noorasiah Sulaiman, Jafri Zulkepli
Abstract: This paper examines the impact of financial development on income inequality from the dimensions of the banking sector and the stock market from 1970 to 2019 by utilizing the System Dynamics approach to analyse the dynamic feedback system of multiple variables. Results show that the banking sector development has higher impact on reducing income inequality than that of the stock market development. Although financial deepening has the highest impact on reducing income inequality towards 2050, the GDP output is lower than that of the GDP output in banking sector development. Thus, the growth in the banking sector is favourable compared to the improvement in other financial indicators. To achieve more equitable distribution of income and sustainable economic growth, both the government and the private sectors need to play their roles in providing better financial services to the people
Keywords: income inequality; banking sector; stock market; financial activity; financial deepening; financial size; system dynamics; financial development.
Volatility Spillovers of Gold Prices, Oil Prices, and Economic Policy Uncertainty on Stock Market of Pakistan
by Tariq Aziz, Afaque Hussain
Abstract: The primary purpose of the study is to examine the spillover effect of the oil market, the gold market, and global economic policy uncertainty on the stock market in the context of Pakistan. The study uses time-series data for the period December 2010 to September 2019. To investigate the volatility spillovers, the study employed the EGARCH model that allows for asymmetries. The results show that shocks in the gold market significantly transmit to the stock market returns. When the gold market is less volatile then the stock market shows higher volatility, vice versa. Further, the oil prices and global economic policy uncertainty have no significant volatility spillovers towards the stock market returns. The findings provide updated evidence about volatility transmissions from multiple factors to the stock market returns that are very important for investors and policymakers.
Keywords: Gold price; Oil price; Global economic policy uncertainty; Stock market returns; volatility spillover;.
How global are German corporations? An empirical investigation
by Jessica Geiger, Martha O'Hagan-Luff
Abstract: The internationalisation of firms has been subject of much debate in the field of international business, with many studies examining firm-level internationalisation using a number of different measures, but few investigating changes in these measures over time. In order to contribute to closing this gap, we conduct a longitudinal study of the patterns of internationalisation of 164 German firms from the Thomson Reuters Germany equity index between 1998 and 2015, contributing to the debate surrounding regionalisation or globalisation at the firm level. To capture different aspects of multinationality, we measure both the extent and scope of internationalisation. We further categorise these measures of internationalisation over time within categories of age, size, and industry. A strong trend towards globalisation is revealed, with most firms reporting foreign sales outside of Europe and very few operating in this region only.
Keywords: firm-level internationalisation; regionalisation; MNCs; longitudinal patterns of internationalisation; globalisation; scope of internationalisation.
Social entrepreneurship and economic thought: a path to rapprochement
by Philip T. Roundy, Michaël Bonnal
Abstract: Academics, practitioners, and policymakers are devoting heightened attention to social entrepreneurship: the creation and pursuit of innovative opportunities to produce positive externalities that improve conditions harmful to society. Scholars from across the behavioural, managerial, and organisational sciences are increasingly studying social entrepreneurs and their activities. However, one discipline - economics - is underrepresented in social entrepreneurship research. To address the lack of integration between economics and social entrepreneurship, we identify the unique economic characteristics of social entrepreneurship and explain how adopting an economic lens stands to generate important insights about the phenomenon. We then isolate three potential connection points between work in social entrepreneurship and economics: institutional economics and multi-logic hybrid organisations, narrative economics and social entrepreneurship discourse, and the economics of emotion and social entrepreneurs' emotions. Our integration of social entrepreneurship and economics contributes to scholarship in both domains and identifies avenues for research at the intersections of the two disciplines.
Keywords: social enterprise; social innovation; economic theory; externalities; social entrepreneurship; social welfare; economics; hybrid organisations; new ventures.
Human resource flexibility and sustainability: the moderating role of environmental uncertainty
by Amjad F. Tweiqat, Mohammad J. Adaileh
Abstract: This study investigates the moderating role of environmental uncertainty perception on the relationship between flexibility and sustainability of HR. A data from 266 mangers in Jordanian banks were collected using a valid questionnaire. Confirmatory factor analysis was used to ensure fitness of the measurement model to the environment of banks in Jordan. Proposed model, hypotheses and moderator effect were then tested using structural equations modelling. Results revealed a significant impact of HR flexibility on HR sustainability. The moderator negatively affects the relationship between functional flexibility and HR sustainability, and positively for behavioural flexibility. Results did not support the impact of skill flexibility on HR sustainability, nor did they support the impact of the moderator on that relationship. The study recommends that Jordanian banks can use the developed measurement scale to identify the functional, behavioural and skill aspects of HR. As well as important aspects of HR sustainability and uncertainties.
