Banks as Continuous Reinvention

Of the several debates that revolve around the work of the economic historian and political economist Karl Polanyi, one that continues to exercise minds concerns his analysis of, and political attitudes toward, post-war capitalism and the welfare state. Simplified a little, it is a debate with two sides. To borrow Iván Szelényi's terms, one side constructs a ‘hard’ Karl Polanyi, the other a ‘soft’ one. The former advocated a socialist mixed economy dominated by redistributive mechanisms. He was a radical socialist for whom the market should never be the dominant mechanism of economic coordination. His ‘soft’ alter ego insisted that the market system remain essentially intact but be complemented by redistributive mechanisms. The ‘double movement’ – the central thesis of his ‘Great Transformation’ – acts, in this reading, as a self-correcting mechanism that moderates the excesses of market fundamentalism; its author was positioned within the social-democratic mainstream for which the only realistic desirable goal is a regulated form of capitalism. In terms of textual evidence there is much to be said for both interpretations. In this article I suggest a different approach, one that focuses upon the meaning of Polanyi's concepts in relation to their socio-political and intellectual environment.     

Organizational Culture,Innovativeness, Market Orientation and Firm Performance in South Africa: An Interdisciplinary Perspective

ABSTRACT

For a sample of South African firms, this paper analyzes the relationships of firm performance and a set of organizational measures which includes organizational culture and climate, market orientation and innovativeness. These organizational measures are drawn from three different disciplines–organizational behavior, strategy and economics. The replicative study is framed in an extended model of competing organizational values which have been used in 13 countries including three transition economies (Vietnam, China and Russia). The work has also been done under a variety of conditions–for example, the US in a period of study growth, Thailand during the Asian Crisis and Hong Kong after the handover to China. Comparisons are made between South African results and those of firms from a group of five industrial countries. Market Orientation is the most important explainer of performance of the South African firms, and Innovativeness is also important. Specific elements of Organizational Culture are apparently less important in South Africa than elsewhere.     

Multi-factor of cultural values: a confirmatory factor analytic approach

All organisations is unique and thus practise different cultural values in the context of an organisation. Determination of values that constitute to the organisation is of challenging task. Therefore, this paper expounds the value-based culture that is related to the performance of the organisation based on the literature review and expert’s view. This study aimed at testing the psychometric properties of the questionnaire of value-based culture items of performance measurement based on the value-based total performance excellence model. 400 questionnaires were distributed to the selected Institution of Higher Learning (IHL) i.e, the public university of Malaysia. The data collected was analysed using predictive analytics software and analysis of moment structures software, both version 18. Structural Equation Modeling (SEM) technique i.e., the confirmatory factor analysis (CFA) approach was employed to test the 6-factor hypothesized model of the value-based cultures which consisted values of citizenship, consultation, caring, trust, respect and quality. The result suggested that 2 core values i.e., consultation and trust that dominantly explained the university’s culture in the selected university from the proposed of 6 core values in the hypothesized model. The findings also paved the way forward for empowering value-based cultures especially at the IHL. However, future research should be conducted to reaffirm this model to represent the values embraced by the universities in Malaysia.     

Designing corporate brand experience in an online context: A qualitative insight

This study explores the dimensions and components of corporate brand experience in an Internet setting. Corporate brand experience (CBE), which is a source of a company's added value, could be an effective way to position a corporate brand in relation to the overall corporate marketing strategy. However, the concept of CBE has attracted very little attention from previous research, thereby our understanding of what the concept is and how to operationalize it is limited. Previous brand experience research is mainly focused on the conceptual understanding of brand experience itself, and/or the product brand level (rather than at corporation level). Understanding CBE is important because corporate brand equity (e.g. corporate image, brand loyalty) is dependent not only on how one is satisfied with the product (mostly addressed by functional/performance values of product), but also through the values of the corporation (corporate brand values). This study thus contributes theoretically to the corporate and online branding literature by proposing underlying new dimensions and components of CBE in an online environment. A series of focus group discussions (FGDs) with 32 online banking respondents informs the study. We identify five main themes and 26 sub-themes of corporate brand experience — corporate visual identity, functionality, emotional, lifestyle and corporate/self-identity. Financial service providers can address these dimensionalities during the process of brand positioning and when designing their corporate marketing in an online setting.     

Exchange-rate variability and industry trade flows between Malaysia and Japan

This research investigates the exchange-rate risk sensitivity of Malaysian bilateral trade flows with its important trading partner, Japan. To this end, bounds testing approach to co-integration is applied using industry level data over the monthly period 2000–2013. Findings suggest that above the one-third of the total co-integrated export (43.86%) and import (34.54%), industries experiences the ringgit/yen variability effect in the short run. However, this effect sustains in relatively less number of export (14.03%) and import (32.73%) industries in the long run. It is interesting to note that exchange-rate risk boosts trade flows in the majority of these affected industries.     

