The impact of corporate governance to the economic value added listed company in BEI 2003-2004

The purpose of this research is to investigate the effect of Corporate Governance （CG） to the performance of the firm measured by Economic Value Added （EVA）. This research uses 64 samples for the year 2003-2004. The CG index is taken from the research of Siagian, Siregar and Rahadian （2006） and the EVA taken from ＂A hundred value creators companies＂ published by SWA Magazines in 2004-2005.
By grouping samples based on its mean, this research finds that samples in high CG index group have higher EVA than samples in low CG index group. The mean equality test shows the significant relation for this evidence.
Using simple and multiple regression method, CG index has positive and significant effect on EVA. This research uses sales growth, leverage, size, and age of the firm as control variables in multiple regression method. Consistent with research hypothesis, all control variables have positive and significant effect on EVA.
This research also investigate the effect of each component of CG index to EVA. ＂Equitable treatment of shareholders＂ and ＂disclosure and transparency＂ have positive and significant effect on EVA, but ＂right of shareholders＂, ＂role of stakeholders＂, and ＂responsibility of the board＂ do not have significant effect to EVA.
The sensitivity analysis is also done to investigate the effect of CG index to the performance of the firm if ROA and ROE were used as proxy of performance. The result shows that CG index has positive and significant effect to those various performance mesurement. Based on its coefficient, CG index is superior in affecting ROE more than EVA and ROA.     

The effectiveness of flyer advertising employing TMS： Key to scientific automobile sales innovation at Toyota

In this paper, the author shows the effectiveness of flyer advertising utilizing as a core technology Toyota Marketing System （TMS）. TMS is part of new JIT, which contributes to constructing a Toyota Sales Marketing System （TSMS）. This new TSMS is key to scientific automobile sales innovation at Toyota group dealers in Japan. This study describes the ＂flyer advertising effect＂, the ＂day of the week effect＂, and the ＂new car effect＂. Employing the Science SQC approach, these effects are acknowledged among those on the front lines of automobile sales as having a high level of investment efficiency and resultant customer traffic.     

Challenges of accessing and utilizing funds by small and medium enterprises in tourism and hospitality industry in Nigeria

The role of small and medium enterprises in economic development cannot be overemphasized. The positive economic impacts of tourism are derivable in a destination economy when small and medium enterprises are actively involved in the provision of tourism services and facilities. This paper seeks to investigate through desk research the challenges of accessing funds by small and medium tourism and hospitality enterprises in Nigeria, the various attempts by the government to put in place viable institutions that would make funds accessible to SMEs in the industry and why the various attempts failed. The paper, in realization of the critical role of capital in enterprise development, proffers solution, which among other things is the immediate implementation of the Tourism Development Fund （TDF）.     

Neuroeconomics and business psychology

To determine parameters of the frontal power of executive integration for application in business, this paper reviewed neuroeconomic neuroimaging research and discussion in relation to business psychology. The results are that limbic system （L） is a centre of primary consciousness based on a mesolimbic dopamine system serving the client in the brain stem with adaptive feedback as well as generating cognition and emotions towards Neocortex in a reciprocal autonomic balance. The power of concentration （C） is a tripartite executive integrating emotions and cognition： Prefrontal analysis by semantic recollection from temporal （R） lobe is based on episodic memories. Volition in the medial prefrontal cortex （c） controls both cognitive prediction （R＇c） and emotions （L/c） for a balanced integration as a neural root of economic reasoning. An intuitive visuospatial Parietal sketchpad （I） integrates hippocampal episodic memory mismatches complementary to the cognitive prediction function. Chronic stress limiting the capacity of C is indicated by baseline serum cortisol. The conclusion is that the neuroeconomic model enables （1） operation of the theorem of economic man as an economic-bio-educational complex. Other business applications comprise, （2） a neural foundation of transactional analysis （TA） to improve corporate collaboration and management, （3） a combined health promotion/human resource development program based on simple training techniques as physical exercise, medical meditation and neurolinguistic programming （NLP）, i.e., for weight regulation.     

