European Journal of Economics, Finance and Administrative Sciences

Issue 60
Oct, 2013

A Study on Impact of Job Stress on Employee Performance in Hospitality Sector in Tamilnadu
M.A. Ravichandran and A. Lakshmi

The hospitality sector is largely entailed on the service delivery to its customers, providing service without offering any product involves large quantity of work task. Enhanced work task can lead for adding more responsibility on the hands of employees. It results into putting more work pressure and causes for strain, anxiety, depression, sleep disorders, stress and so on. In hospitality sector, employees are facing greater amount of stress due to customer issues, management influence, personal grievances, working climate, group influences and superior behavior. This factor are having active role in giving poor performance. In these study 100 samples has been selected through simple random sampling system. A well-structured and non-disguised questionnaire has been administered to collect data from the respondents across Tamilnadu. The survey instrument consists of four sections like, personal background, stress factors on work performance, effect of stress in employee performance, different signs of job stress. Simple percentage analysis, factor analysis, multiple linear regression analysis, Garrett score analysis and Kendall’s co-efficient of concordance have been applied to analyze the data collected. This study is concluded that the employees in hospitality sector are largely affected b several stress factors.
Keywords: Stress Management, Stress, Signs of Stress, Effects of Stress, Hospitality Sector.

Job Satisfaction and Terms of Informal Employment Choice in Russia
Liudmila Leonova

This paper is dedicated to the relationship between informal employment and job satisfaction. The reason why this issue is very relevant is because of the position that informal employment takes in the economy of the Russian Federation. The value of researching the mechanisms of the informal sector of the functioning labor market cannot be underestimated due to the great amount of informally employed workers in the Russian economy. Ordered choice models with sample selection correction were estimated on the Russian Longitudinal Monitoring Survey of HSE (RLMS-HSE) data. The key result of the paper is that subjective well-being is not determined by employment status itself. The conditions of one’s choice are the main factor, of which determination is crucial. A small difference in the attitude to work was discovered between individuals who went into the informal sector because of their own choice and workers with registered employment. So they have no incentives for seeking to formalize their status, which could mean further growth of the informal sector.
Keywords: Job satisfaction, informal employment, Russia

Relationship of Work Family Conflict and Enrichment with Work Family Balance of Sales Person
R.Hemamalini and T.G. Vijaya

Sales have been considered as one of the most rewarding and challenging fields of employment in India. Due to factors organizational and personal factors, role clashes are observed which lead to adverse effects on performance at all levels. This role clash results into stress and burnout leading to work-family imbalance. This paper distinguishes the two types work family conflict and work family enrichment as an independent variable which effects the work family balance. Along with conflict and enrichment, satisfaction with work and family was also considered as an variable to determine the relationship of the work life elements with the component of balance. Samples were drawn from sales person working in different private organization, about 131 sales person were selected. The hypothesis was developed to prove work to family conflict and family to work conflict are negatively associated with work and family satisfaction, were as work to family enrichment and family to work enrichment are positively associated with work and family satisfaction. From the analysis it was revealed that both the conflict reduces work and family satisfaction having negative relationship with them, were as enrichment increases work and family satisfaction having a positive relationship with the variables. The study has identified that conflict displays a negative association or decrease in level of work family balance, were as enrichment and satisfaction displays a positive association or increase in level of work family balance.
Keywords: Work to family conflict, family to work conflict, work to family enrichment, family to work enrichment, work satisfaction, family satisfaction and work family balance.

An Empirical Study on Awareness Level of Personalized Advertising With Reference to Salem District
N.Suganthi and G.Vadivalagan

This article endeavours to study about the awareness level of personalised advertising towards Salem district. The objectivity of the study is to identify the awareness level of personalised advertising in the form of Broadband, Mobile and satellite services. It highlights the different level of medium and their aware level with regards to personalised advertising. Further it focuses the preferences, numbers of personalised advertising receiving and its satisfaction level will positively related to perception of personalised Advertising. It also finds that, the awareness level of among Salem district customers. From the analyses of the primary survey, having maximum level of awareness was suggested. The implication and direction for future scope are discussed.
Keywords: Personalised Advertising, Awareness, Mobile, ITV

Product Life Cycle Strategies in Emerging Markets–A Case Study From Pakistan
Mubbsher Munawar Khan and Usamah Iyyaz Billah

