Historical path of traditional and modern idea of ‘conscious universe’

What this study shows is that although the ‘idea of conscious universe’ is given further advance by some discoveries of modern sciences, it was articulated by many ancient and previous thinkers. Philosophically, the idea of ‘Consciousness’ can be traced back to ancient times and can be proven through historical documents in various traditions, cultures and religions. In this study, the ideas are provided from perspectives of West, East and Islam. Simply, the term ‘awareness’ and the concept of ‘ability to be aware of the environment’ imply the notion of ‘Consciousness’ in linguistic and psychology. In a comparative study, we show that philosophical and scientific views in the past and contemporary period highly recommended the existence of ‘Consciousness’ attribute. In fact, all of the mentioned studies are talking about the same ideology based on the qualitative perceptions. However, there are some differences in parts, but the major theme is same.     

The day-of-the-week effect and conditional volatility: Sensitivity of error distributional assumptions

We test for reliable evidence of the day-of-the-week effect on both the mean and volatility for the S&P/TSX Canadian return index. Unlike previous studies, we permit several specifications for the error distribution — GARCH normal, Student's t, generalized error distribution, and double exponential distribution. Unlike other studies, we find that the day-of-the-week effect in both mean and conditional volatility is sensitive to the particular specification of the underlying distributions. We also find that using a regression analysis assuming a Student's t distribution is a better way to investigate this effect. Our evidence demonstrates the apparent fragility of previous empirical studies on calendar anomalies. Thus, our results serve as a warning that with financial data, the error distributional assumptions are critical to correctly identifying empirical regularities in the data.     

Random walk and breaking trend in financial series: An econometric critique of unit root tests

The present note sheds light on several pitfalls associated with unit root tests that are overlooked by a growing volume of literature in financial economics. Specifically, several studies have confused unit root tests with the Random Walk hypothesis. Unit root tests are not designed for such a task since they aim at investigating whether a time series is difference-stationary or trend-stationary and are not, therefore, predictability tests. Secondly, we emphasize some serious shortcomings associated with the widely used unit root test developed by Zivot and Andrews [Zivot, E. & Andrews, D.W.K. (1992). Further evidence on the great crash, the oil-price shock, and the unit-root hypothesis. Journal of Business and Economic Statistics, 10, 251–270.]. In particular, we stress that results from the Zivot–Andrews test are sensitive to the methods employed to calculate the critical values and to select the maxim lag k. Furthermore, Zivot–Andrews test imposes a one time structural break in a time series; however recent studies showed that not counting for other true structural breaks may bias the results and may cause a spurious rejection of the unit root null hypothesis. Finally, we support our arguments by an empirical example based on the findings of Narayan and Smyth [Narayan, K.P. & Smyth, R. (2004). Is South Korea’s stock market efficient? Applied Economics Letters, 11, 707–710.] with regards to the efficiency of South Korean stock market. We show that contrary to what the authors claim, the KSE (KOSPI) price index is predictable, and hence the South Korean stock market is not informationally efficient.     

Explaining Bank Productivity in Ghana

The objective of this paper is to examine productivity changes among Ghanaian banks. The Malmquist productivity index is employed to estimate total factor productivity changes and its components on a panel of 18 banks from 2003 to 2011. The results indicate that productivity growth was attributable to the catch‐up effect of efficiency changes. We also find productivity growth across three categories of bank size to be driven by efficiency changes. From a panel regression analysis, we identify size, concentration, income diversification and risk as the factors that explain productivity differences among Ghanaian banks. Recommendations for improving bank productivity are derived from the results. Copyright © 2015 John Wiley & Sons, Ltd.     

Citation footprints on the sands of time: An analysis of idea migrations in strategic management

We elucidate the intellectual progression of the strategic management field by examining knowledge flows to and from the Strategic Management Journal (SMJ) during the period 1980–2009. We provide a detailed mapping of the evolution of the intellectual structure of the field and identify its input‐output dependency relationships with other fields. Analysis of citation data using three analytic techniques: log‐multiplicative model, pathfinder analysis, and entropy analysis allow us to discern strategic management's influence on and engagement with other disciplines. The results show that, within the intellectual universe of strategic management, SMJ has played a central role, both as a source and storer of knowledge. We notice that, over time, there has been a decline in practitioner orientation, greater communication with finance and sociology, and increasing linkages with international business and entrepreneurship. Copyright © 2015 John Wiley & Sons, Ltd.     

