International Journal of Business & Economics (IJBE)
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A Comparative Analysis of the Investment- and Speculative-Sovereign Credit Ratings
Get PDFThis paper examines the variability of emphasis on sovereign credit ratings (SCRs) issued by three leading credit rating agencies: Moody’s, S&P, and Fitch. Using the sample of 55 countries with observations from year 1998 to 2017, this study reveals a clear variation of emphasis on these determinants in assessing the investment-grade versus speculative-grade rated countries. For the speculative-grade rated countries, only determinants representing the Institutional and Susceptibility to External Event factors matter during the post-global financial crisis (GFC) period. Despite the observed variabilities, there is no evidence to support the argument that the CRAs changed their criteria in SCR determination after the global financial crisis. The seven-determinant model continues to have high predictive power for SCRs of all three leading issuers in a rage of 68 to 71% for investment-grade ratings and 81 to 87% for speculative-grade ratings
VC Syndication and the Earnings Management Behaviors of Invested Companies
Get PDFUsing the sample data of China's Growth Enterprise Market (GEM) since 2009, in this paper, we empirically test the impacts of venture capital syndication on the earnings management behaviors of the invested companies. To be specific, we focused on the internal characteristics of venture capital syndications and then examined those attributes on earnings management behaviors of invested companies. Our research bridges the gap in literature by providing a systematic analysis in this field. It will also provide significant insights for policy makers in terms of the establishment of joint investment portfolios, the formulation of investment strategies for venture capital companies, and the cooperation between venture capital institutions and venture capital firms etc
DIRECT SELLING ACTIVITIES IN INDIA THROUGH THE LENS OF LAW
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Direct selling is a relatively old business model prevalent in many countries across the world where sellers directly approach customers for a sale based on personal communication. India also has had a fledging direct selling industry since several decades but efforts at regulating it only gained steam in the past decade. In the current submission, we look into the efforts at regulation of the direct selling industry and the different models of regulation. We look into the overlaps in the regulatory process due to the presence of multiple legislation on the subject and how they affect the industry. We also look into the shortcomings of the existing model of regulation which depends on cooperation between both the Union government of India (similar to the federal government of the USA) and the state governments in the country and provide suggestions on how these shortcomings may be resolved.
 
ACCOUNTING FOR CHOCOLATE IN THE DOMINICAN REPUBLIC: A CASE STUDY IN VOLUNTEER WORKING TOURISM
Get PDFThis paper focuses on the Chocal Cooperative in the Dominican Republic. The cooperative is of interest because paying visitors to the facility act as “volunteer working tourists.” Specifically, tourists participate in activities that add value to the process of transforming cocoa beans into the products ultimately sold to customers. This raises the question of how to properly account for the visitor fees: are they revenue or a reduction of direct labor cost? The case study includes a discussion of how US Generally Accepted Accounting Principles and International Financial Reporting Standards (IFRS) might apply
CLIMATE CHANGE RISK DISCLOSURE AND ACCOUNTING CHOICE: EVIDENCE FROM U.S. OIL AND GAS COMPANIES
Get PDFFocusing on U.S. oil and gas companies following the SEC’s investigation of ExxonMobil’s climate risk issues, this study investigates the impact of climate change risk (CCR) disclosure on corporate accounting choices. After examining U.S. oil and gas firms’ 10-K filings, carbon disclosure project (CDP) reports, and multi-source corporate sustainability reports, we find a positive association between CCR disclosure and the full cost (FC) accounting choice, designating that oil and gas firms with greater CCR disclosures are more likely to adopt the FC method to record oil and gas exploration activities. Our study responds to the SEC’s2010 and 2022 Climate Change Disclosure Guidance and encourages more oil and gas companies to disclose CCR and its impact on financial reporting to facilitate transparent transitions towards a low-carbon economy
THE EFFECT OF STRATEGIC AND TACTICAL FACTORS ON THE SUCCESS OF THE IMPLEMENTATION OF WORLD CLASS MANUFACTURING
Get PDFIn such circumstances belong to organizations that can successfully in the global market, maintain and constantly improve its position. The global market consists of organizations which set of different nationalities in the areas of quality, cost, customer satisfaction and to compete with world class manufacturing (WCM) to one of the concerns of manufacturers today in fact, the world has become a world-class manufacturing to achieve the status of an ideology that has produced world-class production capabilities to compete in the international arena is used. Therefore the aim of this study was to investigate factors affecting the success of the organization is implementing WCM. We in this study, the relationship between strategic and tactical elements with WCM and interaction between strategic and tactical elements together and examine factors. The study population included all managers and experts of various departments petrochemical