Product life cycle (PLC) is the categorization of a product in various phases of its life cycle. Starting from its introduction, to growth, to maturity, and eventually decline stage (Wood, 1990). This article investigates the key internal contributors for each stage of the PLC, their level of importance as well as the relevant strategies that should be used at each stage of the PLC. For the purpose of this research article, detailed interviews have been conducted with corporate managers of consumer goods companies in Pakistan (Billah, 2012). The findings of this study shall help managers to understand the reasons for performance or non-performance of their products in the consumer market and will serve as a useful guideline on how to improve the success of their products and sustain growth in the market for a longer period of time. From the research end, this study shall open opportunities for scholars and academicians to conduct further research studies in this area. In Pakistan, till date no study has been conducted on product performance in various stages of the PLC. This research presents a practical implementation of the PLC concept in Pakistan and presents a guideline to business decision makers regarding which strategies to use at various stages of the cycle.
Keywords: Brand image, consumer goods, contributors, Pakistan, product life cycle (PLC), strategies.
JEL Classification Codes: M11, M20, M31, M37

Determinants of Capital Structure in the Manufacturing Firms in Turkey: Evidence from a Dynamic Panel Data Analysis
Hasan Ayaydin

This paper examines those factors that influence the capital structure choice of manufacturing firms in Turkey. I employ a panel GMM (generalized method of moments) system estimator developed by Arellano and Bover (1995)/Blundell and Bond (1998) to analyses the determinants of the capital structure of 137 manufacturing firms listed on Istanbul Stock Exchange (BIST) over the period of 2008-2013. I find evidence that leverage is negatively correlated with profitability, liquidity, tangibility, growth opportunities, tangibility and inflation rate, and positively correlated with firm size and economic growth. Additionally, I document that tangibility, profitability, liquidity are consistent with the predictions of the pecking order theory, while firm size and growth opportunity are consistent with the predictions of the trade-off theory. These findings suggest that some of the insights from modern finance theory are portable to Turkey in that certain firm specific factors that are relevant for explaining the capital structure in developed economies are also relevant in Turkey. The evidence also suggest important managerial implications: they show that firm’s managers should focus a significant part of their attention on firm characteristics and cannot ignore the importance of external environments (e.g., macroeconomics) when making financing decisions. The findings enhance the knowledge base of determinants optimal capital structure and are likely to help companies take effective decision related to capital structure needs. My research findings shed light on the study is likely to help the decision makers better adjust themselves towards adopting and considering proficient ways of managing capital structure of a firm.
Keywords: Capital structure, pecking order theory, trade-off theory, dynamic panel data, Turkey
JEL Classification Codes: G30, G32

Evaluation of Accounting Service Quality Expected and Perceived by Businesses
Ahmet Yanik and Ferah Yildiz

Accounting is a guideline for businesses. Cost, profit and investment analysis that play a vital role in Ensuring continuity of businesses are provided by the accounting. Moreover, the third parties before they make investment decision as well as the government before collecting the tax also get the all information from accountancy. Thus, accounting services is very important for businesses, government and the third parties. The aim of this study is to measure whether there exists any difference between the businesses’ perception about the accounting services and their expectations about the accounting services. The analysis shows that there exists a statistically significant difference between the quality of general accounting services that businesses receive and the quality of the general accounting services that they expect.
Keywords: Accounting service quality, service quality, professional accountant, accounting service,

Asset-Liability Management in Syrian Private Banks

Elie Salameh

The concept of Asset-Liability Management (ALM) is of recent origin in Syrian Banking Industry with the development of the private banking sector since 2004. ALM is concerned with risk management and provides a comprehensive and dynamic framework for measuring, monitoring and managing risks that encounter banks especially liquidity & interest rate risks. Over the last few years, there has been an intense competition and banks have been required to take up strategic planning as an exercise for asset-liability management in order to survive and grow in the ever increasingly competitive and risky environment. This paper presents a case study of four banks- Bank Audi Syria "BASY", Bank Byblos Syria "BBS", Bank of Syria and Overseas "BSO" and International Bank for Trade and Finance "IBTF" and studies how Asset Liability Management can be used as an important tool for managing liquidity risk and interest rate risk.
Keywords: Risk, Asset-liability management, Interest rate risk, liquidity risk, Gap analysis.

