Authors:Ruhet Genc, Eda Aylin Genç Abstract: Social inclusion is one of the interesting topics of our times, taking attention in both political realm and scientific inquiry. For instance, social inclusion is considered among the main goals of rural development programmes (Shortall, 2008), within the mega-events such as Vancouver Olympics in 2010 (Vanwynsberghe et. al., 2013), related to maintaining mental health (Repper & Perkins, 2003) and even subject to transportation policies (Pagliara & Biggiero, 2017). By definition, social inclusion is about making sure all individuals are able to participate as valued, respected and contributing members of the society on the basis of five principles: valued recognition, human development, involvement and engagement, proximity and material well-being (Donnelly & Coakley, 2002). Social inclusion plays a key role in creating a stable social order premised on social action; however it is dependent on the openness of political structures in a country (Shortall, 2008). PubDate: 2017-07-14 Issue No:Vol. 13 (2017)
Authors:Valentina Diana Rusu, Angela Roman Abstract: Small and medium enterprises are an important part of a country’s economy and are a significant source for creating value added, employment, innovation and economic growth. Because of this improving their performance is a major concern of the specialists in the field. Through this paper we intend to evaluate the evolution of the SMEs performance between 2008 and 2014, but also to determine the factors that are influencing the growth of the value added of SMEs in the Central and Eastern European countries. In order to achieve the objectives proposed we use as methods the comparison of indicators and multiple linear regression models. The results obtained show that a part of the considered macroeconomic performance indicators, such as: total tax rate, exports of goods and services and private final consumption are statistically significant and have a strong influence on the SMEs performance. Also we observe important differences according to firm size. PubDate: 2017-07-07 Issue No:Vol. 13 (2017)
Authors:Catalin Angelo Ioan Abstract: The paper establishes an equivalence of the Andrica’s conjecture in the direction of an increase of the difference of square root of primes by a combination of two consecutive primes. PubDate: 2017-06-23 Issue No:Vol. 13 (2017)
Authors:Artor Nuhiu, Arben Dermaku Abstract: The purpose of this paper is to discuss the relationship between working capital management (WCM) and company’s performance as well as related determinant factors based on literature review. It aims to identify gaps in the current body of knowledge which justify future research directions. Working capital management has attracted serious research attention in the recent past, and has become a hot topic since the financial crisis of 2008. Working capital management is a topic that has been well-known in science as well as in business practice for a long time. At the same time, its presence in the literature is still comparatively low, concentrating on the analysis of the link between WCM and company’s performance with the help of publicly available data and key figures from the annual financial statements. Especially in view of the growing volatility and uncertainties in the credit and financial markets that have been observed for a number of years and the corresponding increase in regulatory capital in the area of external capital raising, the company's focus increasingly shifts to internal liquidity generation from the operating business on the structure of working capital. However, in order to take account of this increased interest in design, a stronger focus on qualitative empirical investigations is necessary from a scientific point of view, which has so far only been sparsely represented in the literature. Besides this, the review of empirical studies explore the avenue for future and present research efforts related to the subjects matter. PubDate: 2017-06-09 Issue No:Vol. 13 (2017)
Authors:Gina Ionela Butnaru, Oana-Raluca Licau Abstract: Specialists consider that when a person is interested in the concept of quality, it will be considered as a reference point in both private and professional life, also associated with excellence and perfectionism. Nowadays, when the whole world appears to be saturated by ideological inventions, the authors were surprised and intrigued by the dynamism and complexity of this concept. Furthermore, considering the fact that the current research’s applicability lies in the services field, the authors consider that this subject is a current one, very developed and debated by specialists. The heterogeneity of services brings along challenges, which create new methods of evaluating the quality, others than in industry. Consequently, the current research intends to analyse the following: the evolution of the concept of quality, the quality of the provided services, as well as its competitive advantage in a hotel, aiming to draw up the Ishikawa (cause-and-effect) diagram. The realisation of quality in services is not possible anymore without strong management knowledge, and especially knowledge concerning competitiveness and competitive management. Therefore, the managers and the employees of the companies should desire, be able to, and know how to obtain quality through performance, to evaluate it, and to constantly improve it. PubDate: 2017-05-30 Issue No:Vol. 13 (2017)
Authors:Adebayo Augustine Kutu Abstract: The paper sets out to model the volatility of South African exchange rates amidst global shocks. Using innovation accounting in a symmetric GARCH (1,1) and asymmetric EGARCH (1,1) and a theoretical model built by Kamal et al. (2012), Omolo (2014) and AL-Najjar (2016), it is established that the EGARCH (1,1) model outperformed the GARCH (1,1) model and can be recommended to policymakers in South Africa. The results of the diagnostic test show no evidence of serial correlation and ARCH effects in the model while the Student’s t distribution shows the best fits among the alternatives. The study recommends that the South Africa government should consider the impacts of the global shocks when formulating and implementing economic policies especially the exchange rates policies. Key words: Modelling, Exchange Rates Volatility, GARCH, EGARCH Models JEL classification: E3, E5, F4 PubDate: 2017-05-25 Issue No:Vol. 13 (2017)
