ORIGINAL_ARTICLE
Ranking Mutual Funds Performance Based on Post-modern Portfolio Theory Indicators Using Multi-Criteria Decision-Making Methods
Performance appraisal refers to the process of performance measurement, assessment, valuation, and judgement over time. Performance ranking based on several criteria of different values is possible only when multi-criteria decision models are adopted. In this regard, different indicators are used in accordance with the type of ranking. Accordingly, inspired by the support vector machine model (SVM) and the Promethee technique, the present study aimed to develop a performance appraisal model for mutual funds and rank them accordingly. In this study, 34 mutual funds accepted in Iran’s capital market were selected during 2016-2018 using the systematic random sampling method. First, the key performance indicators were detected using the indicators of post-modern portfolio theory, which were then approved by managers, experts, and professionals. Then some information about each indicator was collected, and the experts and professionals’ comments were used to weight the indicators and specify the importance and priority of each indicator. Afterwards, an applied model was developed to represent the indicators effective in ranking mutual funds. Finally, the SVM model and the Promethee technique were adopted to rank the concerned mutual funds. The findings revealed that, in comparison to the indicators of downside risk and Sortino, upside potential ratio has the greatest effect on the performance appraisal of the mutual funds accepted in Iran’s capital market.
https://www.ijmae.com/article_127101_104799bf9bbd92a4b4e2357425e006e8.pdf
2021-01-01
1
24
10.5281/zenodo.4586807
Ranking
downside risk
Sortino ratio
Upside potential
Mutual Funds
Nesa
Moradpour
n.moradpour.72@gmail.com
1
Faculty of Management, Islamic Azad University, South Tehran Branch, Tehran, Iran
LEAD_AUTHOR
Abzari M., S. S. (2008, Autumn & Winter). An Assessment of Effective Factors on Investment in Stock Exchange (case study: Isfahan Regional Stock Exchange). Biquarterly Journal of Economic Essays, pp. 137-162.
1
Adel Azar, A. R. (2012). Applied Decision Making MADM Approach. Tehran: Negah Danesh.
2
Awan,M & Arshad,S; (2012). “Factors Valued by Investors While Investing in Mutual Funds - A Behavioral Context”. Interdisciplinary Joural of Contemporary Research in Business; Vol. 8. No. 1, pp: 1-11.
3
Chen, W. K., Y. J. Chen, and T. Ch. Chen, (2007), "Using Efficiency Ratio to Measure Fund Performance", Journal of Asset Management Vol. 8, No. 6, Pp: 352–360.
4
Estrada, J. (2007),"Mean-Semi variance behavior: Downside risk and capital asset pricing", International Review of Economics and Finance 16 P.169-185.
5
Hassan Ghalibafasl, M. K. (2013). Overconfidence of Investment Managers and the Performance Assessment Indexes of Mutual Funds. Journal of Financial Management Strategy.
6
Jarkko Peltomäki, (2017)," Investment styles and the multifactor analysis of market timing skill ", International Journal of Managerial Finance, Vol. 13 Iss 1 pp. 21 – 35.
7
Kurdbacheh, H. (fall 2012). Assessment of Risk-Adjusted Performance of Mutual Funds in Iran. Quaterly Journal of Economic Research and Policies, 51-82.
8
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9
Markowitz, H., (1959), "Portfolio Selection: Efficient Diversification of Investments", John Wiley Sons
10
Sharpe, William F., Gordon J. Alexander & Jeffery V. Baily, (1999), "Investments", 6d.ed, Prentice-Hall, P.825. 22- Sortino, F., Plantiga, A., and Van der Meer, R., (1999), "The Dutch Triangle: A Framework to Measure Upside Potential Relative Downside Risk", Journal of Portfolio Management, Vol. 26, No. 1,
11
Smith, D. M. (2014). Equity hedge fund performance, cross-sectional return dispersion, and active share. Signs that Markets are Coming Back (Research in Finance, Volume 30) Emerald Group Publishing Limited, 30, 1-22.