Customs Regulation in the EurAsEC Customs Union and Financial Law Development in the Russian Federation
Alexander N. Kozyrin

Customs payments play special role in the economy of the Russian Federation. They composed just over 50 percent of the total budgetary income on the eve of the Russian Federation’s entry into the EurAsEC Customs Union. The article considers the changes which occurred in the legal base of customs regulation since the EurAsEC Customs Union was created and the Russian Federation became a member. The customs legislation structure of the Customs Union is analyzed in the article. Special attention is given to the acts which became the source of financial law in the Russian Federation, being adopted by supranational regulator, the Eurasian Economic Commission.
Keywords: EurAsEC, customs union, customs legislation, customs payments, financial law

Inflation Targeting in Nigeria
Oloni E. F, Joseph A. I and Adewara Sunday Olabisi

The paper investigates the feasibility of inflation targeting in the Nigeria economy as a monetary policy anchor. Lessons from both developed and developing economies are drawn to investigate the success or otherwise of this policy in Nigeria if undertaken. To investigate this objective, a Vector autoregressive model was employed, impulse response and variance decomposition from this were used to investigate the workings of the monetary transmission mechanism of the Nigeria economy with a view to ascertain whether any shock to them will launch the economy back to a path of equilibrium. It was observed that the country can successfully employ this monetary policy. It is however recommended that the problem of data inadequacies should be given special attention.
Keywords: Inflation targeting, Bank independence, Transparency, Flexible Exchange rate, Inflation Forecasting.

An Empirical Study on Work Life Balance of Women Employees in Garment Industry – Tamilnadu
M. Mohana Krishnan and C. Muthu Velayutham

Work–life balance is a broad concept that includes proper prioritizing between "work" (career and ambition) on the one hand and "life" (Health, pleasure, leisure, family and spiritual development) on the other. Like two sides of a coin, the workers have two sides in their life. One is the Social Life and another one is the Work in the Organization. Both are very much needed for their lively hood and to keep pace with the society. This research study was conducted to study the WLB of Women Employees working in the selected garment factories in Tamilnadu. This was made out from the perceptions of the women employees of the garment factories in respect of the selected dimensions and construct with regard to WLB. It is a descriptive research. Primary data was collected with the help of structured questionnaire administered to women employees working in garment industries at Tirupur district – Tamilnadu. A total of 320 respondents were taken from leading three garments industries in Tirupur. Due to various reasons the garment industries name was not disclosed in the study. Using Statistical Package for Social Science, various tools like factor analysis and multiple regressions was administered. Based on the test results, some of the findings were derived. These results will be significant and relevant to the present Indian scenario.
Keywords: Work life balance, Women Employees, Garment Industry etc.

The Effect of the Corporatization of Dubai Financial Market on its Efficiency: An Empirical Study
M A Moustafa

The paper investigates the effect of the corporatization of Dubai Financial Market (DFM) in November 2006 on its weak form efficiency through examining the behavior of the daily stock prices of three sets of data. The first one consists of the daily prices of 13 stocks listed in DFM for two years before the corporatization of DFM (covering the period from the beginning of November 2004 to the end of October 2006), the second set consists of the daily prices of the same 13 stocks listed in DFM but for two years after the corporatization of DFM (covering the period from the beginning of December 2006 to the end of November 2008) and the last set of data consists of the daily prices of 31 stocks listed in Abu Dhabi Securities Exchange (ADX) for the same time period after the corporatization of DFM in November 2006. The paper tests two hypotheses. The first hypothesis compares the efficiency of DFM before and after corporatization whereas the other one compares the efficiency of DFM with that of ADX after the corporatization of DFM. The paper performs the Shapiro-Wilk Test to investigate the normality of the stock returns to decide on using autocorrelation or runs test. The results indicate that the returns of all the stocks listed in DFM and ADX do not follow normal distribution at alpha 5%, except one stock in ADX. So, the paper employs the non parametric runs test instead of the parametric autocorrelation to test the randomness. The results of Wald-Wolfowitz runs test reveal that the weak level of the efficiency of DFM through the two years right after its corporatization is higher than that the corporatization of DFM. In addition, the DFM is more efficient than ADX during the same time period of two years after the corporatization of DFM in November 2006. So, we can conclude that the corporatization of DFM in November 2006 results in improving its efficiency in the weak level. However, we have to interpret the results cautiously because we may enhance our knowledge about the effect of the corporatization of DFM on its efficiency if we use longer time series pre and post the event of corporatization and if we manage to control for the effect of the global financial crisis on the economy of Dubai and hence on the performance of DFM. In addition, future research may investigate the effect of DFM corporatization from a regulatory perspective through answering the following question: how does the Emirate Securities and Commodities Authority (SCA) regulate DFM (as a corporation) and ADX (as a governmental exchange) if they continue as separate independent stock exchanges?
Keywords: Corporatization of stock exchanges, Demutualization, Weak-form Efficiency and Dubai Financial Market (DFM).
JEL Classification Codes: G10, G14, G30 and K22.