Creative Destruction as Economic Pattern of Europe＇s Small-Scale Audiovisual Media Markets and Minority-Language Film Industries

The small cinematography model as well as its incorporation into creation of the European digital space emerges as a paradigm of the creative destruction phenomenon in the way that Sombart spoke about and, afterwards, Schumpeter disseminated it seven decades ago. Working from this perspective, the University of Santiago de Compostela （USC）＇ audiovisual research group has been looking for the barriers the small cinema in original version must overcome and has even tested some of its findings in different geopolitical areas such as Lusophony,     

Revisiting output-price relations in East Asia

Why slower growth and high inflation can occur concurrently, while in other cases growth can be non-inflationary？ Why did aggregate demand policy sometime fail to work, given an orthogonal shock？ This study ponders on these queries by estimating the aggregate supply and aggregate demand curves in four East Asian countries. Applying the Structural Vector Auto-Regression （SVAR） with the restrictions a-la Blanchard and Quah, it is revealed that while the AD and AS curves in most cases follow the textbook definitions, in some countries the AS curve is so fiat that demand expansion would have been effective to stimulate growth, and supply-based policies would be more desirable to control prices. We also found that during the crisis the supply shock played a more significant role in the price fluctuations, suggesting that focusing on AD management alone was not the best approach to take.     

Establishment of Strategic Quality Management Performance Measurement Model ＂SQM-PMM＂： Key to successful implementation of Science TQM

The Strategic Quality Management--Performance Measurement Model （SQM-PMM） was established to enhance the key elements of successful Science TQM, a new quality management principle proposed by the author. The validity of SQM-PMM as a measurement methodology to ensure future management results through strategic quality management was verified.     

Estimates regarding demographic developments in Romania by quantitative and qualitative assessments

The enlargement of the European Union and the liberalization of the labour market will substantially influence the demographic indicators in New Member States. The paper aims to identify and synthetically present some factors of influence which triggered by the end of the 20th century and the beginning of the 21st century a series of characteristics defining the changes of the demographic model and structure of population on age brackets. Romania＇s population lost in the period 1992-2007 about 1250 thousands persons, which represents more than the population increase effort by restrictive policies （abortion prohibition） during the period 1977-1992. Also, this paper presents the most important factors that determine the demographic decline beginning in the last decade of the 20th century, both at national and regional levels. For Romania, another phenomenon is represented by the demographic dregs due to the emigration of the feminine population of fertile age. The increase of the share of female population in the emigration flows became more noticeable in the period 2002-2007. Supposing that from those women who migrate, less than 2/3 are going to give birth to children abroad, （1.3 represents the fertility rate at present）, we can estimate, for example, that during the period 2000-2007 Romania has lost more than 69,099 persons. The paper presents some theoretic considerations on the Markov-type model, and the results obtained by using it for studying the development of demographic indicators in Romania, and their forecasting as well.     

Creative Batik Motif Design Based on Local Cultural Art and Natural Environments

Local arts, culture, and natural environment of Indonesia had their own uniqueness. They might be explored to help and to develop batik industry in Indonesia, especially in motif aspect. It was necessary to help craftsmen to create new and innovative batik products. The study was conducted as an effort to motivate batik craftsmen in developing batik industry through production of creative and unique batik motives. First study question： What are artistic motives of local arts and culture of natural environment of Yogyakarta and Central Java able to give distinct and characteristically local styles？ Second was how to create creative batik inspired by local arts and natural environment.     

Customer behavior analysis using motion pictures： Research on attractive flier design method

In this report, the authors would like to propose CMP-FDM （Customer Motion Pictures-Flier Design Method） to increase the willingness of consumers to visit the automobile dealership. CMP-FDM is a method of creating attractive fliers while using customer behavior analysis with videos. According to the analysis of how customers see fliers, the authors classify their behavior into three types and create attractive designs so that each guarantees each customer＇s satisfaction. Finally, the authors integrate the three types of fliers into one attractive to all customers by organizing the design features （design elements）, and then validate the method.     

