Capital Invested - Update Capitalization and Equivalence

Author(s): Floarea Georgescu / Language(s): English Issue: 11/2015

A simple calculation shows that a Romanian leu received today is worth more than the one received after one year because there is an opportunity to invest profitably today this leu that we expect in the future. Similarly, to spend a penny more than a year is preferable its immediate spending because it can bring meantime gain. This simple reasoning proves that the time value of money is related to both the temporal scope of cash flows and the individuals or companies the opportunity to gain a return of capital placed.

Areva Inc. Post Fukushima Economic and Management Challenges

Author(s): MOHAJERYAMI Saeed / Language(s): English Issue: 11/2015

Areva is a French multinational company, mainly known for its nuclear power activities. The Company is active in all parts of value chain of nuclear energy. After Fukushima disaster, Areva Inc. faced a huge financial loss. This study investigates the reasons for the financial loss and how Areva could have managed the loss more effectively. Diversification, increasing the flexibility of its human resource management, not taking any unresonalbe risks after 2008 vulnerable global market, adopting more realistic and risk-averse approach for estimation of the cost of its nuclear projects are suggested as preventive and corrective actions.

The Transaction-Cost Roots of Market Failure

Author(s): Tamara Todorova / Language(s): English Issue: 11/2015

Our purpose is to reveal the transaction cost character of the different forms of market failure where transaction costs are defined as the costs of using the market mechanism, what it costs to organize market exchange or overcome the obstacles to an efficient market process. The paper thus inevitably attempts at defining market failure in this new context. It also studies market power, externalities, opportunism and informational asymmetries as the different forms of market failure from the perspective of transaction cost theory. We discuss public goods and the role of the state in overcoming the marketing costs of private transacting. This role would be stronger in economic systems faced with sizable transaction costs and thus more prone to market failure where market failure becomes a true obstacle for economic development

Management of Sustainable Development of Oil and Gas Producing Region

Author(s): Elena Anatolievna Koriakina,Nadezhda Sergeevna Kulakova / Language(s): English Issue: 02 (12)/2015

The work demonstrates the dynamics of the world market of energy commodities. It shows the role of the fuel and energy sector s n element of the system of the co ntry’s economy development nd b sis of the profit ble p rt of the Russian budget. The authors of the article understand the sustainable development of the region as a decrease in the territory dependence on the situation on the global energy market, increase in competitiveness in the world market of hydrocarbon processing and agriculture. Development and implementation of investment projects in the region in the framework of the processing innovative technologies will reduce the region's dependence on commodity proceeds, and increase in the number of the budget revenue sources will reduce the degree of its vulnerability to market conditions in a single market. It explains the influence of the Tyumen Region on the sustainable development of the country. In order to develop management solutions related to the vector of regional development, the authors have adapted the model of the comprehensive estimation of regional sustainable development based on the improved system of indicators. The authors chose the oil and gas producing region – the Tyumen Region (Russia) – as the object of the study, conducted an analysis based on the selected inductors, which allowed to identify problems and propose measures that would promote the development of both the region and Russia as a whole in result. It provides the complex of ways to manage sustainable development of an oil and gas producing region under the current conditions, among which the authors highlight: optimization of the tax climate for investors and enterprises funding the processing sector and advanced technologies; tax relief to the newly open and modernized enterprises; state co-financing of industrial enterprises serving oil and gas sector and hydrocarbon processing enterprises; reorientation of the labor force.

The Sourcing Process in Casino Gambling’s Player of Thai- Cambodian Borders

Author(s): Kaenmanee Sumeth,KHERMKHAN Jeeranun / Language(s): English Issue: 01 (13)/2016

The purpose of this paper explore souring process of persuade and attract tourism and gambling in Cambodia‟s casino of border Thailand. Moreover, it can show factor succeed in persuading and allow know the behavior of tourists and gamblers. The finding show that gambling across the border in Thailand - Cambodia has a clear system on providers within the cross-border gambling network such as capitalists who are investing as a broker to buy promotion chip, retail travel agents who create networks for exchanging tourists between the company, travel agency's owner and tourists, van drivers, gambling players, travel planner, and owner of the casino. This is the creation of vertical relationship which implies the use of power and patronage system, and there is no trustworthy as it is living with the reciprocal benefits or it can be called that one party patronages another partY

