International Research Journal of Finance and Economics
 Issue 153
 September - Conference Special Issue 2016
 
Profile Analysis of the Work Force Administrative Career Average Level of the City of São Paulo: A Look at the Position of Public Policy Management Assistant
7-17
Danilo André Fuster, Mauri Aparecido de Oliveira, and Ricardo Luiz Pereira Bueno

Abstract:
This article aims to present an analytical study on the main (and only) administrative position of middle level that the city of São Paulo has in its list of servers. The office of Public Policy Management Assistant (PPMA) has as one of its duties to perform, under expert supervision, technical support activities associated with the implementation and execution of public policies. In addition, the servers that office occupy strategic positions within the public administration performing trust functions, ranging from the direction, supervision and even deputy mayor. This makes the role of these servers be critical to the organization, as they directly influence the achievements of government programs and services. We analyze the trajectory of this administrative position in the last 30 years and the public procurement tenders held for the position of the provision to trace what were the initiatives of the City of São Paulo sought to select and to professionalize these servers in the area of Public Policy.
Keywords: Public Policy Management Assistant, Administrative Career, Profile Analysis, Public Servers
 
 
Research Opportunities in Performance Evaluation of the Banking Products Management: an Analysis of International Literature
18-41
Ibsem Agrello Dias, Ademar Dutra, Carlos Rogério Montenegro de Lima and Leonardo Ensslin

Abstract:
This article aims at highlighting research opportunities through the selection and analysis of a representative bibliographic portfolio, aligned to the issue of banking product management under performance evaluation perspective. For this, Proknow-C (Knowledge Development Process – Constructivist) was used as the intervention tool in which researchers conducted in a structured order a selection of articles with academic relevance, aligned to the theme and available in the international scientific bases Scopus, Web of Science, Science Direct, Ebsco - public administration abstracts, ProQuest - ASSIA and JSTOR, resulting in 18 articles that make up the Bibliographic Portfolio. Through the systemic analysis of the BP articles, as research opportunities were identified: (i) develop a constructivist approach to the development of a performance evaluation model in the management of banking products, with participation of managers, identifying their values and preferences; (ii) develop an integrated evaluation model that allows the manager to evaluate the overall performance of organization management, as well as every aspect that compose it; (iii) and finally, based on the results obtained to diagnose situation, raise its strengths and weaknesses, generating an improvement action plan to aid the management of banking products. Thus, there was a unique research to banking product management framework supported by performance evaluation Knowledge area under the worldview adopted by the researchers.
Keywords: Bank, Performance Evaluation, Proknow-C.
 
 
Determinants of Disclosure Levels in the Annual Reports of Firms Listed on HOSE
42-54
Vo Thi Thuy Trang

Abstract:
Based on understanding the specific firm characteristics and their disclosure levels, as well as reviewing previous studies about disclosure level in Vietnam and in the world, this study aims to assess the level of information disclosure in the annual reports of firms listed on HOSE and identify the determinants of disclosure level. Investigating the annual reports of 260/304 companies listed on HOSE and using item analysis approach, the results suggest that there are 94 items assessing the disclosure level, and the current level of information disclosure in the annual reports of listed firms on HOSE is determined at 26.99%. With the proposed 9 factors classified into two groups: (1) factors related to firms’ characteristics: company size, financial leverage, profitability, the time of listing, the field of business operation and quality of the audit firm; (2) governance factors: ownership, board size and board structure. Using quantitative analysis method based on multivariate regression model OLS, the study has identified 5 factors affecting the disclosure level, namely: state-owned capital ratio, board size, company size, profitability and the time of listing. The research results have contributed important information about information disclosure of listed companies on HCM stock exchange (HOSE). The study is also the foundation for future research, especially for the comparison of information disclosure in Vietnam stock exchange in general and Hanoi stock exchange in particular. Additionally, the study also provide resources, materials for education and students’ research.
Keywords: Voluntary Disclosure, Corporate Governance, Annual Report, listed companies
 
 
UAE the attractive FDI Destination in the Middle East
55-73
Manuel Fernandez and Robinson Joseph

Abstract:
In this era of globalization and high competition each and every nation is trying to attract maximum investments from overseas for the development and growth of the economy. Most of the Middle East economies are in the growth mode and are dependent on the revenue from oil, but the current decline in oil prices have very badly affected these economies and all are targeting to secure maximum foreign direct investments (FDI). Many of the developed nations and Multinational Corporations are in the search for the best destinations for their investments. The purpose of this study to identify the attractive destination for FDI in the Middle East. The flow of FDI into a country depends on the availability of a number of factors. This study probes into the existence of each of these factors in the various countries in the Middle East. Secondary data is used to rank each country on the basis of the parameters that attract FDI. The findings indicate that the UAE is the attractive FDI destination in the Middle East.
Keywords: Foreign Direct Investment, Multinational Corporations, Middle East, United Arab Emirates
 
 
Human Capital, Financial Development and Economic Growth: Empirical Evidence from Mediterranean Countries
74-84
Wajdi Bardi and Saif Eddine Ayouni

Abstract:
This work empirically evaluates the contribution of human capital and financial development on economic growth in 8 countries bordering the Mediterranean during the period from 1975 to 2012.The primary objective of this paper is to identify and show how the complementarities between education and financial development can influence and affect economic growth. The results obtained suggest the existence of a threshold effect of financial development so that education affects positively economic growth. Once the level of financial development attained human capital it seems to fully play its catalytic role for growth. The estimation of the model, with dynamic panel, by GMM method provides statistically and economically satisfactory results. The results show a convergence process of GDP per capita in the 8 countries sampled. Furthermore, the variable commercial openness plays its full role of catalyst for economic growth.
Keywords: Education, Financial development,threshold effect, dynamic panel, GMM method
 
