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Apart from examining whether an asset's qualification for discounted tax treatment is associated with positive abnormal trading volumes and negative abnormal returns, as would be predicted if investors modified their behaviour to reduce their tax liability, this paper analyses the behaviour of investors due to market sentiment which is measured with the stock prices or index. Analyzing the 152 IPOs that had their prices appreciated, the Capital Gains Tax (CGT) concession is expected to change the behavior of the investor; they might wait till the end of 12 months in order to avail the option and then sell their asset leading to an abnormal increase in the volume of trading and hence a price change. Apart from this, how commodity taxes influence revenue earnings is studied. As the Gross Domestic Product (GDP) of China grows rapidly, tax revenue as a proportion of GDP will not be a predictable relationship. It is ultimately investor behaviour that determined volume of investment and therefore revenue earnings. The reason that CGT is taken as a backdrop to show the fickle nature of K gains across national policy sets up, affected by investor behavior or otherwise.  相似文献   

This study uses an event study methodology to examine how the Chinese market reacts to announcements of involvement in corporate social responsibilitY (CSR) by Southern Weekend (a Chinese newspaper)for Chinese firms from 2008 to 2012. Our results show significant and pcsitive market reactions, supporting the instrumental stakeholder theory. We attribute the positive market response to social capital development and real growth options related to the CSR involvement by the Chinese firms.  相似文献   

Technological developments, globalization, and numerous information types have caused significant changes in every part of people's life. In this era, along with the occurrence of information society, organizations have also initiated this changing process. Nowadays, increasing competition in economy makes information the most valuable part of production. Management administration, which is of high importance for the firms and which provides advantage in sustainable competition, has become one of the most popular topics. From now on, information is an economical tool for organizations. The people, who have information, are evaluated as powerful. Moreover, if the organizations produce new information from available information, they move ahead of their opponents. Information is in the centre of financial and social change. Meanwhile, information has a key role in both societies' and foundations' superiority struggle over another. Knowledge management is a compile of strategies and processes for creating, finding, and exploiting information. Reaching, gathering, sharing, utilizing, evaluating, and storing information are some of the processes of knowledge management. One of the most important parts of obtaining advantage in competition firms is to evaluate information effectively. In this paper, information management, its importance, its conceptual development, its aim, its underlying perspective, and its processes are highlighted. In the results of the study, two questions have been studied: What can be done in addition to current situation of information management and what are the points need to be careful about. The main focus in this article is on the knowledge management and its importance in the management science.  相似文献   

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.  相似文献   

In Central Asian Turkish culture, Turkish nomadic and hunting strategies in the war hold an important place in the affected areas. Lightweight equipment and horses and horseback archery have gained importance in the battle field; factors such as the independence and freedom of the Turkish military have been a source of their courage. Metehan, Oguz, Kursad and 40 warriors on the battlefield have been found in this direction and their struggle for independence period with the Central Asian countries has played an influential role in determining the boundaries. In this research, it has been tried to mention the structure of the Central Asian Turkish army, the structure of the Turkish army and logic of the war psychology.  相似文献   

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.  相似文献   

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.  相似文献   

In the article, a problem of importance of proper costs calculation caused by risk factors which emerge in logistic processes is presented. On the basis of literature analysis, there was shown the costs structure of the value chain. The concept of customer value and the concept of enterprise value were extracted. It presents also dependence between actions in internal value chain and generated cash flows. It signalizes also the meaning of risk management influence on the problem of achieving established value added, understood as net income from operational activity by the main enterprises processes. Basis of theoretical modeling using the Gorbatov's principle of characterization was discussed. The research material relates to food businesses. The study was conducted on the basis of questionnaires, surveys, and direct conversations with employees. To build the model, the theory of characterization was used. Its essence is in the mutual interpretability model of the test object to the model structure. Mutual interpretability of models is achieved by selection of the proper functioning of the universal laws (expressed in the functional model) and the structural interpretation of the functional model, the one of representative character is Hasse diagrams. The functioning of the model is illustrated experiment research of the study. The results show the great importance of the correct calculation of the cost of risk factors in logistics processes. Not taking into account the actual cost of risk factors may have a significant influence on errors in decision-making, giving an incorrect picture of the financial situation. A false idea of the creation of value-added may consequently result in the deterioration of the conditions of the enterprise market functioning.  相似文献   