126 The Development of Inner Tourism: Problems and Prospects under the Modern Russian Conditions

Author(s): Elena Victorovna Frolova,Elena Evgen'evna Kabanova,MEDVEDEVA Natalia Vladimirovna / Language(s): English Issue: 01 (13)/2016

The article is devoted to the current economic problem-the development of inner tourism. The peculiarities and the development of problems relating to the tourism in the Russian Federation have been determined on the basis of statistical and sociological information. In this article we provided the analysis of the Russian and international experience, determined the most fruitful mechanisms on developing touristic attractiveness of these territories which may be adapted and demanded under the current conditions. As international experience showed the development based on the scientific research significantly stipulated the increase of touristic flow. The investigations should be aimed at revealing the parameters of perception concerning specific peculiarities at the determined territory, local culture, traditions, the analysis of the requirements of would-be consumers, the determination of priorities in the realization of the touristic initiatives, the assessment of effectiveness of tourism development at the determined territory. Both: international and Russian experience show that it is necessary to revive, maintain, and develop unique peculiarities of a territory, local culture, traditions and customs that should also involve activity of inhabitants. It is significant that exactly local creative groups participate in the development of inner tourism. The analysis showed that it is exactly the consolidation of efforts put in by the local authorities, business, and inhabitants at the local level that is considered to be the most fruitful management practice in making inner tourism attractive at that or another territory. The most effective directions of management activity include the following aspects: the creation and development of unique objects of touristic attractiveness, the actualization of cultural and historic inheritance, search for innovative ideas in developing 5Vilgelm PikStreet, 4, 1, Moscow, 129226, The Russian Federation DOI: http://dx.doi.org/10.14505/jemt.v7.1(13).13 Volume VII, Issue 1(13), Spring 2016 127 event tourism and their realization, modernization of practice concerning touristic products and services in the field of folklore, folk craft, and local initiatives.

A Dynamic Capability View on Tourism Supply Chain Resilience: Evidence from Indian Tourism Sector

Author(s): ROY Souvik,AMAR Raju G.,MANDAL Santanu / Language(s): English Issue: 01 (13)/2016

Tourism supply chains need to be resilient so as to restore operations from increasing disruptions. Hence we argue in this empirical examination using dynamic capability view that firms in tourism supply chains will use their variable, renewable, inimitable and non-substitutable (VRIN) resources and non VRIN resources to develop tourism supply chain resilience to recover from disruptions in a swift manner. Further, we posit such tourism supply chain resilience as a dynamic capability that will impart positive supply chain performance for partnering firms. Empirical findings obtained as a result of 233 complete responses and analyzed using PLS suggests VRIN and non-VRIN resources to as significant enablers of tourism supply chain resilience and such a capability result in a positive tourism supply chain performance. Further, our study revealed perceived environmental dynamism as a dominant moderator influencing the proposed linkages among VRIN; non-VRIN resources and tourism supply chain resilience.

Threshold Effects of Energy Consumption on Economic Growth in Turkey

Author(s): AYDIN Celil,Ömer Esen / Language(s): English Issue: 03 (15)/2016

In this study3, the relationship between energy consumption and economic growth, and the effect of energyintensity level on this relationship are investigated for the period 1975-2013 for Turkey using recently developedThreshold Autoregressive (TAR) Models that provide appropriate procedures for estimation and inference. Although themajority of studies in the relevant literature support the view that energy consumption may promote economic growth, theempirical findings, based on the estimation of the threshold model, reveal evidence of threshold effects related to theenergy consumption in Turkey. According to the analysis results, estimated value of the threshold is 0.191 for energyintensity level. The findings indicate that an energy consumption rate above the threshold energy density level adverselyaffects economic growth, and a consumption rate below the threshold level positively affects economic growth. Theseresults show that when the optimal levels of energy density, which is one of the important indicators of energy efficiency,are exceeded, energy consumption considerably hinders economic growth. In this regard, political authorities anddecision-makers should not ignore threshold levels within the context of energy density while determining energy policies.This is because this condition has a fundamental role in both increasing the effectiveness of implemented economicpolicies and realizing sustainable economic growth which has a significant place in stability.

Előszó

Author(s): Tamás Juhász / Language(s): Hungarian Issue: 1/2014

Betoldás vagy nem?

Author(s): Csaba Fekete / Language(s): Hungarian Issue: 1/2014

Guilt, Grace and Gratitude

Author(s): Wim Verboom / Language(s): English Issue: 1/2014

Can the Heidelberg Catechism be Neglected in the Life of the Reformed Church of Hungary?