Explaining the Role of Perceived Risk,Knowledge, Price,and Cost in Dry Fish Consumption Within the Theory of Planned Behavior

ABSTRACT

The general purpose of this study is to explore the influence of perceived risk, knowledge, price, and cost of dry fish consumption in Bangladesh using the general framework from the theory of planned behavior (TPB). The field experiments were performed in Bangladesh with a convenience sample of 558 respondents. Multiple regression analysis was used to investigate the relationship among perceived risk, knowledge, price, and cost and TPB constructs. The findings showed that attitude, norms, and procedural knowledge emerge as the key determinants of intention, whereas intention, attitude, norms, and perceived risk have effects on the dry fish consumption frequency. Perceived behavioral control, price, and cost had no significant effect on intention and consumption behavior. The proposed TPB and the extended model both fit the data well and proved the expectations of this study in a promising way. The study found that people are more concerned about potential long-term risk to their family and others. Therefore, management attention should focus on reducing risks which consumers may face through producing safe and hazard-free dry fish.     

Tax planning,corporate governance and equity value

Tax planning by firms is a highly significant activity. After audit fees, tax related services are the largest source of fee income for UK accounting firms. When viewed in terms of its impact, tax planning is the major source of the corporation tax gap amongst large firms (HMRC, 2010). Although traditionally tax planning has been viewed as benefiting shareholders via increased after tax earnings, more recently the underlying motivation has been questioned. Desai and Dharmapala (2006) argue that when an information asymmetry exists between managers and shareholders with respect to tax planning, it can facilitate managers acting in their own interests resulting in a negative association between tax planning and firm value. Using a sample of UK quoted firms from 2005 to 2007 and data drawn from International Accounting Standard 12 Income Taxes (IASB, 2010) Effective Tax Rate (ETR) reconciliations, this paper reports such a negative relationship. Further, the relationship is robust to the inclusion of corporate governance measures which could be expected to moderate the potential implications of a tax related shareholder–manager information asymmetry. An innovation of this paper is in using the ETR reconciliations to examine sub-categories of tax planning activities. The paper contributes to the debate of who determines, and benefits from tax planning conducted by firms. Its findings have direct policy relevance for shareholders and tax administrations in monitoring and controlling firms’ tax planning activities.     

Knowledge acquisition using psychotherapy technique for critical factors influencing construction project layout planning

The positioning of equipment on a construction site may change in different construction phases, different environments, and different types of end products, which greatly influence the decision of the site planning engineer who seeks to maximize the construction efficiency by minimizing the friction from the site layout. This study aims to acquire and analyze site planning experts' knowledge on critical factors influencing the construction layout planning using a psychotherapy technique. Through an open‐structured interview survey and cluster analysis, 125 core factors influencing the site layout plan were analyzed and categorized into a database.     

Market orientation practices among small and medium hotels (SMHS) in tourist destination island of Langkawi

The purpose of the study is to investigate the underlying components of market orientation practices and their effect on the Small and Medium Hotels (SMHs) performances on tourist destination island of Langkawi. Fifty SMHs were randomly selected from a sampling frame of a list of SMHs registered with Malaysian Tourism Board. For data collection purposes, structured questionnaires were personally delivered and collected. Rotated component matrix factor analysis of the data extracted four underlying factors that explain seventy nine point four six percent of the total variances and alpha reliability coefficient of ninety eight percent. Those components were named as customer orientation, interfunctional orientation, service orientation, and competitor orientation. One sample Kolmogorov‐Smirnov Test indicates that SMHs in Langkawi practices market orientation in their operations and businesses. However, the finding of the study showed that their performances in 1998 was lower than 1997. We believe that this outcome is due to the effect of national and regional economic downturn in 1998.     

Entrepreneurship in the tourism industry: Issues in developing countries

The tourism industry in Malaysia is one of the most important sectors in terms of its contribution to the growth of the nation. The extensive demand on the tourism industry has stimulated the emergence of many small and medium hotels, resorts, and chalets in Malaysia. According to the literature, small and medium hotels are an extension of the entrepreneurial characteristics of the owners/managers of the hotels. In Malaysia, small and medium hotel entrepreneurs (SMHEs) have not been given much attention. Looking at this gap, this study aims to provide a significant result on entrepreneurship issues in Malaysia. The main objective of this study is to examine the characteristics of small and medium hotel owners/managers and the issues and problems they confront in relation to their survivability in the industry. The result revealed that the majority of owners/managers of small and medium hotels were male, middle-aged and older, with secondary and upper level of education, and whose prior specialisations or knowledge were not related to tourism. With strong self-confidence and independent personality characteristics, the majority started to establish their businesses after the financial crisis in 1997–1998. The result also defined small scale to mean hotels with less than 50 rooms, which had been constructed with limited personal funding and bank loans. Information technology was found to be an important tool to promote their hotels, but conventional techniques such as word of mouth and signboards were still significant. The owners/managers of small and medium hotels were in agreement over their weaknesses in terms of lack of knowledge and skills in running the business. At the same time, they also felt that the government should play a more proactive role in promoting the tourism industry.