The Baltic region incorporates interactions of eight European Union (EU) countries and the Russia... more The Baltic region incorporates interactions of eight European Union (EU) countries and the Russian Federation. It is composed of Sweden, Denmark, Finland, Lithuania, Latvia, and Estonia, as well as the territories of Russia, Germany and Poland located on the Baltic coast. Subjects of the Russian Federation located in the Baltic region account for 16% of the territory, 20% of the population, and 15.5% of gross domestic product (GDP). An even bigger role is of Russia at the national level among the countries of the Baltic region. It accounts for 91% of the territory, 50% of the population, 38% of GDP and 14% of foreign trade turnover of nine countries combined. New spatial forms of cooperation are being formed with Russian participation – Euro regions, cross-border clusters. International cooperation increases the global competitiveness of each of the participating countries. The development gap has decreased between more and less wealthy countries. However, in the past few years, the relationship between the EU and Russia has deteriorated. In 2014-2015 Russia's trade with the countries of the region decreased more than with other EU countries and the world. The mutual and social ties decreased. This is not conducive to socioeconomic development of both Russia and the EU, and it is in the interest of both parties to abandon the growing confrontation.
The purpose of this research is to examine the impact of business ethics on corporate performance... more The purpose of this research is to examine the impact of business ethics on corporate performance. The hypotheses were set using four main objectives. Data were obtained using both primary and secondary sources. The primary data was obtained by using a structured questionnaire design. Whilst relevant published and unpublished literature provided the secondary data. The total number of questionnaires distributed was 286, out of which 260 were returned. Descriptive and inferential statistics were used for the data analysis. The statistical tools used include frequency table, multiple regression analysis, analysis of variance, correlation analysis. The results showed that there was a significant relationship between the ethical practices of organizations and their corporate performance. Moreso, the employees of the sampled organizations concurred that their organization is highly ethical. Based on these findings, the authors profer the need for clearly defined ethics within corporate organizations as this would guide the employees in their day to day conduct.
The aim of this study is to analyze the intellectual capital performance (ICP) of financial and n... more The aim of this study is to analyze the intellectual capital performance (ICP) of financial and non-financial industry of Indonesian biggest companies. ICP was measured with modified value added intellectual coefficient (MVAIC) constucted by Ulum et al. (2014a) which is based on Pulic's model (Pulic, 1998). MVAIC is a comprehensive tool to measure the performance of IC. Data were taken from 50 biggest market capitalizations listed on the Indonesia Stock Exchange for the period of 2007-2014. The result indicates that the ICP of companies in the non-financial industry is higher than the ICP of companies in financial industry. This result disputes that financial industry is one of IC intensive sector as identified by Firer and Williams (2003).
The rapid change in climate and the high cost of controlling it are the issues caught much attent... more The rapid change in climate and the high cost of controlling it are the issues caught much attention around the world especially during the last two decades. The carbon capture, storage and utilization (CCSU) is widely believed the mechanism to control both these issues to a great extent. However, the adoption, expansion, or development of CCSU isn't yet common to counter these issues. The pace of CCSU adoption and development is greatly impaired by its high cost and non-availability of funds in both developed and developing countries of the world. The scenario in developing countries is worse as these countries have no mandatory obligation for carbon emissions like developed countries. Subsequently, most of the developing countries except few are not willing to carry out CCSU operations voluntarily. This paper, therefore, sheds light on various costs associated to CCSU operations and the potential sources of financing them in developing countries especially Malaysia. The paper concludes that public awareness is fundamental in persuading governments and other entities to finance CCSU operations and ensuring the feasibility, economic viability and success of these projects. The paper recommends that governments, environmental agencies, international financial institutions, and developed countries should support CCSU projects in developing countries by providing funds and capacity building measures. The paper contributes to the limited literature and policy making of CCSU funding especially in developing countries like Malaysia where the mechanism (CCSU) is yet in embryonic stage.
This article uses the vector error correction model to analyze the transmission mechanism of bila... more This article uses the vector error correction model to analyze the transmission mechanism of bilateral relationship between exports and economic growth in Vietnam over the period 1999-2014. The results show that: (1) Existing bilateral relationship between exports and economic growth in Vietnam through the transmission channel in both short and long term, (2) exports growth has been the motivation for economic growth and the resource factors play an important role in the transmission of the effects of exports to economic growth of Vietnam, (3) economic growth also contribute to export growth by improving competitiveness in international trade through increasing productivity.