Entrepreneurship of SMEs in the framework of globalization

Currently, in Europe, 98.9 percent of all enterprises are small and medium size enterprises （SMEs） which employ 52 percent of all employees. This means that l.1 percent of all enterprises employ 48 percent employees, among whom the multinationals have the biggest and most global influence. But the biggest number of new jobs is provided by the micro-enterprises which employ 23 percent employees. In central and eastern European countries, SMEs are rather a recent feature, but in terms of numbers they are coming close to figures of most development countries of EU. How entrepreneurial are these new SMEs？ How innovative are they, including undertaking appropriate development？ This paper discusses two issues： （1） Improving SMEs＇ competitiveness by becoming sustainable enterprises to requisitely, holistically meet requirements in social/business environments; （2） Improving business by helping SMEs＇ members understand/implement ＂sustainable-enterprise ethics＂. The SMEs＇ future of SMEs depends very much on their innovating of individual/organizational values, culture, ethics and norms.     

Toward successful IC foundry venturing

The goal of this research is to analyze the evaluation criteria used by integrated circuit （IC） designers when selecting foundry service providers. With an MCDM model considering the aspects of technology, production, customer service and support, and manufacturing location, we interviewed managers and experts of Taiwan＇s IC design firms, using the AHP survey with 16 attributes, to determine the areas of top concern with respect to foundry evaluation criteria. In this study process technology has been found to be the most significant evaluation criterion in view of competitiveness in the customer market.     

Volatifity spillovers on precious metals markets and the G-7： The effects of the Asian crisis

This paper investigates the nature of volatility spillovers between stock returns and precious metals returns for the G-7 countries over the 1995-2006 period. We divide our sample into a number of sub periods, prior to, during and after the Asian crisis, with the objective to provide a wide analysis of the behaviour of these two markets taking into account the effects of the Asian crisis; We use EGARCH modelling, which takes into account whether bad news has the same impact on volatility as good news. The results show that there is no evidence of volatility persistence from stock returns to precious metals returns, but overall the results are significant in the other way around. In terms of volatility spillovers effects, the main findings are that there is evidence of volatility spill over running in a bidirectional way in almost all the cases. And finally, the results from asymmetric spillovers effects show that negative news has a stronger impact in these financial markets than positive news.     

An asymmetric and DCC analysis of two stock markets returns＇ volatility： An evidence study on the Hong Kong and Japan＇s stock markets

This paper discusses the model construction and the association between the Hong Kong and the Japanese stock markets. The data period is from January 4, 1999 to December 30, 2005. This paper also utilizes student＇s t distribution to analyze the proposed model. The empirical results show that the bivariate asymmetric-GARCH （1, 2） model with a dynamic conditional correlation （DCC） seemed to be appropriate in evaluating the relationship between them. The empirical result also indicates a positive relation between the Hong Kong and the Japanese stock markets returns. The average estimation value of DCC coefficient equals to 0.5196, which implies that these two stock markets＇ return volatility had synchronized influence on each other. In addition, the empirical results also show that the Hong Kong and the Japanese stock markets have an asymmetrical effect. Based on the idea of the good and bad news, the explanatory ability of proposed model is better than the model of the bivariate GARCH with a DCC.     

Effects of relay rounds on idea generation of 3-person-subgroup： An experimental study

We suggested a new factor in group idea generation studies, relay rounds. A relay in idea generation groups was defined as a process in which the next group generates ideas on the basis of previous groups＇ work. We investigated 55 3-person-groups as subjects and discussed how the quantity of the nominal and unique ideas, the change of the quality of the ideas and satisfaction of the members in these groups were influenced as relay rounds gradually raised from 1 to 11. Then, we tried to find how many relay rounds would allow the best performance. We found that as the number of rely rounds increased, the quantity of a single group＇s nominal and unique ideas reduced accordingly. However, the overall quantity of nominal and unique ideas and the quality of unique ideas increased while the satisfaction degree of group members didn＇t change significantly. Results showed that under the situation of this study, a seven-round relay was the best.     

