G. Talebnia; M. Ebrahimi; A. Darvishi
Volume 5, Issue 1 , January 2015, Pages 1-7
Abstract
The basic model for valuation of firm is the Dividend Discount Model (DDM). When investors buy stocks, they expect to receive two types of cash flow: dividend in the period during which the stock is owned, and the expected sales price at the end of the period. In the extreme example, the investor ...
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The basic model for valuation of firm is the Dividend Discount Model (DDM). When investors buy stocks, they expect to receive two types of cash flow: dividend in the period during which the stock is owned, and the expected sales price at the end of the period. In the extreme example, the investor keeps the stock until the company is liquidated; in such a case, the liquidating dividend becomes the sales price. The residual income valuation model is an alternative model to the divided discounted model or valuation based on multiples in determining a value of a company. It decomposes the company value of a company into two imaginative parts: (1) the real assets of the company. It is assumed that these assets are leased to the company at a certain rate of return. (2) The present value of the future “Residual Incomes”. Residual income refers to the income part which is achieved above the expected return on the real assets (the previously mentioned first part). Thus we examined the effects of Discounted Residual Income (DRI) on stock price of companies listed in Tehran Security Exchange (TSE) by method curve fitting with sinusoidal functions. Our sample includes 1920 firm- year of companies listed in TSE during the period 2005-2010.The results show that there is a significant relationship between discounted residual income and firm’s value. Also the result shows that if we use method curve fitting with sinusoidal functions for fitting model, we can regress the best model and the explanatory power of model will increase.
K. Pal Narwal; S. Pathneja; M. Kumar Yadav
Volume 5, Issue 1 , January 2015, Pages 9-18
Abstract
Present paper intends to measure the determinants of performance of Indian financial sector. The performance variables of banking sector and microfinance institutions in India are studied over a study period of six years i.e. 2006-07 to 2011-12. The financial sector of India is gaining strength ...
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Present paper intends to measure the determinants of performance of Indian financial sector. The performance variables of banking sector and microfinance institutions in India are studied over a study period of six years i.e. 2006-07 to 2011-12. The financial sector of India is gaining strength over the years and its contribution to growth is overwhelming. Banks are considered the main component of Indian Financial Sector. Indian banking sector is providing new and improved financial services to economy and masses over the years. The banks have achieved the above objective in some areas but failed to reach to other areas. To fill this gap of access Microfinance Institutions were established in India. The main objective of MFIs is to reach to masses to which banks are not able to provide the services. The main intention of establishing MFIs was to fill the gap of access to financial services by poor people. So, overall the mixed results are obtained from the study. The performance rotates around mainly two variables i.e. size and spread to total assets. All other variables are either negative or insignificant or both to the performance of banks and microfinance. institutions
S. Saxena; R. Saxena
Volume 5, Issue 1 , January 2015, Pages 19-30
Abstract
Various studies have been conducted to study the relationship between job involvement and organizational citizenship behavior but a very little work have been done to study the impact of both job involvement and organizational commitment on “organizational citizenship behavior”. ...
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Various studies have been conducted to study the relationship between job involvement and organizational citizenship behavior but a very little work have been done to study the impact of both job involvement and organizational commitment on “organizational citizenship behavior”. Thus the purpose of the study is to find out the relationship between job involvement, organizational commitment and organizational citizenship behavior and also to study if there is any impact of job involvement and organizational commitment on Organizational citizenship behavior among service and manufacturing sector employees. The study has been done on 150 employees of both service and manufacturing sector with the help of questionnaire, where job involvement and organizational commitment were taken as independent variables and Organizational citizenship behavior as dependent variable. Multiple regression was applied with the help of SPSS. The result indicated that there is a significant impact of independent variables on dependent variables, that is, there is a significant impact of Job involvement and Organizational commitment on OCB.
Md. Sarwar Uddin; M. Aktaruzzaman Khan; M. Kamal Uddin; M. Solaiman
Volume 5, Issue 1 , January 2015, Pages 31-41
Abstract
University-Industry Collaboration (UIC) creates highly skilled and productive business graduates for meeting demand of industry, globalization, knowledge economy, and job market at home and abroad. In coping with ongoing acute competitive pressures of the information edge, higher education ...
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University-Industry Collaboration (UIC) creates highly skilled and productive business graduates for meeting demand of industry, globalization, knowledge economy, and job market at home and abroad. In coping with ongoing acute competitive pressures of the information edge, higher education curricula of business needs to be intellectually planned, through collaboration between university and industry and developing more connectivity among different stakeholders. Examples of such successful co-operation are well manifested in several countries especially in USA, created interest elsewhere to evaluate university industry link programs. The present research has collected primary and secondary data from one public university (University of Chittagong) and one group of industries (PHP group of companies) for the study purpose. This study employed both qualitative and quantitative research instruments which have identified some criteria in order to develop a framework which are 5C such as (i) comparability, (ii) credibility, (iii) consistency, (iv) cost-benefit, and (v) culture. The Cone Model for university-industry collaboration has also been used in this paper.