Author(s): Szilveszter Füsti-Molnár / Language(s): English Issue: 1/2014

A kátémagyarázatos istentisztelet

Author(s): Attila Kelemen / Language(s): Hungarian Issue: 1/2014

RESISTANCE FACTORS TO COMMUNITY PARTICIPATION IN SUSTAINABLE TOURISM DEVELOPMENT IN NORTHERN SUMATRA INDONESIA

Author(s): Ismail Bin Lebai Othman,Sulaman Hafeez Siddiqui,Her Taufik / Language(s): English Issue: 3/2016

This study aims to examine conceptual and empirical evidence about the perceptions of local community consisting of residents and small and medium entrepreneurs engaged in tourism in Northern Sumatra Indonesia. This study will review, assess, and identify the obstacles that are detrimental to community participation and successful tourism development in a given destination. Community development is part of tourism development of any destination. It has become a priority of relevant authorities to achieve sustainable development goals through tourism development. This review, moreover, will discuss how community participation and development can promote sustainable development of tourism. Discussion has focused on the inhibition factors such as the opportunities for cooperation with successful entrepreneurs; entrepreneurial and job opportunities, entrepreneurship and involvement in promoting of local products. This study investigated local residents as the sampling unit. The data has been analyzed using statistical methods through SPSS. The results depict that community participation in terms of entrepreneurial collaboration among population and product development have significant effect on development of tourism destination. It is recommended that a comprehensive study should be carried out in greater depth.

PERSPECTIVES ON CONSUMERS’ RESPONSE TO CORPORATE SOCIAL RESPONSIBILITY

Author(s): Kamarudeen Babatunde Bello,Ahmad Jusoh,Khalil Md Nor / Language(s): English Issue: 3/2016

Purpose: This study presents a review of literature on consumers' perception and responses towards the perceived corporate social responsibility (CSR) of companies, with a view to provide additional insight into the phenomenon. Methodology/Approach: The study is essentially a review of existing literature, which entails the identification, review and synthesis of existing studies on the phenomenon. Findings: The review of previous studies on the subject matter reveals that there is no general consensus on the findings regarding consumers' perceptions and response to CSR. The findings from previous studies have been equivocal and largely inconclusive as to whether consumers reward companies CSR efforts with positive responses. Research limitations: The research is basically a review and synthesis of previously conducted studies, and no new data was collected. Practical implications: The findings and conclusions of this study have practical implications for research on the topic of consumers' perceptions and response to perceived social responsible behavior of companies. Essentially, the findings point to the fact that the field of study relating to how the consumers perceive and respond to CSR remains a fertile ground from research to enable management theorists and practitioners get a better understanding of the phenomenon. Originality/Value: The study highlights some important reasons for the mixed findings in previous studies, and further points to the need for researchers to adopt varied methodologies/approaches when conducting researches on how consumers perceive and respond to CSR in contextually different environments.

FACTORS INFLUENCING THE INTENTION TO USE E-GOVERNMENT SERVICES IN ALGERIA: AN EMPIRICAL STUDY

Author(s): Farouk Djermani,Arfan Shahzad,Adnan Ahmed Sheikh,Jamal Mohammed Esmail Alekam / Language(s): English Issue: 3/2016

The purpose of this paper is to investigate about behavioral intention of an Algerian citizen to use e-government services and also to see certain factors effecting to use these services. The research model includes; subjective norms and behavioral intention to use e-government services have been developed based on the technology acceptance model (TAM), which is supported by the theory of reasoned action (TRA) and theory of planned behavior (TPB). The overall framework has been applied to understand the intention to use e-government services in the context of Algeria. Furthermore, there are two independent variables family and media, which influence through mediation i.e. subjective norm on the dependent variable of intention to use e-government services. The study used 300 questionnaires, which was sent to Algerian students, 100 respondents have replied, which is about 33% response. However, the findings of this research analysis have shown that, family influence has a direct, positive and significant relationship towards intention to use e-government services, whereas media influence is significant towards intention to use e-government services with the mediation of subjective norm. Consequently, subjective norm mediates positively in the relationship between family influence and intention to use e-government. Thus, the contribution made by this study is to provide further insight and a better understanding of citizens of Algeria to use e-government services. The study represents a guideline for establishing an appropriate model for e-government adoption of citizens’ perspectives.