12
Sortino, F., Plantiga, A., Van der Meer, R., (2001), "The Impact of Downside Risk On Risk-Adjusted Performance Of Mutual Funds In The Euro next Markets",
13
Sun, Y., Grace, A., Lay Teo, K., Zhu, Y., & Wang, X. (2016). Multi-period portfolio optimization under probabilistic risk measure. Finance Research Letters, 1-7.
14
ORIGINAL_ARTICLE
Board Characteristics and Firm Performance: Evidence from the Listed Non-Banking Financial Institutions of Bangladesh
The main objective of this study is to find out the effects of board characteristics on firm performance in the listed companies of non-banking financial institutions industry of Bangladesh. This study has considered five board characteristics namely board size, the proportion of independent directors, the proportion of female directors, the number of board meetings and percentage of directors’ ownership. ROA has been taken as the performance indicator. The regression results show that board size and female directors are positively and significantly related to firm performance. On the other hand the proportion of independent directors, the number of board meetings and the percentage of directors’ ownership do not have any significant impact on firm performance. The findings of this study will help the regulators and policymakers to understand the existing weakness of corporate governance structure in the financial institution industry and will aid in their quest for harmonizing the practice of corporate governance of Bangladesh with that of developed countries.
https://www.ijmae.com/article_127102_da1cb9e6c752abced9abe82af209b3f1.pdf
2021-01-01
25
41
10.5281/zenodo.4589504
board characteristics
Firm Performance
Corporate Governance of Bangladesh
Financial Institutions
Raihan
Sobhan
raihanfahim001@gmail.com
1
Department of Business Administration, University of Asia Pacific, Dhaka, Bangladesh
LEAD_AUTHOR
Abbas, A., Naqvi, H. A., & Mirza, H. H. (2013). Impact of Large Ownership on Firm Performance: A Case of Non-Financial Listed Companies of Pakistan. World Applied Sciences Journal, 21(8), 1141-1152.
1
Al-Daoud, K. I., Saidin, S. Z., & Abidin, S. (2016). Board meeting and firm performance: Evidence from the Amman stock exchange. Corporate Board: role, duties and composition, 12(2), 6-11.
2
Al-Matari, E. M., Al-Siwidi, A. K., Fadzil, F. B., & Al-Matari, Y. B. (2012). The Impact of board characteristics on Firm Performance: Evidence from Nonfinancial Listed Companies in Kuwaiti Stock Exchange. International Journal of Accounting and Financial Reporting, 2(2), 312-332.
3
Amer, M., Ragab, A., & Ragheb, M. (2014). Board Characteristics and Firm Performance: Evidence from Egypt. 6th Annual American Business Research Conference, (pp. 0-25). New York.
4
Bear, S., Rahman, N., & Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of Business Ethics, 97(2), 207-221.
5
Berle, A. A., & Means, G. C. (1932). The Modern Corporation and Private Property. New York : Macmillan.
6
Bhabra, H. S., & Li, T. (2011). Independent Directors and Corporate Performance: Evidence from Listed Firms in China. Corporate Ownership & Control, 8(3), 145-169.
7
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8
Boyle, G., & Ji, X. (2013). New Zealand corporate boards in transition. Pacific Accounting Review, 25(3), 235-258.
9
Brennan, N. (2006). Boards of Directors and Firm Performance: Is There an Expectations Gap? Corporate Governance: An International Review, 14(6), 577-593.
10
Brown, P., Beekes, W., & Verhoven, P. (2011). Corporate Governance, Accounting and Finance: A Review. Accounting and Finance, 51(1), 96-172. doi:10.1111/j.1467-629X.2010.00385.x
11
Dalton, D. R., & Daily, C. M. (1999). What’s wrong with having friends on the board. Across the Board, 36(3), 28-32.
12
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. Journal of Law and Economics, 26(2), 301-325.
13
Fauzi, F., & Locke, S. (2012). Board Structure, Ownership Structure and Firm Performance: A Study of New Zealand Listed-Firms. Asian Academy of Management Journal of Accounting and Finance, 43-67.
14
Finkelstein, S., & Hambrick, D. C. (1996). Strategic Leadership: Top Executives and Their Effects on Organization. Minneapolis St. Paul: West Publishing Company .
15
Guest, P. M. (2009). The impact of board size on firm performance: evidence from the UK. The European Journal of Finance, 15(4), 385-404.
