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The funding decision is a major financial decision of the company. Have an adequate capital structure can improve the performance of the business and therefore create value . In this article which deals with the case of SMEs, the aim is to examine the financial structure of SMEs in order to highlight the factors that may explain the choice of SME financing. This work is based on the analysis of secondary data collected from 413 SMEs in Cameroon, from the investigation initiated by the Ministry of Small and Medium Enterprises, Social Economy and Handicrafts (MINPMEESA) Government of Cameroon and conducted by the Japan International Cooperation Agency (JICA) on behalf of the Japanese government. To identify factors that could explain the choice of financing of SMEs, we use a multinomial logit model with three terms and the recently proposed in this context estimates methods. Our results show that: the size, tangibility of assets, profitability and industry strongly influence the decision to choose a method of financing Cameroonian SMEs . However, the Cameroonian SMEs establish a preference in their choice of financing on the level of financing costs.
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The aim of this paper is to examine the impacts of the introduction of the Information and Communication Technology (ICT) on banking activities in Tunisia. We carried out a little comparison between a bank in the state sector (STB) and another in the private sector (BIAT). The results of our investigation showed the importance of ICT on the functioning of banks in Tunisia, particularly in terms of speed and selectivity of the information quantities (BIAT) and reliable transaction processing (STB).
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The “holistic” character of sustainable development1 has the advantage of being applicable to many fields due to the multiple and varied aspects that the concept implies. The polymorphic nature of sustainable development, its flexibility and variability means that it might have specific features in each field that employs it. Thus, the meaning of the notion of sustainable development is adjustable, different and can be shaped according to the particularities and specificity of the object it applies to; for this reason, its field of application is extremely varied. Naturally, the legal dimension of the concept will not have the same significances regarding its use in various agreements and normative acts. As a result, in all agreements, documents and normative acts in which it can be found, sustainable development will have various meanings according to the regulation field that employs it. Within conventions and normative acts that insert it in their content, sustainable development is seen as principle, right or obligation, action framework, process or procedure. Despite all this, it is important to mention that its main role is to be an achievable aim. Thus, the state has several obligations that need meeting to reach the sustainable development of society; consequently, we can speak of an obligation of means imposed to its receivers. The states should struggle to attain sustainable development by adopting measures identified as necessary for this purpose. From this point of view, in an implicit manner, sustainable development has effects that directly constrain its receivers: by setting a target to be reached, states are imposed measures they need to take.
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This paper proposes to examine the issue of managerial or organizational learning introduced in our public and private companies following the restructuring process started from the nineties (1990). Our field study (over a dozen companies) allowed us to note imitation in our businesses and our entire society. The reflex of our managers in the change effort was directed more towards a technocratic management technician or a credit given to exaggeration reference models Western management. They evacuated the complexities and local resistance (cultural). These were ignored and contradictions continue, and we fell into a computer-Taylorism. Change remains a speech disconnected from reality, business and society, and goes against its own objectives.
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Skill Biased Technological Changes (SBTC) constitutes changes in technology of production that promotes skilled labor more than unskilled workforce by increasing its relative productivity and, subsequently, its relative demand. Traditionally, technical change is considered neutral factor. However, the rapid increase observed in the relative wage of skilled workers means that recent technological change was biased expertise. This increases the skill premium. The theories and the data suggest that new information technologies are complementary with skilled labor, at least in their dissemination phase. The bias factor attributed puts technological change a central issue of income distribution. But in addition to the increase in demand for skills, we observe an increase in the supply of skills. This leaves the skill premium in cyclic evolution.
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Several developed and developing countries have liberalized their financial systems in order that their public and private sector derive benefits from the global economy. Indeed, recent growth has been the result of financial openness practiced by several countries. In fact, financial liberalization allows diversifying portfolios, sharing risk and improving financial services which contribute to the development of the real economy. But, this liberalization has generated changes in the exchange rate which affects economic growth and requires adjustments of the exchange and monetary policy. The objective of this paper is to present the financial liberalization and explain its effects on economic growth and the real effective exchange rate of France.
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This paper seeks to present the status of the Teaching of French at basic educational levels in Ghana. It seeks, specifically, to revisit the methodological, material and human resource difficulties faced by primary schools offering French. Indeed, Ghana, an Anglophone country where French is taught as a foreign language has a language teaching policy that requires schools to start offering French at the Junior High School level. However, since its implementation, private primary schools are increasingly introducing the teaching of French, a phenomenon which is becoming the order of the day. It is, thus, imperative to consider the actual challenges that such a phenomenon could be causing. Against that background, this paper seeks, specifically, to answer the following major question: Are the work and learning conditions put in place by primary schools offering French in line with the requirements prescribed for the teaching of a foreign language, especially French, at basic educational levels?