Keywords: human resources flexibility; human resources sustainability; environmental uncertainty perception.
Social responsibility in supply chain: bibliometric analysis and literature review
by Pedro Tiago Gonçalves Fontoura, Arnaldo Fernandes Matos Coelho
Abstract: The objective of this study is to map academic publications on the subject and the intellectual knowledge contained therein, while covering past research and identifying potential future trends and paths of research in the fields of corporate social responsibility and supply chain management, identifying some of the most relevant research in this field and a selection of the latest trends according to information found in the Web of Science database. It was performed a systematic review of the literature, with a specific focus on drafting maps for visualising an underlying intellectual structure. This analysis encompasses the scope of the articles published and the annual number of citations for the period between 1900 and 2018, as registered by the Web of Science database. The main contribution of this study thus arises from identifying the main research trends in this field and the respective shortcomings and specific opportunities for future research.
Keywords: corporate social responsibility; CSR; sustainability; supply chain management; SCM; systematic review; bibliometric studies; literature review; sustainable business; socially responsible practices.
Acceptance of e-services among public employees: an empirical investigation from the Palestinian public sector
by Wasim Al-Habil, Mohammed Aboramadan, Mohammed Fares
Abstract: This study aims to uniquely investigate the factors associated e-services acceptance in the Palestinian public sector. Our study is based on the framework of the technology acceptance model (TAM2). 612 questionnaires were collected from the employees of the Palestinian ministry of education and were valid for statistical analysis using SmartPLS. The study findings show that there exist positive relationships between prior experience, job relevance, output quality, result demonstrability and perceived ease of use and positive relationships between image, job relevance, output quality and result demonstrability and perceived usefulness. The findings also revealed that there are significant positive relationships between perceived ease of use and perceived usefulness with users' intention to use. Our results give evidence that TAM2 holds in the Palestinian context and provides useful recommendation including managerial intervention for better organisational e-services in the public sector. The study is one of the few studies that investigate the adoption of e-services in a non-western context.
Keywords: intention to use; Palestine; perceived ease of use; PEOU; perceived usefulness; technology acceptance model; TAM.
Forecasting unemployment rate in Poland with dynamic model averaging and internet searches
by Krzysztof Drachal
Abstract: The aim of this research is to estimate dynamic model averaging (DMA) model for unemployment rate in Poland. One can find multiple potential factors influencing unemployment rate. They can be significantly affecting unemployment rate only in certain periods. Therefore, a method incorporating time-varying parameters as well as the model uncertainty itself seems desirable. Additional aim of this research is to incorporate the Google search data into the econometric model. In this research, DMA is not able to significantly beat ARIMA model in case of forecast accuracy. Despite DMA success in other fields, for unemployment forecasting, this method seems vulnerable.
Keywords: Bayesian models; dynamic model averaging; DMA; macroeconomic time-series; unemployment forecasting; Google search volume index; Poland.
Impact of macroeconomic variables on Islamic and conventional stock market returns: a panel data approach
by Hazem Marashdeh, Sania Ashraf, Naeem Muhammad
Abstract: This study examines the impact of macroeconomic factors on returns in both conventional and Islamic stock market indices. It uses a multifactor model of five macroeconomic factors: the inflation rate, the money supply, industrial production, exchange rates and short-term interest rates. We employed panel data estimation methods of pooled ordinary least squares, fixed-effects estimations and the random-effects approach, in addition to panel co-integration and causality tests. Monthly data for ten countries were utilised for the sample period January 2009 to December 2016. The results show that real effective exchange rates and the money supply influence returns in conventional stock markets, while exchange rates alone influence returns on Islamic stock markets. The results of the co-integration and causality tests confirm the existence of short- and long-run relationships between the above-mentioned macroeconomic variables and returns to both conventional and Islamic stock markets. These results have important implications for investors and policy-makers as they add new insight on the different impacts of macroeconomic variables on returns in both conventional and Islamic stock markets.
