International Research Journal of Finance and Economics  Issue 123  May, 2014

 

 

Factors Influencing Investment Preference in Equity Market: An Empirical Study	8-15
P. Mathuraswamy and G. Rajendran
Abstract: Rule No.1: Never lose money. Rule No.2: Never forget rule No.1. –Warren Buffett These words represent mantra of many of today’s financial investment. Equity markets investment play very significant role in capital market such as tax incentive, dividend earnings and capital appreciation. This paper examines the factors influencing investment preference to equity markets in Chennai. The emotion of investment decision making among individual investors (ININ) and antecedents of behavioural pattern are also studied based on sampling survey of 200 individual investors form Chennai. Based on Analysis of variances (ANOVA), chi square tests how demographic information and other information affect the individual investors in Chennai. Analytical result indicated that the demographic variable and other variables influence the investors. Our result furthered indicates that different level of satisfaction of individual investors in equity market and the investors are able to analyze the consequences of investment in primary and secondary market. Keywords: Financial investment, Equity market, investment preferences, investment decision making, Level of satisfaction, individual investors. JEL Classifications Codes: G02; G10; G11; G17.
An Empirical Analysis of Environmental Cost Accounting in Mining Companies in Jordan	16-29
Nawaf Samah Mohammad Thuneibat.
Abstract: The objective of this research paper is to spot the explanations for corporate implementation of environmental data in their inner decision-making processes. The main focuses on the explanations helps perceive manager practices and examine the role vie by cost management in resolution environmental issues. The study adopts associate degree exploratory analysis approach. The analysis technique is predicated on field studies of nine mining industries of Jordan. This study is braced by the eco-efficiency theory, so as to unravel intricacy in interviewing the managers, so the study adopted the theme of a structured form and extra phone interviews were also conducted. The findings divulge that environmental cost accounting data is quite qualified to shore up internal decision-making processes as well as external communication. It inveterated the gap between company headquarters communication and concern perspective. The findings show somewhat poor awareness of the connection between environmental and economic performance nevertheless growing awareness of the positive relation among environmental stance and company image cannot be neglected. The research is targeted on nine business organizations thus the results don't seem to be extended on the far side the respondents. The study highlights why environmental data is employed and why environmental prices area unit measured thus on investigate the explanations for his or her adoption at intervals business organizations, to boost the effectiveness of environmental data and facilitate the diffusion of environmental accounting practices. The research identifies the explanations for the adoption of environmental data in internal decision-making processes, the gaps within the logical adoption of environmental criteria and highlights components supportive in tracing the pathways for additional analysis on environmental accounting practices. Keywords: Environmental Cost Accounting, internal decision-making processes, Mining Companies, Eco efficiency theory, Jordan.
An Overview of Fundamental Problems in Information Retrieval System with the Rapid Evolution of Internet	30-36
Thenmozhi. S, Balasubramanie. P, Venkatesh.J and Manjula Gandhi S
Abstract: Content-based image retrieval (CBIR), also known as query by image content (QBIC) and content-based visual information retrieval (CBVIR) is the application of computer vision techniques to the image retrieval problem, that is, the problem of searching for digital images in large databases. In this similarity search is one of the most fundamental problems in information retrieval, database and machine learning research communities. With the rapid evolution of the Internet, performing a fast similarity search at large scale has become an urgent research issue. To deal with this the proposed system uses the Spectral hashing technique to efficiently retrieve the images from the large databases. Keywords: Spectral hashing, texture, data set, retrieval, tags.