 
Exchange Rate and Economic Growth: The Nigerian Experience
85-94
BABATUNDE AFOLABI, ABUH UWASEJIKE BELFORD, Ekpenyong Keziah Yemisi and CHRISTOPHER EHINOMEN

Abstract:
This study focused on the nexus between exchange rates and economic growth in Nigeria over the period of 1978 to 2014. It analyzed the data for Nigeria using Ordinary Least Square (OLS) method and found out that Exchange Rates positively and significantly influences Economic Growth and vice versa. The study revealed the non-spuriousness of our regression via the stationarity of the residuals. Cointegration technique employed also showed the long-run equilibrium among the series used. The short-run directional relations were established between the exchange rates and economic growth in the country via Pairwise granger causality tests. Our findings were robust as demonstrated by the diagnostic tests in the study. Thus, the study concludes that exchange rates and economic growth influenced by one another. Therefore, it was recommended that efforts should be made to ensure exchange rate stability in order to stabilize the country’s economy.
Keywords: Exchange Rate, Economic Growth, OLS, Johansen Cointegration, Pairwise granger Causality Tests
 
 
Does Financial Development Create A Significant Cause of Social Development?
95-104
Rizwan Ali, Inayat U. Mangla, and Yanping Liu

Abstract:
The motive of this study is to investigate whether there is a linkage among financial development, economic growth and social development. In order to achieve the study objective, we practice time-series data specifically for a developing economy like Pakistan which has been chosen based upon the classification by the World Bank as low-or middle-income country over twenty five years 1988-2012 of the selected variables. Which includes Infant Mortality, Life Expectancy and Public Spending on Education as the proxies for social development, Market Capitalization, Money Growth, and Domestic Credit are the constructs of financial development and Gross Domestic Product, inflation and Gross National Income for economic growth. Multiple regressions are applied to test the proposed hypotheses. The study supports the prevalent view that financial development and economic growth knowingly influence the social development. Given is the evidence, we can reasonably argue that the financial development contribute in economic growth of a country which further leads to social development and well-being.
Keywords: Financial Development, Economic Growth, Social Development Indices.
JEL Classification: E44, F43, A13
 
 
Effect of Factors Related to Working Capital Management on Profitability of Companies in Business Cycles
105-112
Babak Jamshidi Navid, Zahra Mohammadi Pour Mazaheri and Faramarz Maghsoudi

Abstract:
This paper examines the effect of business cycles on the relationship between working capital management and profitability. This study was conducted by using the combined data from published financial statements of companies listed in Tehran Stock Exchange on a sample of 77 companies in a period from 2002 to 2014. The results and findings suggest a negative relationship between working capital management and profitability and in addition, because economic conditions significantly affect the relationship between working capital management and profitability, it moderates the relationship between working capital and profitability.
Keywords: Profitability, working capital, bust, boom, business cycles
 
 
An Analytical Investigation of Factors Affecting the Stock Valuation in Initial Public Offerings
113-126
Dr. Abbas Taleb Bidokhtee, Daryoush Ghanbarpour

Abstract:
Annually, many companies attempt to initially offer their stock to the public, some of the issues they are faced with in the field are low valuations, long-term price drops and hot initial public offering, and because of its importance, it has become the subject of many studies. The main aim of this study is to investigate the analysis of factors affecting the stock valuation in the initial public offerings of listed companies on Tehran Stock Exchange. This research is applied based on purpose and it's a type of descriptive-correlational research in terms of method. The statistical population consists of all companies listed on Tehran stock exchange during 2008 to 2013. Sampling method has been as the systematic elimination. A panel model has been used for analyses. To calculate data on the study variables the Excel software has been used and to test the hypotheses and to analyze data obtained from a multiple regression the Eviews software has been applied.
The results show that there is generally a positive relationship between the variables of net sales, earnings per share and the size of audit firm with the stock valuation in initial public offerings and there is no relationship between the percentages of non-bound executive directors with stock valuation in initial public offerings.
Keywords: initial public offerings, stock valuation, Tehran Stock Exchange
 
The Influence of Accounting Information and Analysts On the Market Value of Brazilian Public Companies
127-140
Fernando Lima Trambacos and Tatiana Albanez

Abstract:
This study analyses the effects of accounting information and market analysts, two sources considered relevant for the reduction of information asymmetry, on the market value of Brazilian publicly traded companies. Our specific research hypotheses are: (i) there is a positive relation between the quality of accounting disclosure and a company’s market value; (ii) the relation between the number of analysts following a company and its market value is also positive; and (iii) accounting disclosure quality is more influential on market value than the number of analysts. Our analysis used panel data regression models, with a database of 64 public Brazilian companies, with information for the period between 1997 and 2012. Our results bring evidence that the quality of accounting information may indeed have a role in explaining companies’ market value. The variable Corporate Governance Level, also used as an indicator of accounting disclosure quality, on the other hand, presented a negative coefficient and was not significant in any model. As for the variable number of analysts, results indicated statistical significance, but with a negative coefficient, which contradicts the expected behavior pursuant to extant literature.
Keywords: Capital Markets, Market Value, Information Asymmetry, Accounting Information Quality, Market Analysts.