SOCIAL DETERMINANTS OF VOLUNTARY CARBON INFORMATION DISCLOSURE IN THE REAL ESTATE SECTOR OF MALAYSIA

Author(s): Kalu Joseph Ufere,Aliagha Godwin Uche,Buang Bin Alias / Language(s): English Issue: 3/2016

The knowledge is power is a quote effective in the public space, where the level of information and awareness people have determines the level of power they exercise. The aim of this study is to investigate the influence social factors has on corporate voluntary carbon disclosure in the property sector of a developing country. The data was collected from 2013 annual reports of 126 listed companies, comprising sixteen (16) property investment companies, seventy six (76) property companies and thirty four (34) construction companies in Malaysia. The analysis was conducted with Partial Least Square-Structural Equation Modeling, with the bootstrap used for significance testing. The result shows that social factor has a significant influence in determining voluntary carbon disclosure. It was observed in the result that company visibility has a greater influence in motiving disclosure. The implication of the outcome is that, improvement in the level of knowledge and awareness of the public, on the need for corporate participation in climate change mitigation and carbon reduction. The more awareness, the more demand by stakeholders on companies; the more companies will be motivated to disclose carbon information in their annual report.

ENGAGING UNIVERSITY’S ROLES IN SOCIAL INCLUSION

Author(s): Roziana Shaari,Siti Aisyah Panatik,A. Rajab,Zainab Khalifah / Language(s): English Issue: 3/2016

This paper presents the role of a public university in Malaysia in engaging into social inclusion responsibilities. The partial results of archival data and focus group discussion are presented from the actual study. The findings explain on how a university impacted on improving society through providing facilities and services to their neighbor.

DESCRIPTIVE EVIDENCE OF CORPORATE GOVERNANCE & OECD PRINCIPLES FOR COMPLIANCE WITH JORDANIAN COMPANIES

Author(s): Yousef Shahwan,Nor Raihan Mohammad / Language(s): English Issue: 3/2016

The OECD principles of Corporate Governance (CG) are the most important public policy mechanisms that assist regulators to efficiently evaluate and improve the institutional, regulatory and legal framework for sound CG. Consequently, the primary objective of this study is to assess the level of practical compliance with the OECD principle of CG by the Jordanian companies. The paper is designed using the conceptual approach. The information used for the study is obtained from the library search. The study found that some of the OECD principles are practically implemented such as (i) framework of good CG; (ii) the rights of shareholders; (iii) role of stakeholders; and (iv) disclosure and transparency. The principle of equitable treatment of shareholders and the responsibility of the board are also used in practice. However, it is suggested that the Jordanian companies should strictly apply the remaining principles because they recognise the importance of every aspect of organizational stakeholders and their due rights for the achievement of the primary goal of the organization. The study will provide some insight to investors, firms, stock exchanges, government and others that play a role in developing good GC.

CATALYSING GROWTH THROUGH BOARD MEMBERS ENGAGEMENT IN STRATEGY EXECUTION

Author(s): Muhamad Roslan Muhamad Yusoff,Ahmad Rahman Songip,Mas Bambang Baroto,Aini Suzana Ariffin / Language(s): English Issue: 3/2016

Strategy Management, a widely spoken attribute among organizations, exhibits their repute on a global platform. Employing strategy to shape the organizational growth is an approach which demands significant research, experience, intelligence and foresight to ensure its success at each level within the organization. The traditional perception of strategy designing reflects the board as the sole responsible authority, with keen awareness of organizational aspects, which include resources, finances, limitations and challenges. Later, when the strategy is rolled out to management and executive levels; many of the strategies lead to a messy, disorderly and disjointed process. Reason behind poor strategy management in the execution phase is the lack of leadership initiatives by board members after strategy planning. This study reviews the role of board members in strategy formulation and challenges faced at Malaysian Government Link Companies (GLCs) particularly in the service sector. It is also looking at minimizing the strategy failure by enhancing the role of board members at deep-rooted levels of strategy execution. In order to capture the rich data from GLCs, this research adopts qualitative approach in its efforts to explore a new dimension in strategy execution. Often challenged by the human perspectives at different levels, the higher lever board tends to limit their scope towards visualizing and rolling out a strategy. This paper addresses the conventional strategy management archetype and introducing the board room engagement at multiple levels, to make certain the organizational growth not for a short span but in a long run, hence ensuring organization sustainability.