There is no modern activity premised on Islamic law that does not have a link with one of the tra... more There is no modern activity premised on Islamic law that does not have a link with one of the traditional practices in the classical Islamic law society. Failure to find its root in the past may even be a justification for such activity to be rejected as alien to Islamic law. The contemporary Islamic financial transactions (IFT) otherwise referred to as Islamic banking system, cannot equally be free from that inevitable litmus test. Consequently, through the principles of al‑'aqd al‑sahih (a valid contract) in Islamic law, the inexplicable requirements for the activities of the Islamic banking and finance (IBF) to be Shari'ah compliant could be more easily and reasonably spelt out while the extent of such a compliance could be clearly assessed. This paper, therefore, examines the role of al‑'aqd al‑sahih as the pivotal instrument for validating any IFT and its obligations. Thus, what will make any contract to be invalid in Islamic law is primarily applicable to any IBF transactions in the modern world. The study emphasises the danger in losing the sight of the contractual nature/basis of IBF Transactions and hypothesis that al‑'aqd al‑sahih is the pivotal legal basis for the validity of IFT.
The current account deficit, as a frequently disputable phenomenon of Turkish economy, is conside... more The current account deficit, as a frequently disputable phenomenon of Turkish economy, is considered as one of the main causes of the crises in the economy. The current account deficit is one of the important problems in some developed countries as well as in developing countries. Indeed, the long-term sustainability of such an incident which results from expenditures in excess of the income or investments in excess of the savings in a country is subject to discussion. Despite its experience of a rapid process of change following the decisions of 24 th January 1980, the Turkish banking sector has been severely damaged during the crisis of November 2000 and February 2001 in particular. The global financial crisis of the year 2008, like the rest of the world, has also increased uncertainties in Turkey along with a reduction in demand, a decline in production which, in turn, led to the emergence of negative impacts on the real and financial sectors. The aim of this study is to examine ...
We try to analyze the attitudes of taxpayers regarding tax system. We propose an approach which c... more We try to analyze the attitudes of taxpayers regarding tax system. We propose an approach which combines between theory and practice. In the first step, we present a normative approach; based on a theoretical study. In order to produce an empirical knowledge of an aspect of reality we present a descriptive approach; based on a survey of different categories of taxpayers. We have released some conditions of the model of expected utility and we have introduced a new parameter reflecting the efficiency of tax control. Previous studies are based on a maximal efficiency tax control (100%) which is a particular case of our model. We found that for Moroccan case, the fraud is related to the size of companies; it's more important in the big companies than small and medium enterprises. The findings will help tax authorities to achieve their goals in fighting tax fraud.
This paper investigates a panel of 289 Indonesian firms and 73 Bangladeshi firms over the period ... more This paper investigates a panel of 289 Indonesian firms and 73 Bangladeshi firms over the period 1998-2006 to study the extent to which the availability of the Internal finance in terms of cash-flow influences firms' growth. There is less than one for one correspondence between assets growth and Internal Finance using the simple dynamic asset growth model augmented with cash-flow. This result is robust to estimating more general and extended dynamic model. Growth of assets is not constrained by the profit generating capacity of firms in Indonesia as well as in Bangladesh. Along with internally generated funds, growth of firms is determined by external equity finance, as well as institutional finance.
This paper investigates the relationship between inflation and exchange rate in Turkey. Unlike ma... more This paper investigates the relationship between inflation and exchange rate in Turkey. Unlike many empirical studies which make use of the US and Turkey inflation data to test the relationship between inflation and exchange rate in Turkey, this paper employed inflation data of Turkey and the United Kingdom. An ordinary least square (OLS) regression and a simple generalized autoregressive conditional heteroskedasticity (GARCH) model were used to understand the relationship between inflation and exchange rate. The results obtained from OLS regression indicate purchasing power parity (PPP) does not exist in Turkey. However, the existence of ARCH and GARCH in the relationship indicates that the deviations from PPP are not random and follow a certain pattern. Therefore, we conclude that the deviation of PPP might be attributed to certain factors such as transaction cost, government restriction, product specialization or other related factors.
The purpose of this paper is to examine the influence of sustainability report (SR) disclosure as... more The purpose of this paper is to examine the influence of sustainability report (SR) disclosure as moderating variable towards the impact of intellectual capital (IC) on company's performance based on 21 companies listed in Indonesia stock exchange and listed in National Center for SR chapter Indonesia for the period 2010-2013. This research used Pulic's model of value added intellectual coefficient (VAIC) to determine the IC of companies. Company's performance is presented as return on assets (ROA), return on equity (ROE), and revenue growth (RG). The required data to calculate the IC and company's performance was obtained from the annual reports while SR disclosure was obtained from SR. Results from linear regression analysis show that VAIC has positive effects on ROA and ROE. It means high ROA and ROE companies are associated with more VAIC. Aside from that, VAIC does not have effect to RG. Result from moderated regression analysis also show that SR disclosure has positive effects on ROA and ROE, but does not have any influence on RG. SR disclosure becomes pure moderator on ROA while become quasi moderator on ROE. It means SR disclosure is only as moderating variable on ROA while it can be both independent and moderating variable on ROE.