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This paper aims to analyze the proximity effect on innovation intensity conducted by Co-located firms in Tunisia. From the work of economics proximity and neo institutionalisms, we recall theoretical arguments of proximity effects on radical and incremental innovation in conglomerated firms. Regression logistic results performed by a survey with 44 ICT Co-located firms within an industrial district in Tunis shows that proximity has a positive and favorable effect on technological innovation intensity. In addition, results from empirical analyze confirm that the determinants are different between radical and incremental innovation. In fact, radical innovation is explained essentially by R&D activities as well as cognitive and organizational factors. In contrast incremental innovation is explained mainly by social factors and skilled workers
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This study is determined by the intensified migration for employment purposes at international level, which is analyzed in an international context as well as in the context of the special legislation on employment of foreigners in both in Mexico as well as in Romania, being outlined the way in which each of these two states are trying to protect labor market and to combat clandestine work migrant workers. The comparative study also shows changes in the immigration laws of the States, according to the latest United Nations Convention, the basic objectives have not criminalization of irregular migrant workers and facilitate mobility in an international context characterized by global economic recession
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Migrations are an essential element of human life in society, which define both modern societies and regional or national character. The history of mankind estimates that the phenomenon of migration has happened steadily since about two hundred thousand years ago, so it is far from being a new phenomenon; it is beyond the very existence of the State as a human creation of social organization and even the origins of the legal science itself. This issue is very complex and has different facets, so its comprehensive study should be interdisciplinary. However, there are different types of internal and external migration, and among them are a spontaneous movements of regrouping of populations, groups of individuals who migrate in search of refuge as the only way to preserve life, those who migrate due to natural disasters, or due to other causes. However, when emigration is strictly for labour purposes, the individual must receive a legally differentiated treatment by International Social Law, as well as national legal systems of countries of departure and arrival, differing from the rest of labour migration because two inalienable and indispensable human rights converge in one act: on the one hand, the right to migrate, and on the other hand, the right to work; both fundamental rights provided in Articles 13 and 23 of the "Universal Declaration of Human Rights" of the United Nations. This article addresses those complex problems of current interest.
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This article provides an empirical analysis of intra-industry trade in the developing regions (Middle East, Europe C / O, NPI, Latin America and Africa) with the rest of the world and with developed countries in the period 1993-2001 similarities and differences of trade relations in these regions are analyzed using the index Grubel-Lloyd (GL). We note that different estimation methods yield different results, and the relationship between trade openness and growth is far from simple and needs to be treated with great caution.
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The level of non-hydrocarbon exports perfectly illustrates the lack of competitiveness of the Algerian economy. The Algerian company fails to conquer the foreign market, but even more, it loses each day a little more its domestic market share. We will try through this paper to show that the Algerian rentier economy remains and thus dependent on oil prices. We also exposed the obstacles that are a hindrance to the Algerian exports. We conclude our work by the challenges and issues faced in the national economy.
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Generalizing production standards and the development of markets for speculation, including financial and those of imports, thereby reducing the opportunities for job creation in developing economies globalization. What consequently the Algerian economy where every thing an investment program, five-year plans, was initiated by the government since 2000for his recovery.
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Since 2008, the EU and the world economy cross a deep economic and financial crisis. With the first signs of resumption appeared from the 1st half-year 2010, the evolutions and the fast transformation of the world market underline the importance of the preservation of the competitiveness. The annual reports of 2009 and 2010 on the competitiveness were interested in the potential repercussions of the economic recession on the productivity and in the future determining factors for the competitiveness of the EU on the world markets: the modification of the structure of the exchanges and the supply chains of the EU, activities of R&D and innovation of the foreign companies within the EU, European competitiveness in the key generic technologies, innovation and competitiveness in the creative industries. In this trail, numerous countries, emergent in particular, know unprecedented performances and post substantial competitiveness in certain sectors where the EU feels sometimes competed, even threatened. What was worth to him a plural reaction to boost its economy and improve its competitiveness to remain in the world economy? Our reflection will focus on four points: (1) On the competitiveness and the world context; (2) The general performances regarding competitiveness and their measure in the European companies; (3) Measures and sectors to improve the competitiveness of the European companies; (4) Synthesis and recommendations
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Painfulness with work is the fact to be exposed during its career to occupational hazards related to factors of painfulness likely to leave durable, identifiable and irreversible traces on the health of the worker.
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This paper examines the impact of financial crises on public debt. We propose to analyze this relationship through a dynamic panel model. This model also includes other variables that may explain variations in debt ratio namely GDP growth and inflation. Our panel consists of nine European countries and the study period lasted from 2000 to 2012. This period can follow the changes in debt ratio principally during the subprime crisis. The results show that debt ratio increased significantly two years after the crisis beginning, the growth will reduce the public debt ratio and inflation has a positive and significant impact on debt ratio.
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Janika Oras and Taive Särg provide an overview of the 8th runo song conference held at the Estonian Literary Museum on November 26 and 27, 2014.
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Ülo Tedre (12 February 1928 – 9 March 2015) The eulogy is written by Arvo Krikmann.
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The article gives an overview of the formation and origin of two food-related rumour cycles that have circulated in Estonia, various viewpoints and opinions about present-day consumption and trade, which have been highlighted in these rumours, discussions, comments in discussion forums and articles, as well as of people’s problems, fears, and stereotypic beliefs. The first commercial rumour about salad rinsing and other commercial frauds is of Estonian origin. Namely, in 2006 a rumour started to circulate in Estonian social networks and later on also in newspapers that local store chains were selling salads past the expiration date, with the spoiled dressing washed out and replaced with fresh. The second rumour, most probably of USA origin, was associated with international market and trade and began to spread in Estonia at the beginning of 2013, through a chain letter disseminated in social networking sites, warning people about the harmfulness of baby carrots.
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