Real exchange rates and U.S./Korean bilateral trade

This study examines the impacts of the real exchange rate on the bilateral trade between the U.S. and Korea using a highly disaggregated data set. In doing so, we estimate real exchange rate elasticity for 59 exported commodities （SITC two-digit classification） and 48 imported commodities （also SITC two-digit classification）. Furthermore, we classify commodities according to their attributes in order to examine whether commodity attributes influence the exchange rate elasticity of exports and imports. According to this study＇s results, there have been large changes across those commodities that are ranked as being top contributors to U.S. exports to and imports from Korea for the time periods before, during, and after the Korean financial crisis. Commodity attributes are shown to influence the exchange rate elasticity but are not always consistent with the a priori expectations.     

Designing a framework for acquiring technological knowledge among technology transfer recipients A perspective from a radar

Technology transfer is becoming increasingly important for business and economic growth in developing nations. The modern global economy uses knowledge resources to increase productivity and foster improvements in standard of living. Individual businesses acquire knowledge of advanced technologies to establish and maintain competitive positioning in the global marketplace. Without proper knowledge acquisition, transfer of technology cannot take place. The process of acquiring knowledge requires the organization to choose or adapt elements of the technology to local cultural conditions to integrate it with indigenous technologies. The cultural context of the recipient can also affect the process of acquiring knowledge. The culture and social environment of the individual creates a schema for organizing knowledge and understanding reality. This paper has two objectives： Firstly, to investigate how organisational culture affects readiness for technology transfer, and secondly, to identify elements of organisational culture affecting readiness for technology transfer. Qualitative mode of data collection was used in this study as well as interview and focus group discussion. The results from the preliminary investigations were used to create the components of the framework. Hypotheses were formulated between the constructs of the framework and a rigorous attempt was made using Structural Equation Modelling （SEM） to validate the construct as they created through qualitative findings.     

Workplace isolation and job performance： A study on carpet weaving women

Workplace isolation has been recognized as a critical issue in organizational theory. Studies have found that employees who felt isolated might also show low performance in their organizations. However, there is very little empirical research about the relationship between perceived isolation and job performance, and most of the studies were conducted on salespeople working in the virtual offices. In this study, it is aimed to investigate the relationship between workplace isolation and job performance in terms of productivity and emotional outcomes of carpet weaver women. In order to do this, job performance of a sample of 238 employees who were exposed to a radical workplace change was analyzed. The means of the performance variables before and after five years of the workplace change were statistically compared via paired sample t-tests and the results indicated significant differences between pre and post means of the performance variables. A qualitative research was also carried out through a number of in-depth interviews with the carpet weavers to enrich the breadth and depth of the findings. Findings of the qualitative study replicated the results of the quantitative study that monotonous and unsocial working conditions lowered the job performance of the employees.     

Integrated educational management for the universities

The research model investigates the integrated form of educational management for the universities. To enhance the operations, generate quality outcomes for the well-being of the society, this exploratory study depicts the two wings for the universities in four aspects including education development, education assessment, research development and research assessment. For the better understanding of education and research wings of the universities, the researchers identify different factors namely programs establishments, university culture, faculty capabilities and facilities those have been formularized by the structural equation modeling （SEM） through AMOS. The survey questionnaire was developed and analyzed the reliability and validity of the tools. The conceptual model for the universities provides a novel approach for decision makers to review and appraise their performance toward fulfillment of ultimate goals, i.e. producing high-caliber graduates and high-impact research outcomes for the betterment of the society. This research represents two contributions to the society including human resource contribution and research contribution.