International Journal of Commerce and Finance (IJCF - İstanbul Commerce University)
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The Impact of Mall Attractiveness on Mall Patronage Intention: The Mediating Effect of Mall Personality
No full textThere are many shopping malls operating in recent years. In order to achieve success in a competitive environment, these shopping malls should attract consumers and show their mall personality to differentiate from competition. This can be possible by revealing the attractive features of the mall from the consumer perspective and understanding the consumer behavior. The purpose of this study is to examine the relationships between mall attractiveness, mall personality and mall patronage intention, as well as revealing the mall attractiveness and mall personality factors. In this context, data was collected with face-to-face survey method, from 414 people that visited the Trabzon Forum Mall. Exploratory Factor Analysis (EFA), Confirmatory Factor Analysis (CFA) and Structural Equation Modeling (SEM) were used to analyze the survey responses from 414 shopping mall patrons. The findings indicate that shopping mall attractiveness has significant positive impact on mall patronage intention and mall personality has a full mediating effect between shopping mall attractiveness and mall patronage intention
Effectiveness of Tax Audit: A Study in Kembata Tembaro Zone, Southern Ethiopia
Get PDF Purpose- The aim of the study is to assess factors affecting tax audit effectiveness as effective tax audit enhances tax administration.Research methodology – To achieve objective of the study, both qualitative and quantitative research methods have been employed. The Sample respondents selected for the study were 146 by employing purposive sampling technique out of which 106 questionnaires were returned back. Descriptive statistic and multiple linear regression analysis via Statistical Package for Social Science (SPSS) Version 20.0 were employed.Findings- The result revealed that management support, audit quality, taxpayers’ awareness, and standardized integrated government tax administration system have statistically significant positive effect on audit effectiveness, while tax law complexity and tax accounting and reporting have statistically significant negative effect on tax audit effectiveness.Research limitations- The empirical research was carried out on tax audit effectiveness by using tax officials who are working in Tax Authority, but it did not include taxpayers in the study. Because of this and limited scope of the study area may not ensure that the indicated results are characteristic for the tax audit activity in Ethiopia at national level. Future researchers on the topic can include taxpayers’ opinion and widening the scope of the study area. Practical implications- It is recommended that the concerned authority should simplify the area of complex tax laws and encourage taxpayers who declare using relatively good accounting system by assessing tax on their accounting records rather than assessing by estimation. In addition, assessing tax on the specified period of five years to save taxpayers from the unnecessary burden of penalty and interest.Originality/Value- Previous studies din not address effect of tax audit in tax administrative functions on taxpayers’ registration, return reporting and effect of SIGTAS on tax audit
Capital Expenditures Structure, Cost of Capital and Shareholders' Wealth
Get PDFFinancing with reasonable cost, correct usage of capital and preventing the creation of unused resources are the financial management’s most important tasks. Appropriate financing and correct investment in assets leads to sustainable growth in shareholders’ wealth. This study was carried out to investigate the relationship between the capital expenditures structure (CES) and the cost of capital with shareholders’ wealth. Using systematic sampling in a five years period, 186 companies, including the listed companies in Tehran Stock Exchange were selected. To analyze data, Partial Least Squares method of Structural Equation Modeling was used. The findings indicated that there is a significant positive relationship between the CES and shareholders’ wealth in total, but some components of the CES are not related to shareholders’ wealth and it is necessary to be studied carefully. Because, understanding the relationship between the CES and shareholders’ wealth is very important to maximize shareholders’ wealth and will be most effective in capital expenditures’ budgeting. Also, there is a significant inverse relationship between the cost of capital and shareholders’ wealth
Antecedents and Consequences of Green Innovation
Get PDFThe purpose of this study is to shed light to antecedents and consequences of green innovation. Antecedents and consequences are important to understand why companies decide to proceed green innovation and what are their benefits to the companies and their stakeholders. Antecedents are motivations of companies to conduct green innovation whereas consequences are contributions of them to the World
Relationship between Stock Markets in Africa: A Case of Five Selected Countries
Get PDFIt is aimed in this study to analyze the relationship between the stock markets in Africa (Egypt, Kenya, Morocco, Nigeria and South Africa). The sample used in the study is beginning from 2009 to 2018 in a weekly data range. The main findings in the study are: (1) price indices of Casablanca stock exchange are not influenced by other stock markets in the long run (2) Egyptian stock market can be used to predict the Kenyan stock market but not Morocco, South Africa, or Nigeria, (3) South African stock market can be used to predict the Egyptian, Nigerian, and Kenya stock markets, and (4) Johannesburg stock exchange plays a vital role in effecting the stock prices of other African countries
Capital Structure Determinants in Transitional Economies