Keywords: multifactor models; macroeconomic variables; panel data; stock markets.
Is unemployment caused by a socioeconomic phenomenon in the case of Kuwait?
by Wael M. Alshuwaiee, Nayef N. AlShammari, Nour W. Al-Mubarak
Abstract: This study examines the main macroeconomic factors triggering unemployment in Kuwait. In particular, it examines the impact of GDP growth, inflation rate, government expenditure on education, oil prices, and population growth on unemployment. The yearly data sample covers the period between 1993 and 2016. The estimated model is tested using time series analyses, such as a unit root test (the Augmented Dickey-Fuller test), the autoregressive distributed lag (ARDL) model (bounds testing), the error correction model (VECM), and the Granger causality test. The findings indicate that oil prices, population growth, GDP growth, and government spending on education Granger cause unemployment in both the short run and long run. Moreover, oil prices and government expenditure on education exhibited a significant negative effect on unemployment in the long run. Given the unique characteristics of the demographic features of Kuwait's population, this paper finds that the population growth rate contributes to unemployment in Kuwait, indicating that the increased population of expatriates causes unemployment among Kuwaiti nationals.
Keywords: macroeconomic development; labour market; unemployment; Kuwait; oil price; social indicators; education; inflation; population; GDP; oil based economy.
The effect of dividends policy on the stock prices - the Jordanian listed commercial banks case
by Asem Tahtamouni
Abstract: This paper aims to investigate the effect of dividends policy on the fair value of stock prices of the Jordanian commercial banks listed in the Amman Stock Exchange (ASE). The paper used 13 listed commercial banks during the period (2007-2017). It used two methods of data collection: the annual reports of the banks and the Jordanian shareholding banks guide. In order to clarify the sample, the paper utilised the frequency distributions and descriptive statistics. The paper found that stock price and dividends are correlated positively and significantly and hence there is an impact of dividends policy on fair value of stock prices in the Jordanian listed commercial banks. The paper concluded that the Jordanian listed commercial banks should work to raise the wealth of shareholders by increasing the dividends payment overtime to improve the performance of the stock market.
Keywords: dividends policy; stock price; fair value; Amman Stock Exchange; ASE; commercial banks; Jordan.
Special Issue on: EUROMED 2019 Innovative Business and Management Approaches to Meet the Challenges of a Volatile Global Environment
Indicators and criteria for efficiency and quality in public hospitals: a performance evaluation model
by Fiorella Pia Salvatore, Simone Fanelli
Abstract: In many countries, the public sector is currently characterized by the need to improve its performance. The implementation of performance measurement systems is essential to generate better results, especially in the public health sector. In healthcare practice, clinical indicators are part of a performance measurement system, and are a way of assessing the quality of care by investigating the frequency of specific results. Through a clinical audit process, this study aims to define the criteria and key performance indicators for minimally invasive endovascular surgical treatment. This type of treatment is chosen because aortic pathologies are an important European issue in cardiovascular surgery. A model of criteria and indicators used in a large public Italian hospital was constructed in order to assess the level of performance achieved with this service.
Keywords: healthcare organization; evaluation model; key performance indicators; efficiency; quality improvement; performance assessment; health services; new public management; internal audit; healthcare costs.
The contribution of a supplier of the Food & Beverage industry to the sustainability of the overall supply chain
by Marcella Giacomarra, Maria Crescimanno, Georgia Sakka, Antonino Galati
Abstract: Achieving sustainable scopes in a supply chain context entails structural changes at all tiers. Recently, scholars investigated different models able to achieve a Sustainable Supply Chain Management. With the aim to explain which factors, at the single supplier level, could reassure a focal firm as regards the compliance of sub-suppliers toward sustainability principles, a case study was performed on a company of the Food & Beverage packaging industry, based on the Natural Resources Based View of the firm. Results show the leading role that, a major supplier, can play in promoting sub-suppliers compliance towards sustainable principles. Reputation, legitimacy and concerns about future positioning in the market, are guiding factors able to influence the strategies adopted towards sub-suppliers. Implications for focal firms managers suggest to invest more in relationships with those suppliers able to demonstrate reliable sustainable management systems, with proven commitments to product stewardship and greener technologies.
Keywords: Sustainable business models; environmental sustainability; Natural Resource Based View; Chain Liability Effect; sustainable supply chain; supply chain management; case study; key resources.