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Malaysian finance sector weak-form efficiency: Heterogeneity, structural breaks, and cross-sectional dependence
Get PDFThis study examines the weak-formefficientmarkethypothesis (EMH)for the Finance Sector inMalaysian Stock Exchange, by exploring and scrutinizing the firm-level efficiency over for the period from 1 st January 1997 to 31st December 2014. For this purpose, we apply panel nonlinear unit root test that accounts for heterogeneity, and panel stationarity test to allow for the presence of structural breaks and crosssectional dependence (CSD). The main findings of this study suggest the following: first, there is a strong CSD among the price series of finance stocks; second, unlike the traditional panel unit root tests that provide mixed-results, the panel stationarity test which incorporates structural breaks and CSD suggests that these series are characterized as random walk processes implying the Finance Sector is weak-form efficient. The finding of weak-form efficiency has salient implications in terms of capital allocation, stock price predictability, forecasting technique, and the impact of shocks to stock prices.
Doi: http://dx.doi.org/10.1016/j.jefas.2015.10.00
Sales training: A state of the art and contemporary review
Get PDFOrganizations of today face numerous challenges, and training their sales force is definitely high on its agenda. This paper endeavors to contribute to the sales training field by providing a comprehensive stateof-the art and contemporary review through the study of publications in sales training research in the last 30 years (1985-2014). The specific objectives of the review are to study the chronological trends and structural distribution of sales training research in terms of the research type, research focus, methods, research themes and other issues such as methodology, analytical techniques, geographical region etc. Findings of 56 articles on sales training research published in the last three decades are analyzed and directions for future research are identified.
Doi: http://dx.doi.org/10.1016/j.jefas.2015.01.00
Emerging Markets Integration in Latin America (MILA) Stock market indicators: Chile, Colombia, and Peru
Get PDFThis study aims to determine the impact of the Latin American Integrated Market (MILA) start-up in the main indicators of the stock markets of the countries that conform it (Chile, Colombia, and Peru). At the end, several indicators were reviewed to measure the impact on profitability, risk, correlation, and trading volume between markets, using indicators such as: annual profitability, standard deviation, correlation coefficient, and trading volume. The sample period runs from November 2008 to August 2013; and involves the three stock markets associated with MILA: Bolsa de Comercio de Santiago (BCS), Bolsa de Valores de Colombia (BVC) y Bolsa de Valores de Lima (BVL). An additional evaluation for further research would consist of the calculation of relevant indicators to corroborate the validity of the effects found in this investigation corresponding to the integration of the stock exchanges of Lima, Santiago and Bogota, after the integration of the Mexican stock exchange that occurred in 2014.
Doi: http://dx.doi.org/10.1016/j.jefas.2015.08.00
Training and development as a tool for improving basic service delivery; the case of a selected municipality
Get PDFMunicipal employees have come under fire for poor performance and conduct in their work as some engage in corruption and others are not qualified enough to discharge their duties to the required levels. Employee training and development has become one of the key aspects in improving employee performance in organisations, thus leading to improved organizational performance and growth. The study investigated the relationship between the quality of employee training and development on service delivery in a selected municipality with data collected from 150 employees. The results indicated the need for effective employee training and development systems and processes to achieve improved employee performance thus improved provision of basic services to the communities.
Doi: http://dx.doi.org/10.1016/j.jefas.2015.10.00
Effects of fiscal deficit and money M2 supply on inflation: Evidence from selected economies of Asia
Get PDFA sustained high growth rate of gross domestic product at a low inflation is one of the main goals of the majority of macroeconomic policies, so keeping the price stability plays an important role in determining the growth rate of output. This paper empirically investigates effects of fiscal deficit and broad money M2 supply on inflation in Asian countries, namely Bangladesh, Cambodia, Indonesia, Malaysia, Pakistan, Philippines, Sri Lanka, Thailand, and Vietnam in the period of 1985-2012. By applying the Pooled Mean Group (PMG) estimation-based error correction model and the panel differenced GMM (General Method of Moment) Arellano-Bond estimator, the study finds out broad money M2 supply has significantly positive impact on inflation only in the method of PMG estimation whereas fiscal deficit, government expenditure and interest rate are the statistically significant determinants of inflation in both methods of estimation.
