Theory of the degree of trust： Toward to the economy of trust The new paradigm

Each company has to reopen different new methods and means in order to maintain high degree of competitive power on the market. The theory of trust developed by the author on the ground of his observations of many years on the market and formed respectively in theory and laws and practices to be applied in the contemporary life of every company, acting on the market have been presented. The theory gives every company concrete decisions to reach a better competitive power on the market in the globalization. The described below theory of degree of trust was developed by Dobrev, M. as a president of consulting company ＂D＆M Dobrev Consulting House＂ （Dobrev, M., 1993）for analysis and trading.     

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     

Factors Influencing FDI Location Choice in China＇s Inland Areas

Since 1978, the bulk of foreign direct investment （FDI） has gone to the south-eastern coastal areas in China, with only a small portion received inland. With the launch of the Western Development Strategy in 2000 and the Central China Rising Strategy in 2004, the choice of investment locations has expanded to inland areas. Based on panel data covering 98 inland cities from 1999 to 2005, this study identifies location preference variables for FDI invested in China＇s inland areas, and finds that well-established factors such as natural resources and low labor costs are not important factors in determining FDI locations within China＇s inland. Instead, policy incentives and industrial agglomeration are the most important factors. The findings of the present study have policy implications for both host country authorities and multinational corporations.     

The Cause of Turnovers of Top Management -An Empirical Research on the Special Treatment Companies in China

The turnover of top management is important for both foreign stock market and corporate management. China has developed its own stock market for more than ten years. During this period, a lot of listed companies＇ top managers were on the move. Based on 97 Chinese ST companies of 2004, this paper invesdgates the main factors, which causes the top management turnovers in the ST companies. The results of regression analysis show that the turnover of top management in Chinese ST companies is highly positively related to the change of large shareholder and are negatively related to the rate of net profit to total assets. We also find that net cash flow that is provided from operations per share, the proportion of state-owned shares and the type of audit views have no influence on the top management turnovers in such ST companies in China.     

Scaling risk and the square-root-of-time rule in the emerging markets： Evidence from the Chinese stock market

This paper examines the square-root-of-time rule that frequently used in volatility estimation to the Chinese stock market that comprises Shanghai and Shenzhen stock market. The Jarque-Bera test conclusively rejects normal distribution of both stock market returns, while the Hurst analysis indicates both stock market returns does not follow a random walk. Furthermore, the tests for volatility scaling indicate volatility of both stock market returns do not scale according to the square-root-of-time rule and lead to bias in risk estimation. Henceforth, the study urges more alternative methods in risk management that suitable for the emerging Chinese stock market.     

Understanding Failure in International Retailing： An Institutional Framework for Future Investigation

The move from domestic market to one that includes major retailers. Whiles prior research acknowledged differences international firms is not proving an easy task for between country environments and stressed the importance of addressing these differences in order to avoid the dangers and failures inherent in internationalisation, there is still lack of suitable framework that captures the effects of the institutional environment on failure in international retailing. The purpose of this paper is to introduce institutional theory as a complementary framework to explain failure in international retailing and suggest propositions for further research. The paper seeks to answer the research question： What are the factors in the institutional environment of a host country that affect failure in international retailing？ Consequently, the objective of this paper is threefold： （1） to introduce institutional theory as alternative theoretical framework to conceptualise failure in international retailing; （2） to identify institutional factors that exert pressures on the operational activities of international retailers in foreign markets and which leads to failure; （3） to provide some research propositions for further investigation. This paper offers several contributions. First, we extend current theories in international business, particularly, the literature on retail internationalisation and institutional theory by exploring pressures and difficulties that international retailers face in a new host institutional environment. Second, we identify a set of institutional factors that exert pressures on international retailers in foreign markets that lead to failure. Finally, with the institutional approach, this study fills the gap in earlier works by developing a complementary framework along with 11 propositions for future research. One major limitation of this paper is that it is conceptual; hence, further empirical analysis is needed to test the suggested propositions.     