A Critical Examination of Factors that Influence Employee’s Intention to Stay in Hospitals, India	37-47
Venkatesh. J, Lissy. TA, Rajaram. Y and Manjula Gandhi S
Abstract: A committed workforce ensures competitive advantage to the organisations. Committed employees decide to stay with organisation for a long term. Many factors contribute towards employee’s decision to stay with the organisation. Purpose of this study is to examine the influence of factors - HR practices, Training and Career development and Pay & Benefits on hospital staff’s intention to stay. The study also examines the relationship of these three factors with hospital employee’s intention to stay. Considering a sample size of 500 employees working in 10 multispecialty hospitals, Pearson Correlation and Multiple regression tests were employed to study the relationship of the above factors with intention to stay. Pearson Correlation results indicated significant correlation between two factors – Training and Career development and Pay & Benefits with employee’s intention to stay. Multiple Regression results indicated that Training and Career development and Pay & Benefits have significant influence on hospital employee’s intention to stay. Based on the results, one may intuitively conclude that companies should design attractive pay packages and conduct effective and intense training and career development programs to boost employee’s intention to stay in the organisation. Overall, such practices result in a conducive environment. Keywords: HR Practices, Training and Career Development, Pay & Benefits , Intention to stay, Employee Turnover , Employee retention. JEL Classifications Codes: MOO, M1, M5, M510, M530
Multi Feature Fusion Spectral Hashing with Semantically Graph Laplacian Learning	48-53
Thenmozhi. S, Balasubramanie. P, Venkatesh. J and Manjula Gandhi S
Abstract: Spectral hashing (SH) has shown promising performance by learning the binary codes with a graph partitioning method. The graph of sparcified Laplacian graph is constructed for learning various features of images for efficient indexing. To construct these graph, multi-feature model for the visual representation along with low-level feature and user provided tag features are used. Then these extracted features are combined by using multi-objective learning (MOL) for feature fusion. In semantic hashing, each item in the database is represented by a compact binary code. The code is constructed so that similar items will have similar binary codewords and there is a simple feed forward network that can calculate the binary code for a novel input. Retrieving similar neighbours is then done simply by retrieving all items with codes within a small Hamming distance of the code for the query. This kind of retrieval can be amazingly fast - millions of queries per second on standard computers. Keywords: Spectral hashing, indexing, multi objective, SIFT.
Effective Incentive Plan: A Proper System of Business Management to Motivate Employees	54-59
Venkatesh. J, Dhibiya. P, Thenmozhi. S, Balasubramanie. P and Manjula Gandhi S
Abstract: An incentive program is a proper system used to stimulate or encourage particular actions or behavior by a specific group of people throughout a distinct period of time. Incentive programs are mainly used in business management to motivate employees, and in sales to bring together and save customers. Scientific literature also mention to this thought as pay for performance. A successful incentive compensation plan focuses on attaining company goals by motivating the right behaviors in employees. One of the biggest disappointments of incentive compensation programs is they frequently do not allow all the key drivers that will make the company successful. How does a company find out if its incentive plan is efficient? If the answer is “no” to any of the following questions, probably are the company is not accepting the most benefit out of its plan. In day-to-day business operations, your employees are dynamically involved in activities outfitted toward customer-focused solutions for the development of business and economic profit. Keywords: Incentive plans, Compensation, Employees, Motivation, Pay for performance.
Adversity Quotient Profile: A Robust Tool to Screen Job Applicants and Reduce the Risk Factors in Indian Banking Sector	60-75
Venkatesh. J, Shivaranjani. G, Thenmozhi. S, Balasubramanie. P and Manjula Gandhi S
Abstract: In today’s scenario, 97% of employers prefer skill set in the people they hire and look for employees with high resiliency as they generally tend to perform better and work more effectively thereby showing tenacity, agility, intention to earn more and win promotion quickly by turning themselves as efficient employees whom the organization wants to retain. The banking and insurance sectors offer more job prospects which are both qualitative and quantitative in nature. Banking and finance is one among the industries that require high intellect, is growing faster than ever before. The overall industrial and economic development has changed its usual mode of functioning by finding their ways through various banking and finance institutions for a large number of reasons. It is the hub of all the commercial activities and is the basis of every business. Organizations have to cater to the demands of this challenging and interesting vast sector. The placement agencies are placing high caliber finance & banking professionals, from newly qualified to board level on a permanent and contract basis. The Adversity Quotient Profile helps the employer to hire the most resilient people for its organization, it is used immediately to identify those who will and can deliver their best every day even in the most demanding circumstances. It helps in finding out who will be effective, accountable, proactive, self directed, creative, self motivated and innovative when put under tremendous work pressure. The experts who screen and shortlist the candidates are said to be the best amongst the available ones in the industry as they aware of the crucial aspects such as experience, skills, culture and formal training required to place the right fit for the right job be it financial institution or bank. This paper aims to understand how to use the applicant screening AQ Profile and identify the methods that minimize the risks associated with hiring by using AQ Profile in banking companies. Keywords: Adversity Quotient, Banking, Screening, Resilience, Performance.