Nonlinear Analysis of Energy Time Series Data: Evidence from Iran's Crude Oil Price
Abbas Ali Abounoori, Marjan Daman Keshideh and Fatemeh Sara Fakhari

Today, oil has a special status and importance as one of the resources used by human beings. The price of oil due to its importance in international markets, its basic relationship with economy of the countries and its strategic position among economic commodities as one of the effective factors in international economy plays an important and determining role. Understanding the structure of the price of this commodity and modeling it has been always focused upon in different economic studies and attempts have been also made to find the reasons behind its volatilities and to forecast it. The present study is an attempt to examine the nonlinear structure of Iran’s crude oil price from 2000/07/01 to 2013/25/01. For this purpose, First, predictability (or randomness) of this series was tested using the Variance Ratio test. Then based on the BDS test, nonlinearity of the price structure of Iran’s crude oil was tested. Finally, using the Ramsey, ARCH, and McLeod-Li tests the existence of a nonlinear structure in the second-order moment of this series was examined. The results of these tests confirmed predictability of this time series. The results further showed that oil price had a nonlinear structure in the time series under examination.
Keywords: Crude Oil Price, ARCH test, BDS test, Variance Ratio test.
JEL Classification Codes: Q47, C22, C58, G14.

Validity of the Capital Assets Pricing Model: Evidence from the Indian Companies – the NSE India.
Muthucattu Thomas Paul and Fosuhene Akua Asarebea

Capital Asset Pricing model (CAPM) is widely researched, tested, and paradoxically both generally accepted and rejected model of asset pricing. From its beginning (1964) it has occupied the pride of place among the financial economist’s research, and still part of the text books on finance in the leading business schools all over the world. The study covered monthly data of Indian companies’ from the ‘National Stock Exchange’ (NSE) for the period 2005 to 2009. In our first model, betas are estimated where the risk free rate is the intercept term. The results show that for the State Bank Of India(SBIN), HDFC bank, and Tata Motors, the betas are more than one and significant, and for the Reliance,it is near one, and for Infosystch, it is less than one and statistically significant . The second model of ‘ Jen’s alphas’ results show that for only SBIN, and Reliance group, ‘Jensen’s alpha ‘ is positive, and for other three companies, it is negative. For positive values of ‘ Jensen’s alpha, the conclusion is that those companies ear ned return more than the companies of similar betas, and for negative values, those companies earned less than the companies of similar betas. Over the sample period, for SBIN, HDFC, and Reliance companies, the actual return is are greater than the required returns, and for Tata Motors,, and Infosystch, the actual return is less than the required returns .There is an equity risk premium for many of the Indian securities during the sample period .On the whole, the CAPM model could satisfactorily explain the risk-return relationship in the Indian Stock market.
Keywords: Capital Asset Pricing Model (CAPM), Required Return, Betas, Risk modeling, Indian Companies, Stock markets, Risk and Returns .
JEL Classification Codes: G11, G12.G32

Hypothesised Relationships for Governance Mechanisms, Regulatory Capture, and the Mediating Effects of Regulation
Kuo-Tai Cheng

The objective of this study was to develop hypothesised relationships which governance mechanisms predict regulatory capture with the mediating effects of regulation. Further, regulation plays an important role in understanding regulatory capture as it partially mediates the relationship between governance mechanisms and regulatory capture. Thus, it can be argued that governance mechanisms-regulatory capture linkages should be explained, in part, through attitudinal constructs that more proximally reflect regulators’ reactions to their regulatory governance and their experiences. This is also important in that it tests a mediated relationship that reflects a regulatory process connecting governance mechanisms with regulation and regulatory capture.
Keywords: Regulation, regulatory governance, regulatory capture;