Consumer decision making process in shopping for halal food in Malaysia

This paper reports on the results obtained from quantitative and qualitative data on consumer decision making process in shopping for halal food. A total of 213 questionnaires were returned by respondents, confirming that our respondents who are concerning about the ＂halal＂ logo are also concerning about the ingredients used. The study also confirms that there is a significant relationship between respondents＇religion and their perceptions towards halal logo and ingredients. While the qualitative data from a focus group interview on how Muslim consumers shop for halal food shows that there is a need for assurance that food to be purchased is halal, implying the presence of risk and uncertainty when making purchase considerations. Using the audit risk framework in conventional assurance services, the study finds that assurance is sought in relation to the halalness of business premise, halalness of product, and assurance from environmental elements such as the halal logo displayed.     

Cost-effectiveness of sacubitril/valsartan versus enalapril in patients with heart failure and reduced ejection fraction

Background: Sacubitril/valsartan reduces cardiovascular death and hospitalizations for heart failure (HF). However, decision-makers need to determine whether its benefits are worth the additional costs, given the low-cost generic status of traditional standard of care.

Aims: To evaluate the cost-effectiveness of sacubitril/valsartan compared to enalapril in patients with HF and reduced ejection fraction, from the Singapore healthcare payer perspective.

Methods: A Markov model was developed to project clinical and economic outcomes of sacubitril/valsartan vs enalapril for 66-year-old patients with HF over 10 years. Key health states included New York Heart Association classes I–IV and deaths; patients in each state incurred a monthly risk of hospitalization for HF and cardiovascular death. Sacubitril/valsartan benefits were modeled by applying the hazard ratios (HRs) in PARADIGM-HF trial to baseline probabilities. Primary model outcomes were total and incremental costs and quality-adjusted life years (QALYs) and the incremental cost-effectiveness ratio (ICER) for sacubitril/valsartan relative to enalapril

Results: Compared to enalapril, sacubitril/valsartan was associated with an ICER of SGD 74,592 (USD 55,198) per QALY gained. A major driver of cost-effectiveness was the cardiovascular mortality benefit of sacubitril/valsartan. The uncertainty of this treatment benefit in the Asian sub-group was tested in sensitivity analyses using a HR of 1 as an upper limit, where the ICERs ranged from SGD 41,019 (USD 30,354) to SGD 1,447,103 (USD 1,070,856) per QALY gained. Probabilistic sensitivity analyses showed the probability of sacubitril/valsartan being cost-effective was below 1%, 12%, and 71% at SGD 20,000, SGD 50,000, and SGD 100,000 per QALY gained, respectively.

Conclusions: At the current daily price sacubitril/valsartan may not represent good value for limited healthcare dollars compared to enalapril in reducing cardiovascular morbidity and mortality in HF in the Singapore healthcare setting. This study highlights the cost-benefit trade-off that healthcare professionals and patients face when considering therapy.     

Social media or shopping websites? The influence of eWOM on consumers’ online purchase intentions

This study empirically tests and compares the influence of friends’ recommendations on social media and anonymous reviews on shopping websites in the context of online purchase intention. For this purpose, we analyse the impacts of these two platforms based on the components of information adoption model (IAM) which are borrowed as information quality, information credibility, information usefulness and information adoption. We conduct a survey and find anonymous reviews as more influential on consumer’ online purchase intentions than friends’ recommendations on social media. However, as this result was contrary to that expected, we conduct another study through in-depth interviews in order to enlighten our results found in the first study. In Study 2, we find the reasons why consumers prefer anonymous reviews rather than friends’ recommendations. Information quantity, information readiness, detailed information and dedicated information are factors which make shopping websites superior than social media in terms of the impact of electronic word of mouth (eWOM). Academic and managerial implications are discussed.     

Production function for wheat: a case study of Southeastern Anatolian Project (SAP) region

Functions for total wheat production, the major agricultural crop of Gaziantep, Sanliurfa, Diyarbakir, and Mardin provinces in Southeastern Anatolian Project (SAP) region in Turkey were developed by using annual data lor the 1963-1989 period. Regression analyses were carried out on the multiple-linear, quadratic, and Cobb-Douglas functional forms of total wheat production in the region effected by cultivation area, fertilizer usage, and rainfall. From the economical theories' point of view the model revealed good insight. The models were statistically significant at the 95% confidence level. Irrigation is valued quite substantially. Output elasticities of inputs are less than 1 and function coefficient is elastic. Thus input employment can be increased to increase wheat production. Further research based on factor analysis is recommended.