European Journal of Economics, Finance and Administrative Sciences

Issue 102
November, 2019

Attitudes of Preparatory Programs Students at the Institute of Public Administration towards the Learning Management System (Blackboard)
Ajlan M. H. Alshehri

This study aimed to recognize the attitudes of the preparatory program students at the Institute of Public Administration (IPA), in the kingdom of Saudi Arabia towards the use of Learning Management System (Blackboard), and the main obstacles limiting the usage. A relative stratified random sample of (158) students were surveyed through a questionnaire, to answer three question, and tested five hypotheses. The results showed that the total means of study sample attitudes were (3.94) which indicates that they agreed to use Blackboard. The individuals supervising the LMS, the users’ satisfaction regarding the system and the system’s response to emerging developments are the factors that have statistically significant influence on training, whereas the organizational environment and the availability of safety and security have no statistically significant influence on training. The study showed that several obstacles that limit using Blackboard such as lack of suitable training and enough time for training, the unavailability of clear communication means to provide technical support, and there is no obligations to use the system. The study suggested several recommendations; among them students should be trained to use the Blackboard, obligation to use Blackboard in all preparatory programs, IPA, should continue to provide all Blackboard requirements, and the IPA should expand the implementation of Blackboard in all training activities.
Keywords:Preparatory Programs Students, Training, Learning Management System, Blackboard.

Earnings Management during Mergers and Acquisitions – European Evidence
Tiago Cruz Gonçalves and Gonçalo Coelho

This study examines the behavior of European listed and non-listed firms in terms of earnings management practices. The sample is composed by 409 acquirers which have announced and completed M&A deals between 2009 and 2016. From the 409 completed transactions, 29% of them concern stock payments against 71% of them that concern cash payments. The accruals were estimated via the modified version of Jones model in order to obtain the component of discretionary accruals, the main proxy for earnings management. The tested sample considered 400 acquirers combined with the respective 400 matching firms that have not participated in M&A deals during the sample period. The results provide weak evidence that managers manipulate earnings upwards in the period prior to their M&A announcements. These findings seem to approach those of Erickson & Wang (1999) and Koumanakos et al. (2005) for which pre-merger earnings were not managed by cash acquirers.
Keywords: mergers and acquisitions, earnings management, discretionary accruals

Value vs. Growth Investment Strategies an Empirical Analysis in the European Context
Emanuele Teti, Maurizio Dallocchio and Tommaso Tamburnotti

Many studies have compared the performance of value stocks to those of growth stocks. Value investing is based on the ability to pick up the right undervalued stocks, generally mature companies, presenting though a sound business value. Instead, growth investing focuses on young companies that present high growing opportunities. This paper shows that value portfolios outperform the growth ones in all the four methodologies specifically implemented, thus leading to assume a strong value effect. The analysis is conducted on portfolios which are rebalanced on a yearly basis, considering the European Monetary Union (EMU) market as a reference, so to avoid different currencies issues. The insights identified in this paper can be used by corporate management to analyze the effects of the different kinds of strategies they are going to implement. This paper deals with a key management dilemma by addressing managers in the analysis of the selection process, pointing out the pros and cons of both value and growth investing.
Keywords: Value; Growth; Investing; Europe; Corporate Finance; Portfolio; Risk.

An Analysis of the Decision-Making Process from a Mathematical, Socio-Psychological, and Managerial Perspective
Maria Silvia Avi and Mirko Menin

The main purpose of this article is to give a coherent and unified vision regarding the main obstacles that characterize the decision-making process purely form a managerial point of view.
During the following argumentation the main topic will be analyzed from three different, but at the same time strictly interconnected, perspectives, with a mandatory description of the general environment that surrounds the decision as a prelude.
The discussions written in this particular article follow a simple thread, firstly a general description about how the decision-making process is made, with the purpose of aligning the potential reader to the basis of the topic. Then, it will follow a diachronic path, discussing about the main obstacles in the process in connection with the human being, firstly as a solitary entity, and then as a group involved in the decisional process. Henceforth, in the discussion about the decisional obstacles the attention is shifted towards the other and more modern half of the pie, discussing about the mathematical categories of instruments that aim at supporting, and sometimes taking over, the decisional process, and obviously also of its limitations and specificities. Lastly, in the final section both, mathematical and socio-phycological facets, are reunited into the managerial domain, with the purpose of showing the ratio behind the different managerial decision instruments.
Keywords:Empirical research, financial statement, Italian financial reporting, tax, tax in Italian financial reporting, true and fair view