The Future of International Liquidity and the Role of China

This paper analyzes the consequences of the internationalization of the Chinese renminbi for the global monetary system and its possible ascension to reserve currency status. In an unstable and financially integrated world, governments＇ precautionary demand for reserve assets is likely to increase. But the world then risks a third crisis of the global reserve system, another re-run of the Triffin paradox, with an ever-growing emerging-world insurance demand loaded onto a small group of ever more strained net debt suppliers. Two ways to avoid this outcome would entail either expanding the supply of credible reserve liquidity to include some large emerging-market providers, or finding ways to manage emerging-market risks so as to moderate the perceived need for insurance, and China would have to loom large in both solutions. This paper analyzes the consequences of the internationalization of the Chinese renminbi for the global monetary system and its possible ascension to reserve currency status. It argues that if the process proves feasible, despite the difficult hurdles along the way, the results of internationalization would be constructive, both for China and the rest of the world. In today＇s global monetary system, the emergence of the renminbi （along with other developed- and emerging-market currencies） as a potential reserve currency would expand and diversify the supply of reserve assets, enabling central banks to maintain large buffers against financial shocks while allowing the United States to avoid issuing, as now, a large and growing bulk of the world＇s safe and liquid claims, and thus bearing the burden of an ever-expanding, and ultimately questionable, debt to the rest of the world.     

Effects of Demographic Characteristics of Logistics Firms on Their Performance and Job Satisfaction of Their Employees

This study investigates the effects of demographic factors of the logistics firms＇ employees （gender, age, education level, experience level, and department） on their job satisfaction and the effects of demographic factors of the logistics firms （company type, capital nature, and company experience level） on their performance of logistics activities about information technologies, interior relationship, and transportation based on the scale developed by the same authors and the sample of 39 logistics firms selected randomly in the city of Mersin and Adana in Turkey. According to findings, none of the demographic factors of the employees does aft~ct their job satisfaction. In terms of the demographic factors of the logistics firms, their experience level in the field is found to be significant in their logistics activities about information technology. In general, as the firm＇s experience increases, they perform better on information technology.     

Behavioural Modification Techniques as Tools for Performance Enhancement in the Nigerian Banking Industry： A Survey of Selected Banks in Makurdi

This paper is a critical analysis of behavioral modification techniques as tools for performance enhancement in the Nigerian Banking Industry. The overriding objective of the study was to determine the impact of behavior modification techniques on performance enhancement in the Nigerian banking industry. The specific focus was on selected banks in the Makurdi metropolis, Benue State. The study employed a simple empirical survey method with a view to eliciting relevant data for analytical purpose so as to answer several questions and to obtain the objectives of the study. Both primary and secondary sources were explored in a bid to attain data which were considered to be highly germaine to the investigation under reference. Five-point Likert scale rating questionnaire was used in obtaining the views and opinions of respondents （i.e. strongly agree-5, agree-4, undecided-3, disagree-2, and strongly disagree--l）. Two hypotheses were formulated and tested. Non-parametric tools including simple percentages and Pearson Chi-square statistics were used due to their analytical simplicity and relevance. The study found that banks in Makurdi utilized behavior modification strategies translated to high organizational success or enhancement in a comparative sense. This was evident from the fact that the banks net profitability trends were observed to be upwards generically. In the light of the findings of the study, it is hereby recommended that proactive behavior modifications strategies rules guideline and the like be tailored along lines with greatest organizational profitability trends and performance enhancement profiles, both potential and actual. This will require rewarding productive behaviors that detect/report fraudulent acts with cash gifts, meritawards, prizes and discouraging unproductive behaviors such as fraudulent activities, absenteeism, drug abuse, alcoholic influences and lateness to work amongst others with punishment, extinction, and negative reinforcement.     

The Information Content of Environmental Performance of the Companies Listed on Indonesia Stock Exchange Period 2010-2011

Information content is a meaningful information for users to make decision. If the information is effecting to users＇ decison. One of the information is the announcement of the environmental performance. This information is effecting to investor reaction. Indonesia experience many problems of environmental damage. Program Penilaian Peringkat Kinerja Perusahaan （PROPER） or Company Performance Rank Program as an environmental control tool released by Kementerian Lingkungan Hidup （KLH） or Environmental Ministry and government received good response from several parties. However, some research studied about the relationship of environmental performance and economic performance found unexpected result. This research attempts to analyze the effect of environmental performance to abnormal return by event study analysis technique before and after PROPER announcement. The observation period is 2010 and 2011. The sample used in 2010 is 30 companies; while in 2011 are 41 companies. Hypothesis used Wilcoxon Rank test with selected window is five days before and five days after the announcement. The result shows that, without rank categorization, there is no significant difference of abnormal retum before and after PROPER announcement in 2010, while there is a significant difference of abnormal return before and after PROPER announcement in 2011. By the rank categorization, in both of observation period, there is a significant different of abnormal retum before and after the company received good rank, while there is no significant difference of abnormal return before and after the company received bad rank. Hence, it is recommended to KLH and government to announce louder the PROPER result, mainly for the companies which received bad rank and make this program to be mandatory due to its urgencies.     