Seeking for Balances between Deficits and Competitive Advantage： Looking into the American Financial Market and Policies in Advance after the Presidential Election

The American financial market plays a remarkable role as one of the global core markets, but many changes have taken place in recent years. The policy of White House becomes one of the variables deciding the direction of the market movement. After the Presidential Election, the financial market will move in the effect of anticipating the policies in next phase. For the uncertainty during the resuscitation, the financial policy is facing the problem that how to be an assistance in keeping the economic growth, and how to seek for balances in the contradiction between controlling deficit and maintaining competitive advantages. After the comprehensive analysis on American financial market, the possible result could be like this： interest rate will rise gradually again, exchange rate will fluctuate in perch, but the price of the assets in capital markets will show the difference according to the market framework. The analysis aiming at market and policy can impossibly be built on the base of the hypothetical close system. If no ideal adjustment emerges in American foreign policy in the future, the financial market will possibly turn into another disordered circle.     

Optimal pricing and ordering policy for deteriorating inventory under trade credit in demand declining market

In market, the retailer tries to sell the product at much higher price than the purchase cost. In this study, an attempt is made to develop optimal ordering and pricing policy for a retailer when the supplier offers a credit period to settle the account. The demand of a product is declining with time and units in the retailer＇s inventory are subject to constant deterioration. An algorithm is developed to determine the optimal selling price and the ordering quantity to maximize the retailer＇s profit. The numerical examples are given to support the development of the mathematical model. The sensitivity analysis of critical parameters is carried out to observe the changes in the decision variables and objective function.     

A Study on Current and Future Guanxi Networks of China

Despite the abundant opportunities are presented by Chinese market, many foreign practitioners have commented that operating in China is more complex and time consuming than necessary, and of the 53 companies interviewed by Hong Kong＇s Bank of East Asia, 42% were reported not to be profitable （Economist Intelligence Union （EIU）, 1995）. Given the fact that China＇s potential as a market is unparalleled, while many foreign business practitioners have commented that operating in China is difficult to be profitable, and it is more complex and time consuming than it is necessary （Ewing, Garuana ＆ Wong, 1999）, a large number of researches on doing business hi China recogniZe the concept of Guanxi, a business relationship network, as the key for conducting successful business in China This study co llectsboth primary data and secondary data to explore the issues of Guanxi. The review on the secondary data helps to build the analysis techniques and study instruments. A survey questionnaire is developed after the study on the secondary data, and the primary data is collected from the surveys, which are faxed to sample groups in both Taiwan and Mainland China. The study on the Mainland China senior managers is to find the current Guanxi concept of China, while the Taiwan senior manager group and the Mainland China college student group are chosen to explore the future Guanxi changes. By using statistical techniques of the mean and standard deviation calculations, the t-test for two samples with equal variances, and the correlation test, the findings of this study help to answer the critical questions concerning the study objectives. The practical interpretation and implications of this study of Guanxi are gained from the summary of the statistical results. A conclusion and recommendations of this study on the Guanxi concepts are presented to business practitioners both inside and outside of China.     

Solution to the Dilemma of the Migrant Labor Shortage and the Rural Labor Surplus in China

Since 2003, China＇s labor market has been facing two coexisting crises： a rural labor surplus and a severe shortage of migrant labor Using data from the 2000 China Health and Nutrition Survey questionnaire, which covers 288 villages in 36 counties, this paper attempts to find a solution to this dilemma. Specifically, a multinomial logit model, a Mincer- type model and a probit model are applied to examine the effect of educational level on the employment choices for rural laborers, and on the wages and the employment status of migrants. Based on the results of our analysis, we propose the implementation of policy aimed at increasing the educational level of rural dwellers, in conjunction with other policies to eliminate all artificial barriers, to facilitate the migration of rural laborers.     

The law of promotion with prize fund --The most successful strategy in the current worldwide economic crisis

Each company has to reopen different new methods and means in order to maintain high degree of competitive power on the market in the period of economic crisis today. The described and developed method and procedure by the author give every company concrete decisions to reach a better competitive power on the market in the globalization and mostly in the economic worldwide crisis today. The described method sand procedures below was developed by the author 1993 as a president of consulting company ＂D ＆ M Dobrev Consulting House＂ for analysis, trading.     