This research examines the causal nexuses of the taxations and financial elements in the synchron... more This research examines the causal nexuses of the taxations and financial elements in the synchronistic policy that Singapore has applied to radically boost its maritime and offshore fields to develop its economic growths (EGs) and make Singapore to be a remarkable country in the world in term of ships building volumes, the numbers of ship registries, and the numbers of deadweight in thousands tons arriving at ports nowadays. There are several factors relating to the EGs and increased numbers of vessels arriving at ports for instant those are the volumes of import and export merchandises, prices of petrochemical and refined oils, services, etc. In this research, it is aimed at decipher the real effectiveness, the interferences, and the prominent roles of corporate tax (TAX) when it is employed together with the domestic credit to private sector (CRE_X1), the real interest rate (RRATE_X2), and the listed stock companies (STOCK_CO) in one synchronous-financial model during the 1980-2014 period by using the co-integration and vector error correction models for Granger causality tests, and based on the empirical findings, policymakers could find some interesting issues to their developing plans, hopefully.
Perencanaan merupakan salah satu fungsi utama dari manajemen, Secara umum perencanaan merupakan p... more Perencanaan merupakan salah satu fungsi utama dari manajemen, Secara umum perencanaan merupakan proses penentuan tujuan organisasi (perusahaan) dan kemudian menyajikan (mengartikulasikan) dengan jelas strategi-strategi (program), taktik-taktik (tata cara pelaksanaan program), dan operasi (tindakan) yang diperlukan untuk mencapai tujuan perusahaan secara menyeluruh. Perencanaan strategis adalah merupakan salah satu aspek dari materi manajemen strategis yang selalu diperlukan oleh setiap oeganisasi. Setiap perubahan lingkungan yang terjadi memerlukan respons strategis, baik dalam perencanaan, pelaksanaan maupun evaluasi.
The Baltic region incorporates interactions of eight European Union (EU) countries and the Russia... more The Baltic region incorporates interactions of eight European Union (EU) countries and the Russian Federation. It is composed of Sweden, Denmark, Finland, Lithuania, Latvia, and Estonia, as well as the territories of Russia, Germany and Poland located on the Baltic coast. Subjects of the Russian Federation located in the Baltic region account for 16% of the territory, 20% of the population, and 15.5% of gross domestic product (GDP). An even bigger role is of Russia at the national level among the countries of the Baltic region. It accounts for 91% of the territory, 50% of the population, 38% of GDP and 14% of foreign trade turnover of nine countries combined. New spatial forms of cooperation are being formed with Russian participation – Euro regions, cross-border clusters. International cooperation increases the global competitiveness of each of the participating countries. The development gap has decreased between more and less wealthy countries. However, in the past few years, the relationship between the EU and Russia has deteriorated. In 2014-2015 Russia's trade with the countries of the region decreased more than with other EU countries and the world. The mutual and social ties decreased. This is not conducive to socioeconomic development of both Russia and the EU, and it is in the interest of both parties to abandon the growing confrontation.
The purpose of this research is to examine the impact of business ethics on corporate performance... more The purpose of this research is to examine the impact of business ethics on corporate performance. The hypotheses were set using four main objectives. Data were obtained using both primary and secondary sources. The primary data was obtained by using a structured questionnaire design. Whilst relevant published and unpublished literature provided the secondary data. The total number of questionnaires distributed was 286, out of which 260 were returned. Descriptive and inferential statistics were used for the data analysis. The statistical tools used include frequency table, multiple regression analysis, analysis of variance, correlation analysis. The results showed that there was a significant relationship between the ethical practices of organizations and their corporate performance. Moreso, the employees of the sampled organizations concurred that their organization is highly ethical. Based on these findings, the authors profer the need for clearly defined ethics within corporate organizations as this would guide the employees in their day to day conduct.