Commitment,Communication, and Leadership Determine the Leader： A Qualitative Analysis of Businessperson Characteristics Practiced by SME and Family Business Directors

This article outlines the details of an empirical study into the perceptions of small and medium-sized enterprise （SME） directors regarding the concepts of communication and commitment to leadership style and the interpretation of these concepts by way of depth interviews. The commitment by SME directors is represented by the themes of emotional commitment, visibility, financial bond, and personality traits. The communication by SME directors is represented by the themes of empathy, type of information, reaction and personality of the communication. The concept of leadership in the SME sector is typically closely associated to the charismatic leadership and the theory of the inclusive leadership （IL） style. The IL is a representation and use of all of the represented leadership styles depends on a situation. This study can be described as an exploratory study, consisting of qualitative in-depth interviews that were conducted with 19 directors of SMEs in the Netherlands and a qualitative matrix method was utilised.     

Indigenisation of Corporate Strategies in Africa： Lessons From the African Ubuntu Philosophy

Within an African setting, the Ubuntu philosophy embodies a socio-cultural framework that applies to all individuals and institutions throughout the continent. The Ubuntu application is pervasive in almost all parts of the African continent. Hence, the Ubuntu philosophy is integrated into all aspects of day-to-day life throughout Africa and is a concept shared by all tribes in South, Central, West, and East Africa amongst people of Bantu origin. This paper presents a desk research that aims at reviewing and analysing literature on corporate lessons that can be realised from the African Ubuntu philosophy. The paper reviews the background and significance of the Ubuntu philosophy including successful cases of Africanising management systems. Finally the paper reviews major contributions that the Ubuntu philosophy can make towards global management systems. The literature reveals that there are a lot of corporate strategy lessons that can be realised out of the Ubuntu philosophy. These lessons include collectivism and teamwork, creation of synergies and competitive advantages, humanist leadership styles and maturity, consensus in decision-making systems, effective communication, and community-based corporate social responsibility. Therefore, there is a need for corporate strategy and management systems to be realigned with the local Ubuntu philosophy that defines the Africa＇s socio-cultural framework. To be successful, Africa-based organisations must be found on this Ubuntu philosophy.     

Financial Performance of SMEs Evidence on the Influence of Environmental Uncertainty： A Conceptual Framework

The purpose of this study is to understand the association between environmental uncertainty and financial performance of small and medium enterprises （SMEs）. Current study describes the influence of environmental uncertainty on the financial performance of SMEs in lraq. The objective of this study was to assess the influence of environmental uncertainty on financial performance of SMEs. SMEs play an important economic role in many countries. In Iraq for example, the available data from the Central Organization for Statistics （COS） indicate that private sector in Iraq consists primarily of SMEs where those companies represent 99% of all companies in lraq and this sector contributed over 50% of new jobs created. Despite their significance, facing competitive business environment, SMEs are required to develop innovation strategy in order to sustain competitive advantage. SMEs also are faced with the threat of failure with past statistics indicating that three out five fail within the first few months. This study sought to understand how SMEs manage the challenges they face. These challenges seem to change （evolve） according to different environmental uncertainty conditions. In this study, authors will develop an empirical model that can be applied in other sectors to improve financial performance of SMEs in lraq.     

University Systems in Europe： A Multi-Dimensional Efficiency Comparison

The paper undertakes an examination of university systems of selected European countries from the perspective of the Austrian higher education system. The challenge of implementing higher institutional autonomy, accountability, and controllability in the Austrian higher education system is discussed with respect to recent experience in selected national university systems in Europe. Two major challenges were identified, first, the high diversity of the Austrian university system, and second, the implementation of considerable reorganization in a comparatively short period and under conditions of relatively high uncertainty.     