Investment and Innovation State Support of Agriculture in Russia as a Condition of WTO

Russian agriculture is one of the industries operating in the unstable economic situation in a developing market taking into account risks of the world economy, economic, political, and climatic factors. The role of agriculture is to provide people＇s needs for food, significant effects on employment, the efficiency of domestic production, and way of life in rural areas by obligatory preserving food security in Russia. One of the major tasks for agriculture is the development of innovations and investments aimed at improving the competitiveness of the domestic agricultural sector. Russia＇s membership in the WTO since 2012 is getting a particular importance in the innovation and investment support of agriculture. The strategy of innovative development of the Russian Federation until 2020 ＂Innovative Russia--2020＂ assumes three possible options for innovative development： inertial （directed on imports）, catch-up development and a local technological competitiveness and a variant of achieving leadership in leading scientific and technical sectors, and fundamental research. A positive point is that the strategy provides an algorithm of state support of the innovation cycle. The innovation cycle is the process associated with the sequence of innovation transformations （scientific or business ideas） in products, technology, business process and launches it on the market for commercial use. A positively developing regional aspect is of great importance.     

Characteristics of labor market in Serbia - View on the labor demand on Belgrade and Banat labor markets

The labor market in Serbia is characterized by one of the highest unemployment rates of the working population （aged 15 to 64）. Also, it is notified that the unemployed level of the qualification is very low and that there isn＇t enough space in the existing formal educational system for any new introductions （such as prequalification courses, or lifelong educational concepts）. The research on the labor demand was aimed at assessing the state of the labor markets in the selected regions and at analyzing short-term demand for labor force. The analysis establishes： Which sectors of local/regional economy are being developed and are likely to require additional labor force in the next six months; which types of jobs are likely to be in demand in the aforementioned sectors; which additional knowledge and skills are needed for such occupations. The applied methodology also enabled to analyze information on vulnerable groups of unemployed, namely persons with disturbing factors in employment and the young unemployed of up to 24 years of age. In order to gather reliable data at regional level, a research was conducted on a stratified sample covering 1400 enterprises and some of the statistical labor market indicators were established indicating particularities of the labor markets in the surveyed regions -- Belgrade and Banat.     

Does Education Still Pay Off in Rural China： Revisit the Impact of Education on Off-farm Employment and Wages

The present study considers how education affects off-farm job participation and wages. We use a nationally representative dataset from a survey conducted in 5 provinces, 101 villages and 808 households by the authors in early 2005. The empirical results show that educational attainment, skill training and years of experience of rural residents have positive, statistically significant effects on off-farm employment. The average return to a year of education is 7percent, which is higher than those observed in previous studies. We also find the return to an additional year of schooling to be higher for post-junior high schooling than for junior high and below schooling： 11.8 versus 3.2 percent. We conclude that not only does education still pays off in rural China, but also the rate of return to education is increasing over time.     

Demand for reinsurance： Evidence from Australian insurers

Reinsurance is widely recognised as important in insurer risk and capital management. This paper examines the factors that determine insurer demand for reinsurance using Australian data. The Australian situation is interesting because of the tax imputation system and the prudential regulations that were in force during the period of the study. As far as the authors are aware, this is the first paper to empirically analyse the demand for reinsurance in Australia. A panel-data set （1996-2001） is used, which provides 543 observations. The authors provide a careful approach to econometric diagnostic testing and the choice of the most appropriate panel-data model and the authors show how failure to do so may generate misleading results. Based on a robust estimation procedure, the authors find strong evidence of a positive relation between variables related to company size and the demand for reinsurance in Australia. The impact of leverage, taxes, and return on investments are not statistically significant.     

China＇s Inbound Tourist Revenue and Beijing Olympic Games 2008

During the process of economic globalization, China＇s inbound tourism has developed strongly. The present paper deals with one of the core issues of the international tourism industry： inbound tourist revenue. With the aid of conventional theories and the use of empirical tests, our study identifies some decisive factors that have influenced China＇s inbound tourist revenue through an analysis of the global and local conditions at macro and micro levels. The findings were then linked to the Olympic Games, the mega event having impacted international tourism. The findings were also linked to further.discussions and suggestions for the interactions between the Beijing Olympic Games 2008 and China＇s inbound tourism.     