companies, consolidated, Arak Pars Wagon city is the aluminum during the six months of summer and fall of 1389 were studied. In order to achieve those objectives, thirteen hypotheses on the relationship between strategic and tactical elements with each other and with WCM developed and examined. To test this hypothesis, this study LISREL 8.5 software for structural equation modeling (SEM) and path analysis is used. The findings of this study show that, firstly, all strategic factors (commitment and support of senior management, quality circles, continuous improvement and customer orientation) have a direct positive impact on the success of their organizations. The Second WCM in all tactical factors (supply chain management, management technical capabilities and management facilities for production) also has a direct positive impact on the success of the organizations. And thirdly, two important strategic WCM circle tactical factors affect the quality and continuous improvement through them; indirectly affect the success of your WCM Put. As a result, organizations must move towards globalization, all these factors with respect to the direct and indirect impact on the WCM consider
STRATEGIES THROUGHOUT THE DILEMMA: HIGHER EDUCATION INSTITUTION’S INCOME GENERATING PRACTICES AS BASIS FOR EXTERNAL ENVIRONMENT ASSESSMENT
Get PDFIncome-generating enterprises help to combat issues like poverty, unemployment, and a lack of employment possibilities. State colleges are accustomed with using several income streams to generate income and solve budget gaps. The capacity of SUCs to generate additional sources of funding is increased through their involvement in income-generating projects and businesses. The external environment of Quirino State University's income enterprises is the subject of this study's analysis of various recognized aspects. The study employs a quantitative and qualitative data collection approach and a descriptive-evaluative research methodology. Through comparative external factor analysis and strategic factor analysis, the identified results were quantified and assessed. The study found that major issues, concerns, and constraints had a significant impact on IGE's performance. The majority of these issues originated from production and marketing management because of substandard record-keeping, insufficient infrastructure and facility maintenance, and a dearth of promotional strategies, all of which led to the manifestation of low profit and net loss. The study also suggests that the university adjust and adopt competitive strategies to address identified external environmental factors. Finally, this study made the suggestion that addressing external environmental factors with highly negative impacts be given priority by the IGE's management, together with the implementation of rules and regulations to create precise operational policies
MARKET POWER AND BANKING FAILURE IN WAEMU ZONE: AN EMPIRICAL STUDY THROUGH GMM ESTIMATOR
Get PDFThis paper examines the relationship between market power and default risk for WAEMU banks. We use a dataset of 72 WAEMU banks from 2013 to 2020. The econometric results, after applying the system GMM estimator of Blundell and Bond (1998), indicate that bank concentration increases bank default risk. However, the test of non-linearity, through the introduction of the quadratic term of the concentration measure into the model, shows that above the 83% concentration threshold, an increase in market power could be favorable to banking stability. This study, therefore, recommends that monetary authorities exercise caution in their efforts to promote competition
Random Walks in the Real Exchange Rates of 20 OECD Countries: Recent Evidence from the Panel Integration and Cointegration Tests
Get PDFWe study the real exchange rates of 20 OECD countries over the 1970-2020 period. The panel unit root tests developed by Im, Pesaran, and Shin (2003) and Pesaran (2007) reveal no evidence of unit roots. However, allowing for the presence of cross-sectional dependence, we find significant evidence of unit roots. We also attempt to explain the deviation of the real exchange rates from their PPP levels by testing for the presence of cointegration between these variables and some of their potential determinants, such as differences in national productivities and the price of oil, again drawing on more powerful panel cointegration tests of Larsson, Lyhagen and Löthgren (2001). Our findings strongly support the presence of cointegration for all the countries in the sample, thus providing additional evidence for the existence of higher real exchange rates in the countries with higher productivities. Hence, our findings also necessitate the adoption of more coordinated economic policies within the OECD to avoid the balance of international crises that periodically afflict the member countries
OIL PRICE SHOCKS AND STOCK MARKET VOLATILITIES: EVIDENCE FROM SELECTED SUB-SAHARAN AFRICAN COUNTRIES
Get PDFThe paper examined the relationship between oil price shocks and stock market volatilities in Nigeria, Egypt, South Africa, Kenya, Ivory Coast, and Ghana using a structural Vector Autoregressive model. The data used for the study spanned from January 2000 to December 2019. Findings from the study showed homogeneity in the response of stock market volatility to oil shocks for both oil importing and oil exporting countries, with slight variances in the timing of pass-through and speed of adjustment. Supply shocks had no significant impact on stock market volatility in all countries considered. In making stock market-related decisions, investors and even policy makers should consider the source and pass-through mechanism of oil price shock in their specific countries