The Relationship Between Government Policy and Financial Performance： A Study on the SMEs in Iraq

The study examined the relationship between government policies and financial performance in small and medium enterprises （SMEs） in Iraq. The study aimed at establishing the relationship between government policies and financial performance of SMEs. In the Republic of Iraq, it is estimated that 99% of the business entities are SMEs. They also contribute to GDP and provide employment. Notwithstanding the recognition of the important roles SMEs play in Iraq, their development is largely constrained by a number of factors, such as the existence of laws, regulations, and rules that impede the development of the sector. The study provided some relevant recommendations to policy makers, development agencies, entrepreneurs, and SME managers to ascertain the appropriate strategy to improve the SME sector in Iraq.     

The Relevance of Place-Brand Management in Place-Marketing Strategy

Observers perceive each place through a particular image, not necessarily positive, definable in a distinctive positioning through place-marketing strategies; the relations between the actors of the territory system play an important role, and the place-brand becomes ＂the connector＂ of the relational network in place-marketing management. The aims of this article are to analyze the relations between place identity, place-brand, and place-marketing strategy; to look at case studies of bottom-up strategy as a medium for the long-term empowerment of the place-brand strategy; and to examine the relevance of place-brand positioning and interaction between governance and stakeholders in place-marketing strategy development.     

Possibility of the Implementation of the Principle of Sustainable Development in the Sphere of Coal Processing

High-sulphur coals processing generates a great number of pollutant substances in atmosphere. This study was undertaken to obtain more definite information about the composition of sulphur coal extracts, i.e., on the quality and quantity of dormant Volatile Organic Emissions （VOCs）. Analysis of the liquid products was carried out by different protocols of extraction, adsorption chromatography, and GC/MS identification. It should be pointed out that the basic components of coal extracts are polyaromatic hydrocarbons, sulfur-containing compounds and phenols act as a basic factor of environment pollution with carcinogenic products. The complex treatment of these components will permit not only to obtain some valuable chemical products, but also to improve the ecology in the industrial regions.     

Developmental Constraints Adversely Affecting New Entrants Into the Construction Industry of the Limpopo Province of South Africa

Although political transformation has occurred in South Africa in April 1994, the pace at which economic transformation has occurred has been slow. A review of the literature has shown that economic transformation has been slowed by an acute shortage of technical skills among Black South Africans working in business, government, and industry. A case in point is the construction industry of Limpopo Province of South Africa in which emerging contractors have failed to compete adequately with well-established contractors in the construction industry due to shortage of technical skills, capital, and lack of access to markets. The study is based on a random sample of 104 emerging contractors operating in the Province of Limpopo. A combination of quantitative and qualitative methods of data collection and analyses was used in the study in order to identify and quantify key obstacles to growth and development in emerging contractors. Eigen values estimated from factor analysis showed that the viability of emerging contractors in the construction industry of Limpopo Province was significantly influenced by three factors （lack of entrepreneurial skills, lack of capital, and lack of transparency in the award of construction tenders）. Based on results obtained from multilevel analysis, differences among the five districts of Limpopo Province accounted for 13.18% of the total variation in viability. Differences in entrepreneurial skills between viable and non-viable businesses accounted for 33.49% of total variation. Findings of the study show that entrepreneurial skills are no less important than financial capital for ensuring viability in emerging contractors currently operating in Limpopo Province. The study has also found that the fundamental principles of good governance such as transparency and accountability are not adhered to in the administration and award of government tenders, and that this predicament was working to the detriment of emerging contractors in the province.     

Economic Causes and Cures of Social Instability in China

China＇s leaders have often expressed concerns about social instability, viewed as a threat both to the political order and to continued rapid growth. Slower growth might, in turn, further undermine social stability. Using survey data, the present paper examines the economic determinants of social instability. Four main determinants are identified.＇past and expected growth of income, income inequality, economic insecurity and misgovernance. The paper then considers possible policies to reduce social instability, examining each of the determinants in turn.     

Corporate Governance and Corporate Bond Liquidity

Using a unique dataset of corporate bond trading information and corporate governance evaluation scores, this study examines the determinants of corporate bond market liquidity in Korea. In particular, this study explores whether corporate governance performance of a company influences liquidity of bonds issued by the company. The paper reports three important findings. First, the issue size and age of bond are important determinants of bond liquidity. Second, liquidity of corporate bonds is influenced by changes in macroeconomic conditions. Third, and most importantly, better corporate governance increases liquidity of corporate bonds. This result suggests that corporate governance is an important determinant of bond liquidity, as it lowers transaction costs by improving transparency and reducing asymmetry of information. This paper contributes to the literature by providing new evidence that corporate governance performance is an important determinant of liquidity in corporate bond markets.     