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.  相似文献   

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.  相似文献   

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.  相似文献   

The literature has highlighted the relevance of segmenting the tourism market as a start point for developing the right tourism policy recommendations. The present study examines the rural tourism market on the island of La Palma (Canary Islands) and its relationship with territorial factors. Specifically, it attempts to establish the role played in tourists' accommodation location choice by territorial and related factors (for instance, the area of the island, proximity to the beach, hours of sunshine, etc.) compared to other factors. A sample of 316 tourists who holidayed in rural tourism accommodation in La Palma during the period from July to September in 2007 was selected for this purpose. The methodology consisted of a preliminary analysis of the associations between the variables and their modalities, followed by a multiple correspondence analysis (MCA). The results of the study allow to conclude that the weight of territorial variables in the choice of destination and accommodation location can vary substantially depending on the market segment considered.  相似文献   

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.  相似文献   

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.  相似文献   

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  相似文献   

We propose a copula-GARCH framework to analyze the credit risk dependence structure between the European corporate and financial sectors. Empirical study is conducted on two representative iTraxx indices. In order to better capture the dynamic behavior of dependence we allow copula parameters to be time-varying by specifying them as a function of past values and standardized score of the copula log-likelihood. The results obtained indicate a time-varying dependence structure with statistically significant tail dependence coefficients supporting the existence of credit risk contagion effects. Goodness-of-fit tests are used to indicate which model is closest to the true conditional copula. Our findings provide further evidence supporting the interconnectivity of credit risk between corporates and financial institutions operating on the European market.  相似文献   

Advanced technologies in the world, especially in the last quarter century of rapid change, radical innovation were required to compete in important decisions, triggered by the national network of cooperation structures which is a very significant changes in participates in the regional country or new technology generation and transfer systems to be released; starting from the most basic research on the effect of knowledge production, commercialization, distribution of the total well-being of society is an important dating "shining knowledge value chain". This important change has become the main formative element of the economies. Recent advances in the knowledge economy and the resulting new strategic theories, knowledge, technology transfer, and increased mobility at the long distances, the concept of regional development is a brand new technological cooperation aims and information focusing on the transformation processes of growth of the economies of developed nations, which is the most important technological innovation in the vision of the economic development advanced plays an important role, evolving processes trigger in all aspects of the right to read most threats and opportunities that might be the best analysis, by passing the appropriate policies for countries in their visions, and entrusted a vital importance. In this context, Azerbaijan, Turkey, Afghanistan, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Yajikistan, Yurkmenistan, and Uzbekistan in addition to research, technology development and production partner countries' and these countries sharing innovation structures with R&D Center in technoparks and to serve together in the development of the total synergies "of the economic cooperation organization".  相似文献   

徐水乃 《魅力中国》2013,(23):320-320
The Book of Job, as one of the most outstanding works of the wisdom literature in the Bible, has also aroused a large number of critics attentson with its dtsunctlve narrative techniques. Through close-reading and criticisim review, the author of this thesis finds that the unique narrative techniques of the Book of Job are manifested in the following three aspects: unique and subde characterization of the characters, ingenious use of focalization and the skillful arrangement of plot stages under the U-shaped narrative pattern.  相似文献   

Nowadays realization process of investment and construction projects is not always effective because of imperfection of institutions regulating construction, high investment risks and, as a consequence, increase transaction costs. The facts of the objective existence of transaction costs in the economy, including housing construction, are researched in the article. We have determined that the transaction costs significantly affect the cost of construction, reduce profit entrepreneurs, and indirectly increase the shortage of housing in Russia. Such parts of modern economics as neoclassical economics and institutional economics are methodological basis of the paper. Logical, economic and legal (institutional), socio-economic approaches were used during the research of transaction costs function. The authors used the complex of ideas and different methods of sociological and economic analysis that allowed deepening the importance of institutional state regulation of business activity in housing construction area. The classification of transaction costs creation was worked out; this model unlike well-known models considers the most important parts of transaction costs which really exist in business activity of construction companies nowadays; implementation of the model allows calculating and predicting this kind of costs in business. Recently Russian government returns to the questions about efficiency of production (increase of labor productivity, efficiency and profitability of production), therefore attention to the reduction of transaction costs is going to increase profits and efficiency.  相似文献   

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