The aim of this study is to analyze the intellectual capital performance (ICP) of financial and n... more The aim of this study is to analyze the intellectual capital performance (ICP) of financial and non-financial industry of Indonesian biggest companies. ICP was measured with modified value added intellectual coefficient (MVAIC) constucted by Ulum et al. (2014a) which is based on Pulic's model (Pulic, 1998). MVAIC is a comprehensive tool to measure the performance of IC. Data were taken from 50 biggest market capitalizations listed on the Indonesia Stock Exchange for the period of 2007-2014. The result indicates that the ICP of companies in the non-financial industry is higher than the ICP of companies in financial industry. This result disputes that financial industry is one of IC intensive sector as identified by Firer and Williams (2003).
The rapid change in climate and the high cost of controlling it are the issues caught much attent... more The rapid change in climate and the high cost of controlling it are the issues caught much attention around the world especially during the last two decades. The carbon capture, storage and utilization (CCSU) is widely believed the mechanism to control both these issues to a great extent. However, the adoption, expansion, or development of CCSU isn't yet common to counter these issues. The pace of CCSU adoption and development is greatly impaired by its high cost and non-availability of funds in both developed and developing countries of the world. The scenario in developing countries is worse as these countries have no mandatory obligation for carbon emissions like developed countries. Subsequently, most of the developing countries except few are not willing to carry out CCSU operations voluntarily. This paper, therefore, sheds light on various costs associated to CCSU operations and the potential sources of financing them in developing countries especially Malaysia. The paper concludes that public awareness is fundamental in persuading governments and other entities to finance CCSU operations and ensuring the feasibility, economic viability and success of these projects. The paper recommends that governments, environmental agencies, international financial institutions, and developed countries should support CCSU projects in developing countries by providing funds and capacity building measures. The paper contributes to the limited literature and policy making of CCSU funding especially in developing countries like Malaysia where the mechanism (CCSU) is yet in embryonic stage.
This article uses the vector error correction model to analyze the transmission mechanism of bila... more This article uses the vector error correction model to analyze the transmission mechanism of bilateral relationship between exports and economic growth in Vietnam over the period 1999-2014. The results show that: (1) Existing bilateral relationship between exports and economic growth in Vietnam through the transmission channel in both short and long term, (2) exports growth has been the motivation for economic growth and the resource factors play an important role in the transmission of the effects of exports to economic growth of Vietnam, (3) economic growth also contribute to export growth by improving competitiveness in international trade through increasing productivity.
There is no modern activity premised on Islamic law that does not have a link with one of the tra... more There is no modern activity premised on Islamic law that does not have a link with one of the traditional practices in the classical Islamic law society. Failure to find its root in the past may even be a justification for such activity to be rejected as alien to Islamic law. The contemporary Islamic financial transactions (IFT) otherwise referred to as Islamic banking system, cannot equally be free from that inevitable litmus test. Consequently, through the principles of al‑'aqd al‑sahih (a valid contract) in Islamic law, the inexplicable requirements for the activities of the Islamic banking and finance (IBF) to be Shari'ah compliant could be more easily and reasonably spelt out while the extent of such a compliance could be clearly assessed. This paper, therefore, examines the role of al‑'aqd al‑sahih as the pivotal instrument for validating any IFT and its obligations. Thus, what will make any contract to be invalid in Islamic law is primarily applicable to any IBF transactions in the modern world. The study emphasises the danger in losing the sight of the contractual nature/basis of IBF Transactions and hypothesis that al‑'aqd al‑sahih is the pivotal legal basis for the validity of IFT.
The current account deficit, as a frequently disputable phenomenon of Turkish economy, is conside... more The current account deficit, as a frequently disputable phenomenon of Turkish economy, is considered as one of the main causes of the crises in the economy. The current account deficit is one of the important problems in some developed countries as well as in developing countries. Indeed, the long-term sustainability of such an incident which results from expenditures in excess of the income or investments in excess of the savings in a country is subject to discussion. Despite its experience of a rapid process of change following the decisions of 24 th January 1980, the Turkish banking sector has been severely damaged during the crisis of November 2000 and February 2001 in particular. The global financial crisis of the year 2008, like the rest of the world, has also increased uncertainties in Turkey along with a reduction in demand, a decline in production which, in turn, led to the emergence of negative impacts on the real and financial sectors. The aim of this study is to examine ...
We try to analyze the attitudes of taxpayers regarding tax system. We propose an approach which c... more We try to analyze the attitudes of taxpayers regarding tax system. We propose an approach which combines between theory and practice. In the first step, we present a normative approach; based on a theoretical study. In order to produce an empirical knowledge of an aspect of reality we present a descriptive approach; based on a survey of different categories of taxpayers. We have released some conditions of the model of expected utility and we have introduced a new parameter reflecting the efficiency of tax control. Previous studies are based on a maximal efficiency tax control (100%) which is a particular case of our model. We found that for Moroccan case, the fraud is related to the size of companies; it's more important in the big companies than small and medium enterprises. The findings will help tax authorities to achieve their goals in fighting tax fraud.