Doi: http://dx.doi.org/10.1016/j.jefas.2015.01.00
Threshold effects of inflation on growth in the ASEAN-5 countries: A Panel Smooth Transition Regression approach
Get PDFThe relationship between inflation and economic growth is a contentious issue. The present study is undertaking to test hypothesis that the relationship between inflation and economic growth is nonlinear. This pane data study involves ASEAN-5 countries over the period 1980–2011. Panel Smooth Transition Regression (PSTR) model is employed to estimate the threshold of inflation and its effects on economic growth. Furthermore, we also check robustness by using GMM-IV specification. The study finds that there exists a statistically significant negative relationship between inflation and growth for the inflation rates above the threshold level of 7.84%, above which inflation starts impeding economic growth in the ASEAN-5 countries. The results suggest that central banks in the ASEAN-5 countries could improve economic growth by reducing inflation when it is above or near the estimated thresholds. The threshold inflation level can be considered, therefore, as inflation targeting indicator to conduct monetary policy.
Doi: http://dx.doi.org/10.1016/j.jefas.2015.01.00
Little value creation, articulation and propagating forces: A hypothesis for the Mexican manufacturing sector
Get PDFThis paper evaluates the impact of Mexican trade and productive integration processes during the last 20 years. It finds evidence that growing per capita income in Mexico is directly related to its “trade opening”, but is inversely related to the growth of its manufacturing export industry. Specifically, for each point of growth in “trade opening” (as a proportion of GDP) per capita income grew by 0.22%; while each point of increase in the share of industrial exports reduced income per person by 0.09%. To explain this apparent contradiction between the positive effect of “trade opening” and the negative impact of productive manufacturing specialization, we examined the characteristics of Mexico’s industry. Results show that although Mexico’s export-led industrialization successfully adapted to the world market and transformed its productive, business, organizational and technological structure, it did not translate into adequate macroeconomic benefits due to the absence of strong value dissemination forces over the rest of the economy. In this sense, poor internal linkages in the maquila industry, its high propensity to import, and its limited value added generation, among other elements, led the Mexican industry to operate as an export enclave. In those circumstances, manufacturing does not generates positive externalities nor articulations, nor strong disseminations that increase and multiplies value in other sectors of industry, thus limiting expansion effects and restraining or even reducing–under some specific circumstances–per capita income growth.
Doi: http://dx.doi.org/10.1016/j.jefas.2015.08.00
The readability of international illustration of auditor's report: An advanced reflection on the compromise between normative principles and linguistic requirements
Get PDFThe independent auditors periodically publish reports that summarize the audit results. These reports reinforce the financial communication and reliability of accounting information. International Standards on Auditing (ISA) determine the content of audit reports and the quality of audit results. Theoretically,the audit standardization must model intelligible and clear reports for readers. Compliance with linguistic principles contributes to the improvement of the structure of audit reports. In practice, the effectiveness of these reports is criticized because users do not understand the audit information. In order to improve the content of audit reports, International Federation of Accountants (IFAC) had revised International Standards on Auditor’s report: ISA 700: Forming an opinion and reporting on financial statements. Linguistically, standardized audit reports could be unreadable by many users of financial statements. This article discusses the linguistic problems related to the preparation of reports. This discussion focuses on the audit reports which are illustrated by the International Standards on Auditing. The results show that in the presence of conflicting requirements (auditing standards versus linguistic principles), independent auditors must optimize the presentation of their reports.
Doi: http://dx.doi.org/10.1016/j.jefas.2015.02.00
Effectiveness of corporate finance valuation methods: Piotroski score in an Ohlson model: the case of Mexico
Get PDFThis study applied the Piotroski score for 63 selected companies of Mexico, for the period 2005 to 2011. The Piotroski score provides an evaluation on the historical financial performance of a company, with the evaluation of nine financial analysis ratios or criteria. We decided to add this score to the Ohlson Model (which was already tested in previous studies). It was found that the Piotroski score showed statistically significant results in the levels and differences variables. Asymmetric signs were also found in the Piotroski-score variables (levels and lagged), both of them are consistent according to the behavior of the Mexican market. The data were analyzed under a dynamic panel basis, with fixed effects, and the Sargan statistic for this analysis was fulfilled.
DOI: http://dx.doi.org/10.1016/j.jefas.2014.04.00
In this issue
Get PDFWe are pleased to introduce the 37th issue of the Journal of Economics, Finance and Administrative Science. The journal promotes research in the field of economics, finance, operations, management and supply chain management. This issue is very particular because it is the first edition with the inclusion of our journal in the database of Scopus, one of the most prestigious databases worldwide. By September 2014,the Scopu’s Content Selection & Advisory Board accepted our journal for inclusion in their database.
Doi: http://dx.doi.org/10.1016/j.jefas.2014.11.00