M. Kwamega; E. Brako Ntiamoah; P. Oforiwaa Egyiri; D. Fiaklou
Volume 5, Issue 1 , January 2015, Pages 43-52
Abstract
In any business to customer (B2C) or business to business (B2B) type of environment, a customer is the ultimate goal and objective. More often than not, it can be quite an issue. This perhaps due to the fact that organizations sometimes do not really understand of what actually goes on in a ...
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In any business to customer (B2C) or business to business (B2B) type of environment, a customer is the ultimate goal and objective. More often than not, it can be quite an issue. This perhaps due to the fact that organizations sometimes do not really understand of what actually goes on in a customer’s mind. As such, this predicament has provided as a challenge task to most business conglomerates that places strong emphasis on customer relations. Although many researches and studies were conducted on the actual working of the customer’ mind, till today it is still a mystery. Therefore, this research is focused on the impact of customer service practices on customer satisfaction and retention in the regional medical stores (Koforidua). The study adopted both qualitative (case study) and quantitative methods respectively. The medical store in the eastern region was selected to gather data, which was acquired from answers obtained from our administered questionnaire. The population of the survey constituted the clients that the medical store supply drugs and other medical services to within the eastern region of Ghana. Hypotheses of the study were analyzed using correlation and regression. Results of the study showed that there are high positive correlation between the constructs of customer service practices, customer satisfaction and customer retention.
S. Moudud-Ul-Huq
Volume 5, Issue 1 , January 2015, Pages 53-60
Abstract
Corporate governance (CG) is an important effort to ensure accountability and responsibility and is a set of principles, which should be incorporated into every part of the organization. This study focused on the state of Corporate Governance (CG) in two categories of the banking industries: ...
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Corporate governance (CG) is an important effort to ensure accountability and responsibility and is a set of principles, which should be incorporated into every part of the organization. This study focused on the state of Corporate Governance (CG) in two categories of the banking industries: Conventional Banks and Islamic Banks. As Conventional Banks and Islamic Banks differ a great deal in their rules, regulations and operating procedures, the corporate governance (CG) practice of these two banking sectors is also different from each other. Here, in this paper it is tried to represent a clear comparative study about corporate governance (CG) practice of these two banking sectors. For this purpose it has been selected ten commercial banks of which five are renowned Conventional Banks and the same number of Islamic Banks in Bangladesh. After exploring the scores of each indicators it has been noticed that in average the grand score of Islamic Banks is less than the grand score of Conventional Banks to the extent of 0.07 (0.60-0.53). And in 2012 the grand score of Islamic Banks is less than the grand score of Conventional Banks to the extent of 0.05 (0.83-0.78). But Islamic Banks signify a higher overall improvement score than Conventional Banks that is 0.02 (0.25-0.23). Both Conventional Banks and Islamic Banks are being imperative in practicing corporate governance (CG) as both the banking sectors are facing significant improvement in practicing CG. But in comparison to Conventional Banks, Islamic Banks are bit lacked behind in corporate governance (CG) practices.
J. Olusegun Ajayi
Volume 5, Issue 1 , January 2015, Pages 61-77
Abstract
This paper examines the effect of unemployment on the behavior of the university graduates in Ado-Ekiti and their immediate environment. Hanging the study on strain theory of Robert K. Merton, It is observed that Nigerian society places much emphasis on goals without making adequate provision ...
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This paper examines the effect of unemployment on the behavior of the university graduates in Ado-Ekiti and their immediate environment. Hanging the study on strain theory of Robert K. Merton, It is observed that Nigerian society places much emphasis on goals without making adequate provision for the means of achieving them; the tendency is to resort to deviant means. Multi-stage sampling technique was employed, using simple random sampling to select four political wards out of the twelve in the study site; accidental sampling method was employed to pick 100 respondents from each of the political wards selected. Responses were solicited through questionnaire. Data gathered were analyzed with SPSS (statistical package for social sciences). Frequency tables were generated and hypotheses tested using chi-square to discuss the relationship between unemployment and criminal behavior among graduates in Ado-Ekiti. The study emphasized the urgent need for government to encourage the establishment of local firms and industries, develop agricultural sector to absorb the mass of unemployed youths and give out revolving loans to graduates to start up their own businesses. The paper concludes that there should be introduction of entrepreneurship and vocational training in to all levels of educational curriculum in Nigeria for versatility and skills acquisition.