This paper investigates a panel of 289 Indonesian firms and 73 Bangladeshi firms over the period ... more This paper investigates a panel of 289 Indonesian firms and 73 Bangladeshi firms over the period 1998-2006 to study the extent to which the availability of the Internal finance in terms of cash-flow influences firms' growth. There is less than one for one correspondence between assets growth and Internal Finance using the simple dynamic asset growth model augmented with cash-flow. This result is robust to estimating more general and extended dynamic model. Growth of assets is not constrained by the profit generating capacity of firms in Indonesia as well as in Bangladesh. Along with internally generated funds, growth of firms is determined by external equity finance, as well as institutional finance.
This paper investigates the relationship between inflation and exchange rate in Turkey. Unlike ma... more This paper investigates the relationship between inflation and exchange rate in Turkey. Unlike many empirical studies which make use of the US and Turkey inflation data to test the relationship between inflation and exchange rate in Turkey, this paper employed inflation data of Turkey and the United Kingdom. An ordinary least square (OLS) regression and a simple generalized autoregressive conditional heteroskedasticity (GARCH) model were used to understand the relationship between inflation and exchange rate. The results obtained from OLS regression indicate purchasing power parity (PPP) does not exist in Turkey. However, the existence of ARCH and GARCH in the relationship indicates that the deviations from PPP are not random and follow a certain pattern. Therefore, we conclude that the deviation of PPP might be attributed to certain factors such as transaction cost, government restriction, product specialization or other related factors.
The purpose of this paper is to examine the influence of sustainability report (SR) disclosure as... more The purpose of this paper is to examine the influence of sustainability report (SR) disclosure as moderating variable towards the impact of intellectual capital (IC) on company's performance based on 21 companies listed in Indonesia stock exchange and listed in National Center for SR chapter Indonesia for the period 2010-2013. This research used Pulic's model of value added intellectual coefficient (VAIC) to determine the IC of companies. Company's performance is presented as return on assets (ROA), return on equity (ROE), and revenue growth (RG). The required data to calculate the IC and company's performance was obtained from the annual reports while SR disclosure was obtained from SR. Results from linear regression analysis show that VAIC has positive effects on ROA and ROE. It means high ROA and ROE companies are associated with more VAIC. Aside from that, VAIC does not have effect to RG. Result from moderated regression analysis also show that SR disclosure has positive effects on ROA and ROE, but does not have any influence on RG. SR disclosure becomes pure moderator on ROA while become quasi moderator on ROE. It means SR disclosure is only as moderating variable on ROA while it can be both independent and moderating variable on ROE.
This research examines the causal nexuses of the taxations and financial elements in the synchron... more This research examines the causal nexuses of the taxations and financial elements in the synchronistic policy that Singapore has applied to radically boost its maritime and offshore fields to develop its economic growths (EGs) and make Singapore to be a remarkable country in the world in term of ships building volumes, the numbers of ship registries, and the numbers of deadweight in thousands tons arriving at ports nowadays. There are several factors relating to the EGs and increased numbers of vessels arriving at ports for instant those are the volumes of import and export merchandises, prices of petrochemical and refined oils, services, etc. In this research, it is aimed at decipher the real effectiveness, the interferences, and the prominent roles of corporate tax (TAX) when it is employed together with the domestic credit to private sector (CRE_X1), the real interest rate (RRATE_X2), and the listed stock companies (STOCK_CO) in one synchronous-financial model during the 1980-2014 period by using the co-integration and vector error correction models for Granger causality tests, and based on the empirical findings, policymakers could find some interesting issues to their developing plans, hopefully.
Perencanaan merupakan salah satu fungsi utama dari manajemen, Secara umum perencanaan merupakan p... more Perencanaan merupakan salah satu fungsi utama dari manajemen, Secara umum perencanaan merupakan proses penentuan tujuan organisasi (perusahaan) dan kemudian menyajikan (mengartikulasikan) dengan jelas strategi-strategi (program), taktik-taktik (tata cara pelaksanaan program), dan operasi (tindakan) yang diperlukan untuk mencapai tujuan perusahaan secara menyeluruh. Perencanaan strategis adalah merupakan salah satu aspek dari materi manajemen strategis yang selalu diperlukan oleh setiap oeganisasi. Setiap perubahan lingkungan yang terjadi memerlukan respons strategis, baik dalam perencanaan, pelaksanaan maupun evaluasi.
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