Authors:Romeo Victor Ionescu Abstract: The paper puts into account the future development of the EU agriculture under the new approach of different levels of integration from 2021. The analysis in the paper is important at least from two aspects: agriculture is a very important activity for the EU and PAC risks to become inefficient under this new approach. In order to point out the effects of multilevel integration on agriculture, the analysis is focused on four representative indicators: crop output, animal output, gross value added and agricultural income. The comparative analysis leads to an intermediate conclusion that the Member States can be grouped into three clusters. Moreover, regression leads to the same conclusion: greater disparities related to agriculture between the three levels of integration and inside each circle of integration. The analysis covers financial and physical aspects of the agriculture and is based on the latest official statistic data, tables and diagrams. The main conclusion of the analysis is a very pessimistic one: an EU with three levels of integration will lead to important increase in regional disparities at least for agriculture. PubDate: 2017-05-10 Issue No:Vol. 13 (2017)
Authors:Eni Numani Abstract: Studies on the causes of entities' bankruptcy have significantly increased due to its impact on several stakeholders (financial managers, shareholders, customers, suppliers and creditors, employees of the entity and the economic life of the country in which the entity operates) and due to the high direct and indirect costs incurred. Given that external factors (related to the environment in which the entity operates) are out of the entity's control, this paper will be focused only on internal factors of bankruptcy, which are influenced by the decisions taken by management. In this paper we have categorized internal factors into two groups: financial factors and non-financial factors. Financial factors are mainly linked to the decisions made by financial managers on cash and financing resources management, while non-financial factors mainly refer to the decisions taken by management of the entity regarding recruitment of senior managers and all other employees, and lack of the planning activity as well. PubDate: 2017-05-03 Issue No:Vol. 13 (2017)
Authors:Kunofiwa Tsaurai Abstract: According to literature, there are three schools of thought on the relationship between financial development, trade openness and economic growth. The first one is that a combination of financial development and trade openness influence economic growth whilst the second says that economic growth and financial development influence trade openness. The third says that both financial development and trade openness affect each other. The lack of consensus on the subject matter is the foundation upon which this study is built using the Vector Error Correction Model (VECM) with annual time data from 1994 to 2014 in Argentina. The study observed that there is a positive and significant uni-directional causality running from financial development to economic growth and from trade openness to financial development in Argentina in the long run. The study also noted the existence of a positive but weak uni-directional causality running from financial development to trade openness, trade openness to economic growth and from economic growth to trade openness in Argentina in the long run. These findings to a larger extent resonated with literature on the subject matter. PubDate: 2017-05-03 Issue No:Vol. 13 (2017)
Authors:Tembi Maloney Tichaawa, Oswald Mhlanga, Sisa Sicwebu Abstract: In assessing the impacts of information communication technologies (ICTs) on tourism businesses, this study adopted a case study blueprint, with a questionnaire survey being used to collect data from selected tourism businesses. The respondents rated ICT impacts on tourism on a 5-point Likert scale, with ratings ranging from ‘strongly disagree’ (1) to ‘strongly agree’ (5). The results show that the impacts on hotels were perceived as ranging from 4.07 (improved company image) to 4.92 (increased market share), whereas the impacts on bed and breakfast establishments were perceived as ranging from 3.88 (improved company image) to 4.86 (speeded up service). The impacts on travel agents were perceived as ranging from 4.48 (improved service quality) to 4.94 (improved service quality), whereas the impacts on tour guides were perceived as ranging from 4.58 (improved company image) to 4.81 (heightened customer satisfaction levels). The impacts on backpackers were perceived as ranging from 3.78 (improved company image) to 4.75 (increased market share). Since ICT was perceived to impact relatively little on company image improvement, tourism businesses should use such technology to improve company image. The uniqueness of this article lies in it revealing the impacts of ICT on tourism business from an African country perspective. PubDate: 2017-04-28 Issue No:Vol. 13 (2017)
Authors:Betty Nkrumah-Abebrese, Chris Schachtebeck Abstract: Formal and informal street trading is both prevalent and growing in inner city settings. This phenomenon is particularly prevalent in Central Business Districts (CBDs). In the South African inner city context, street trading is thriving and provides an opportunity for street traders to earn a living. This study aims to discover the characteristics and factors influencing street trading in the Tshwane CBD, South Africa. The study follows a case study approach and is qualitative in nature, making use of semi-structured interviews with 30 street traders. A non-probability sampling approach was followed by means of snowball sampling. Data was analyzed by means of content and thematic analysis. Results indicate that main factors driving street trading in Tshwane CBD include unemployment and poverty, migration and urbanisation, survivalist entrepreneurship and entrepreneurial intentions. Two-thirds of respondents indicated that they had been street traders for 10-20 years, with little to no trading experience. Respondents also indicates a number of survival challenges, such as low incomes and poor working conditions. Difficulty in understanding municipal by-laws governing street trading were also identified. The findings of this study will assist municipalities, particularly in developing economies, in understanding and better managing street trading activities in CBDs PubDate: 2017-04-28 Issue No:Vol. 13 (2017)