Global Cities in Process of World Economy Net-Working and Transnationalization

Cities play a key role in the modem global economy. They became full-fledged （together with states, multinational corporations, and international economic organizations） subjects of international economy relationships; concentrated financial and commodity markets, enormous productive and innovative potential of humanity. The main reasons of transformation of economic importance of cities are their advantages in comparison with State economic systems. Labor and capital in urban economy systems are more mobile and productive; cities are more predisposed to create and commercialize innovations. Moreover, cities are easier to connect with international markets and world trade, which are able to reduce transport costs, to increase own investment attractiveness, and to rapidly form new types of business activities and forms of manufacturing organization. This study analyzes a current system of global cities, an intensity of inter-cities relationships, a potential of global urban system transformations in a future.     

Micro Econometric Analysis of Determinants of Occupational Choice in Algeria

A review of the literature on the issue of labor market participation and occupational choice allows to see that researches on this one turned more on developed countries. In underdeveloped countries, including Algeria, the determinants of participation in economic activity and individuals＇ occupational choice remain understood, despite their economic and social importance, since the degree of economic vulnerability and social development is strongly correlated with the occupied job. This work is not concerned with income from the labor market but rather the process that takes place upstream, that is to say, the integration into the labor market. This paper will study the labor market functioning by analyzing the supply and demand of labor. So the first step is to analyze the participation determinants in economic activity and in a second stage to determine the role of individual characteristics, in particular human capital for the tenure choice. The aim of this work is to answer the following questions： （1） What are the factors that influence individual＇s participation in the labor market？ Is there a difference between men and women？ （2） What are the occupational choice determinants of an individual on the labor market？ Is this the same factors for men and women？ （3） What are the causes of failure in the labor market？ To answer all the concerns, authors have exploited the employment surveys conducted by the National Office of Statistics （NOS） from Algerian households （employment surveys 1997 and 2007）. For processing and data analysis, authors applied several econometric techniques： models of discrete choice （binary logistic regression） and segmentation techniques. Four major findings emerged from this study： First, authors note that women＇s participation in economic activity is following logic quite different from that of men. For women, the education and training determine the participation in the labor market. For men, it is rather the age that determines particip     

Antecedents of Customer E-loyalty With the Effect of Trustworthiness in Malaysia Context

The rapid growth of online shopping has led to inspire customer e-loyalty among Malaysians, especially living in this digital environment. Commitment-trust theory is applied as the theoretical base to explain the factors influencing customer e-loyalty. The primary objective of this study is to investigate the direct impact of customer interface quality, service quality （SERVQUAL）, website quality, technology acceptance factors, and technology trust on customer e-loyalty. This study also aims to examine the indirect effect of independence variables on customer e-loyalty through the effects of trustworthiness. SmartPLS 2.0 （M3） is applied as analytical tool to study the impact. A survey is conducted with 395 respondents who had online purchase experience. The findings indicated that customer interface quality, SERVQUAL, website quality, technology acceptance factors, and technology trust have positive impact on customer e-loyalty. Additionally, trustworthiness is used as mediator exclusive of SERVQUAL. Several implications of the findings, limitations of the study, and recommendations for future research are highlighted.     

The Attitude of Developed and Developing Countries Towards the Kyoto Protocol and the Case of Turkey

The problem of global climate change is one of the biggest present-day global problems. This problem, which has become a current issue because of the energy crisis that happened in 1970s, as well as growing awareness of environment, have not only changed the notion of development but also led to a transformation of non-renewable energy resources. Due to rapid population growth, the depletion of the non-renewable energy resources and the raising consciousness about global climate change our comprehension of traditional development has yielded to sustainable development, while energy structure and preferences have also changed from non-renewable energy resources to renewable energy resources. As this changed pattern and problem are global, they have removed the borders among governments, required international cooperation and thus, new international actors have stepped in. In this study, the countries are divided into two parts as developed countries and developing countries. As developed countries; USA and EU countries are selected while China and India are selected as developing countries. Also as a developing country, Turkey＇s energy and climate policies, attitude towards the Kyoto Protocol signed within the scope of United Nations and the positive and the negative effects of the Protocol on the country are investigated. In this sense, it has been observed that the question of whether or not the Protocol contributes to the economy of developing countries correlates with whether or not these countries are on the side of the Protocol and it has also been observed that being on the side of the Protocol is not a threat to Turkey＇s development. If applied correctly, the policies that Turkey will pursue within the scope of the Protocol will help the country to reduce foreign energy dependency and cooperate with other countries. A comparative method is used in this paper.