Get PDFMost of the empirical studies about capital structure tend to focus either on overall developed markets or on emerging countries. This paper aims to analyze the determinants of the capital structure of the companies in the Western Balkans (WBs) using a panel of 30 non-financial firms listed in Zagreb Stock Exchange, Belgrade Stock Exchange, and Macedonian Stock Exchange over the period of 2012–2017. The leverage ratio is modeled as a function of firm-specific characteristics. The results that firms in WBs tend to rely more heavily on short-term than long-term debt. There is a significant negative impact of liquidity, profitability and tax on both leverage level and short-term debt ratio. The long-term debt ratio is significantly positively affected by the growth opportunities of these companies and by its past level. Our results are consistent with the findings of previous empirical studies about emerging and transition economies, indicating that companies in WBs follow the pecking order theory
Supply and Demand Side Determinants of Inflation in Ethiopia: Auto-Regressive Distributed Lag Model (ARDL)
Get PDFInflation is defined as a persistent increase in general price level of goods and services. Even though Ethiopia has experienced a low inflation until 2008, recently, double digit inflation has become troublesome for policy makers as well as the society. So, this study tried to examine the supply and demand side determinant of inflation in Ethiopia by employing the techniques of Auto-Regressive Distributed Lag Model (ARDL) for 32 years’ data spanning from 1985 to 2016. The study included macroeconomic determinant that alter or change inflation level measured by consumer price index such as money supply, real gross domestic product, world oil price, budget deficit and real effective exchange rate. The results of bound test confirmed that the long run relationship between explanatory variables and consumer price index in Ethiopia. The empirical results implied evidence of a long-run positive impact of money supply, world oil price, budget deficit and real effective exchange rate on inflation in Ethiopia whereas as real gross domestic product insignificantly affect price level . Finally, from the finding of our study in the short run, real effective exchange rate, money supply budget deficit and world oil price are the main determinant of inflation in Ethiopia. Given these findings, the effectiveness of fiscal deficit and exchange rate as well as contractionary monetary policy as a mechanism of price stabilization in the long run and short run is recommendable for policy inference
Effect of Liquidity and Dividend Pay-out on Financial Performance of Deposit Taking Sacco’s in Kenya
Get PDFCapital structure is one of the fundamental aspects to the success of Deposit Taking Savings and Credit Cooperative Societies.The study aimed to investigate the effect of two capital structure determinants; liquidity and dividend payout, on financial performance as measured by Return on Assets of Deposit Taking Savings and Credit Cooperative Societies, in Kenya. The study was grounded on the Pecking order and Free cash flow capital structure theories. The study utilized a mixed research design using primary and secondary data for the period 2013 to 2017. The population of the study was 174 Deposit Taking Savings and Credit Cooperative Societies. Stratified and purposive sampling technique was employed. A regression model was used to analyze the data. Results revealed that liquidity and dividend pay-out had a significant and positive effect on the financial performance of Deposit Taking Savings and Credit Cooperative Societies in Kenya. The study recommends having in place an Assets and Liabilities Committee in each Deposit Taking Savings and Credit Cooperative Society that would help manage the assets and liabilities of the institution, ensuring adequate liquidity and cashflow management. Having in place a robust dividend policy is also critical
Firm Size and Financial-Leverage Choice. Evidence from an Emerging Economy
Get PDFThis paper intends to study the effect of firm size on financial leverage choice while controlling for determinats like profitability and performance.Fixed effect regression model has been employed over an unbalanced panel data of non-financial firms of Pakistan from 2005-2014.Results report negative relation between firm size and leverage ratios; implying less dependence of firms on debt.Profitability shows negative significant association with short term debt and total debt while performance reports insignificant relation.The study reveals that in case of emerging country like Pakistan which is politically and economically instable; results tend to affirm a high influence of pecking order theory in firms financing patterns
The Effects of Team Enablers and Team Cohesion on Project Team Success
Get PDFThe aim of this study was to explore the influences of team enablers (team autonomy and organizational support) and team cohesion dimensions on project team success and to test the mediating effect of team cohesion dimensions in this relation. PLS-SEM was implemented in the study carried out in 110 project teams with 343 team members in a multinational financial institution. The measurement model was tested for validity and reliability. Because the analysis was performed at team level, aggregation of the survey responses to team level were done by calculation of arithmetic mean. The findings of the research revealed that organizational support was a significant antecedent of team task cohesion and team effectiveness. Team task cohesion mediated the link between organizational support and team effectiveness. Although the significant direct positive influences of team autonomy on success dimensions were confirmed, it appeared that none of the dimensions of team cohesion was influenced by team autonomy. In line with the literature, positive influences of task cohesion on effectiveness and innovation were supported, but the influence of social cohesion on team success was immaterial