Authors:Bukonla Grace Osisanwo Abstract: This study examines the impact of financial development on economic growth in Nigeria using annual time series data between 1980 and 2014. The study tests for the unit root and co-integration to determine the time series properties of our variables before using ordinary least square estimation technique to evaluate the long-run estimates and possible policy inferences. The financial development indicators are financial deepening, bank deposit liability, private sector credit ratio, stock market capitalization and interest rate, while economic growth is measured by real gross domestic product. The results show that all the indicators of financial development except private sector credit ratio have positive impact on the economic growth in Nigeria. it implies that banking sector and stock market development played critical role in the output growth of the real sector. However, the negative impact of private sector credit indicate that provision of credit to investors do not enhance output due to high interest on loan as reported in the study. Thus, the study suggests that for the country to experience finance-led growth in Nigeria, the apex bank must ensure that loans are available to local industrial investors at a low interest rate. PubDate: 2017-04-20 Issue No:Vol. 13 (2017)
Authors:Chengedzai Mafini Abstract: This paper investigated the influence of four economic factors, namely education, health, income level and household size on the life satisfaction of township residents in South Africa. The sample consisted of 285 individuals recruited from Sebokeng, 298 from Sharpville and 402 from Sicelo townships located in the southern part of Gauteng Province. The association between each economic factor and life satisfaction was analysed using regression analysis. Education, health, and household size were statistically significant, which validates traditionally acknowledged patterns. However, income did not predict life satisfaction, which contradicts conventional perspectives. Education was the strongest predictor of life satisfaction when compared to other economic factors. Overall, the study endorses the complexity of the association between economic factors and life satisfaction. The paper closes by drawing conclusions based on the results and suggesting several policy implications for the improvement of life satisfaction in South African townships. PubDate: 2017-04-20 Issue No:Vol. 13 (2017)
Authors:Reza Farhadian Abstract: In this work we will answer to the question, is there a probability space on a set such that it is a metric space' For answer to the question, we prove that the probability that two random positive integers given from a heuristic set defined in this article are relatively prime, is a metric space. Hence, there is a probability that it is a metric. Also, we show that this probability space is a paracompact space. PubDate: 2017-04-20 Issue No:Vol. 13 (2017)
Authors:Tuan Nguyen Abstract: This study investigates whether female directors have a significant effect on financial performance of publicly listed companies in the Vietnamese market. Using a dynamic random-effects model to explore a longitudinal dataset comprising 480 firm-year observations, we report that the companies with female directors in their boardrooms perform better than those without. Our finding thus supports the proposition that boardroom gender diversity appears to be an important internal corporate governance strategy which helps to improve firm performance. As Vietnam and many other East Asian countries are now implementing compulsory policies or calling for voluntary attempts to increase board gender diversity, our paper is especially timely and provides useful insight for policy formulation. PubDate: 2017-04-05 Issue No:Vol. 13 (2017)
Authors:Philip Ifeakachukwu Nwosa Abstract: Issues on exchange rate movement have continued to generate concern among economists given its implication on the macroeconomic variables – inflation, imports, domestic interest rate and investment among others. Although studies have examined the determinants of exchange rate movement, there is paucity of knowledge on the relationship between fiscal policy and exchange rate movement. Also, both theoretical and empirical literatures on fiscal policy and exchange rate movement were inconclusive. Therefore, this study examines the relationship between fiscal policy and exchange rate movement in Nigeria for the period 1980 to 2015. The study employed the Ordinary Least Square (OLS) and the regression estimate showed that fiscal policy variables were statistically significant in influencing exchange rate in Nigeria. This suggests that fiscal policy variables are significant determinants of exchange rate movement in Nigeria. Based on the findings, it was recommended that there is the need for prudent management of revenue, expenditure and debt in reducing exchange rate depreciation and ensuring stable exchange rate. PubDate: 2017-03-15 Issue No:Vol. 13 (2017)
Authors:Robertson K. Tengeh, Amelia Rorwana Abstract: : Going by the assumption that technology is not created for its own sake, this paper gauges the peculiar role that of spin-off, and private companies play in the process of technology creation and transfer at a University of Technology(UoT) in South Africa, using academic entrepreneurs as the lens. Structured questionnaires were electronically administered to the 52 participants purposively drawn for the study. The sample was drawn from a database composed using UoT X’s in-house research records. Included in the database, were active and non-active academics in terms of technology creation and transfer. It was noted that most active researchers and innovators were involved in one form of university–industry collaboration or the other. Furthermore, it was observed that the private companies had a vital role to play as far as the process of technology transfer and commercialization is concerned. This is notably relevant given that the overwhelming majority of the participants (91.7%) reiterated the importance of university–industry partnerships in the transfer and commercialization of inventions. Moreover, highlighting the importance of private companies, a slight majority (52.8%) of the participants indicated that they were surely motivated to bring forth innovative products by private companies in the last five years. PubDate: 2017-03-15 Issue No:Vol. 13 (2017)
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