Property development firms IPOs in Brazil： Was there overpricing or not？

Between September 2005 and October 2007, representative companies of the Brazilian residential real estate market adopted a strategy intended to increase their investment capacity by Initial Public Offer （IPO）. The setting at that time was favorable for constructing residential real estate designed for the middle class, in view of two main factors： First, in 2005, a restructuring of the Brazilian finance system had relaxed requirements needed to receive financing for the purchase of residential property; Second, there was substantial demand in the middle class market because most developers had been focusing on the upper class market in order to guarantee the sale resources in the production phase. Thus, it was necessary to enhance the investment capacity of the real estate companies to attend the middle-class demand. These two factors, associated with a favorable outlook for the Brazilian, as well as the global economy, encouraged those representative companies to rapidly increase their investment capacity by IPO in a short time. The focus of this article is to analyze the quality of the investments in the stock of these real estate companies （21 offers were taken into account in the analysis）. In order to identify what these companies＇ expectations were and how they supported their decisions to enter BOVESPA with their designated prices and amounts, correlating offers against the BOVESPA Index （market index） were also analyzed. The results allow concluding that these offers were not supported by validated procedures of pricing, but rather were just speculative offers, even though we do take into account the investment grade granted to the Brazilian economy within the period concerned in our analysis.     

Vehicle Industry Competitiveness in Central and Eastern Europe

By writing of this study we had an objective to set up a model which is able to explain the location decisions in the Central and Eastern European region. As an initial presumption we have connected the local capital flow to the regional competitiveness and have analysed the location factors behind the decision-makings. After uncovering the theoretical background we set up a six factors model which consists of the industrial traditions, business environment, labour market, taxation, infrastructure, and local supplier network. As a final conclusion we have tried to set up ranking with the 10 analysed countries. As a research question we wanted to prove that the competitiveness gaps are existing and are even wider in the last 10 years in the Central and Eastern Europe （CEE） region. The research based on a global vehicle industry research implemented by the Szechenyi Istvan University Hungary and participated by economists and engineers as well between 2011 and 2013. The research group with economist has been dealing with different competitiveness, location and innovation issues which are occurring in the automotive industry. Besides, the engineering group tried to solve different logistics and supply chain management problems. This article shares the results about competitiveness and location factor questions.     

The economic uncertainty and private investment nexus in Iran： Application of the EGARCH model and the ARDL approach

This paper examines the impact of economic uncertainty on private investment in lran. In addition, the authors also examine the impact of other economic factors on the level of private investment. The Autoregressive Distributed Lag （ARDL） approach is applied to investigate the relationship of these variables. The data span is from 1975 to 2007. The results indicate that economic uncertainty has a significant negative effect on private investment. Public investment and the availability of financing have a significant positive effect on private investment, while the impact of output gap and the exchange rate is negative. Hence, government should aim at creating a stable macro-economic environment in order to makes private investment attractive.     

Strategic Drift and Strategic Crisis Management of Organization

The research reports how the choice of the organization behavior--strategic drift can lead to strategic crisis as a form of manifestation of a deepening organizational crisis. The research questions whose solution is sought are connected with the relation of strategic drift--strategic crisis--strategic crisis management, in terms of whether the errors in the process of strategic management lead to organizational crises. The results of the historical analysis of the theoretical research and practice in this field show the interdependence among these processes and the reasons for strategic crisis in support of the concept of strategic crisis management and its implementation in business. The study outlines the evolution of the theory of strategic drift, as well as opinions of various scientists on the types of crises, which are perceived as a uniform classification and universal interpretation of the term ＂strategic crisis＂. The organization＇s ＂strategic drift＂ leads to serious organizational crisis which first form that strategic crisis. Practice shows that the management of market leaders often leads to complacency, choosing strategy stability. Soon, as a result of aggressive strategies or implemented innovations of their competitors, they lose their competitive position.