Short Selling Restrictions During Market Downturns: An Assessment of the Liquidity Impacts of Short Selling Bans and an Investigation of Whether Short Sellers are Positive Feedback Traders	76-98
Nazreen B Fauzel and Sheereen Fauzel
Abstract: Short sellers are regularly blamed for crippling stock markets by intensifying divergence from fundamental values. Most regulators worldwide react to such situations by enforcing short selling constraints in order to avoid excessive equity market decline. The objective of this study is two-fold: first, the impact of short selling bans on market liquidity is tested; second, the rationalization behind the shorting bans, i.e. considering short sellers acting as positive feedback traders, is analysed. Using matching techniques, bans on certain financial stocks in three countries during the global financial crisis of 2008/2009 are examined. Descriptive evidence and regression analysis results’ led to the conclusion that the bans were damaging for liquidity. Additionally, much reliance is placed on the theoretical model proposed by Sentana and Wadhwani (1992) to study positive feedback trading behaviour. The evidences advocate that contrary to the belief of regulators, short selling bans contribute towards an increase in positive feedback trading and thus prove to be detrimental in periods of market downturns. Keywords: Short selling restrictions, global financial crisis.
Capital Structure Determinants of Leverage: Empirical Panel Data Evidence from the FTSE 100	99-125
Mandeep Bajaj
Abstract: This paper empirically investigates the factors that influence the debt to equity ratio of 45 firms from the FTSE 100 index over the period 2007 to 2012. Through the use of two robust Driscoll-Kraay Fixed panel estimators, it tests profitability, growth, size, asset tangibility, liquidity and non-debt tax shields as factors of capital structure. The results of this paper reveal that regressor variables vary in significance in the two periods used, where all regressors in the short term are statistically substantial at even 1% level of significance. Our results show that firms that are smaller in size account for greater leverage due to the bureaucratic related issues of public offerings, whereas those that grow at a faster rate tend to forego risky debt financed opportunities. Furthermore, firms that hold more collateral in the short term tend to borrow less because of the opportunity costs of obtaining long term debt. Profitable firms had a higher gearing ratio, as the trade-off theory advocates the benefits from low costs of debt financing. Firms that are more liquid and solvent on average tend to borrow less as they use retained earnings to finance their operations. Lastly, we found that advantages from non-debt tax shields do not result in greater levels of borrowing due to the emergence of depreciation. Keywords: Capital Structure, Fixed Effects, Driscoll-Kraay, Liquidity, FTSE 100.
The Impact of Moral Intelligence on Accountants' Job Performance	126-146
Mahdi Mahdavikhou, Amir Hossein Azimian Moez, Mohsen Khotanlou and Gholamreza Karami
Abstract: This study intends to introduce a new dimension of moral personality and the importance of presence of the morality in accounting profession and aims to examine the impact of moral intelligence on accountants' job performance. The statistical population in this study includes 175 accountants working in the limited partnership and limited liability partnership companies rendering agricultural and industrial services in Hamedan province in Iran. Using Krejcie and Morgan's (1970) table for determining sample size, the researcher randomly selected 120 accountants as the statistical sample who were asked to rate a 40-item questionnaire designed and distributed to study the level of accountants' moral intelligence involving integrity, responsibility, compassion and forgiveness introduced by Lennick & Kiel (2005) and job performance questionnaire designed by Paterson (1990). Cronbach's alpha coefficients of the questionnaires for moral intelligence and job performance were equal to 0/86 and 0/84 respectively. The results of the study show that the existence of moral intelligence characteristics in accounting can give rise and promotion to the accountants' integrity and responsibility and lead to the ethical thinking and decision making which, in turn, contributes to a better job performance. Our findings thus supported our hypothesis and confirmed the impact of moral intelligence on accountants' job performance. Therefore, this study emphasizes that it is critically important for accounting students to learn the moral and ethical principles and these issues must be repeated periodically and continuously in academic and working environments. Keywords: Moral intelligence, Job Performance, Moral Personality, Ethical Thinking.