16
Hanh, L. M., Ting, I. K., Kweh, Q. L., & Hoanh, L. H. (2018). Board Meeting Frequency and Financial Performance: A Case of Listed Firms in Vietnam. International Journal of Business and Society, 19(2), 464-472.
17
Haniffa, R. M., & Cooke, T. E. (2002). Culture, Corporate Governance and Disclosure in Malaysian Corporations. Abacus, 38, 317-349.
18
Haniffa, R., & Hudaib, M. (2006). Corporate Governance Structure and Performance of Malaysian Listed Companies. Corporate Governance Structure and Performance of Malaysian Listed Companies., 33, 1034-1062.
19
Hermalin, B. E., & Weisbach, M. S. (2003). Board of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature. Economic Policy Review, 9(1), 7-26.
20
Hillman, A., Shropshire, C., & Cannella, J. (2007). Organizational predictors of women on corporate boards. The Academy of Management Journal, 50(4), 941-952.
21
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23
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24
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25
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26
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27
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29
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30
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31
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32
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33
Rahman, M. M. (2016). Determinants of CEO Compensation: Empirical Evidence from Listed Banks of Bangladesh. Dhaka University Journal of Business Studies, 1(1), 127-161.
34
Rahman, M. M., & Saima, F. N. (2018). Efficiency of Board Composition on Firm Performance: Empirical Evidence from listed Manufacturing Firms of Bangladesh. Journal of Asian Finance, Economics and Business, 5(2), 53-61.
35
Ramdani, D., & Witteloostuijn, A. V. (2010). The impact of board independence and CEO duality on firm performance: A quantile regression analysis for Indonesia, Malaysia, South Korea and Thailand. British Journal of Management, 21(3), 607-627.
36
Rashid, A. (2018). Board independence and firm performance: Evidence from Bangladesh. Future Business Journal, 4(1), 34-49.
37
Rashid, A., De Zoysa, A., Lodh, S., & Rudkin, K. (2010). Board Composition and Firm Performance: Evidence from Bangladesh. Australasian Accounting, Business and Finance Journal, 4(1), 76-95.
38
Robinson, G., & Dechant, K. (1997). Building a business case for diversity. Academy of Management Executive, 11, 21-30.
39
Ronen, J., & Yaari, V. (2008). Earnings management: emerging insights in theory, practice, and research. New York: Springer.
40
Rose, C. (2005). The Composition of Semi-Two Tier Corporate Boards and Firm Performance. . Corporate Governance: An International Review, 13(5), 691-701.
41
Rose, C. (2007). Does female board representation influence firm performance? The Danish evidence. Corporate Governance: International Review, 15, 404-413.
42
Rouf, M. A. (2011). The Relationship between Corporate Governance and Value of the Firm in Developing Countries: Evidence from Bangladesh. The International Journal of Applied Economics and Finance, 5(3), 237-244.
43
Samaha, K., Dahawy, K., Hussainey, K., & Stapleton, P. (2012). The extent of corporate governance disclosure and its determinants in a developing market: The case of Egypt. Advances in Accounting , 28(1), 168-178. doi: 10.1016/j.adiac.2011.12.001
44
Smith, N., Smith, V., & Verner, M. (2006). Do women in top management affect firm performance? A panel study of 2500 Danish firms. International Journal of Productivity and Performance Management, 55(7), 569-593.
45
Wu, Y. (2004). The impact of public opinion on board structure changes, director career progression, and CEO turnover: Evidence from CalPERS’ corporate governance program. Journal of Corporate Finance, 10, 199-227.
46
Yasser, Q. R. (2012). Affects of female directors on firms performance in Pakistan. Modern Economy, 3, 817-825.
47
Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40(2), 185-211.
48
Zahra, S. A., & Pearce II, J. A. (1989). Board of Directors and Corporate Financial Performance: A Review and Integrative Model. Journal of Management, 15(2), 291-334.
49
ORIGINAL_ARTICLE
COVID-19, a “Black Swan” Event for Cosmetic Market: Evidence from United Kingdom
Since early this year, the world has been facing a hazardous new generation of coronavirus named COVID-19 which has rapidly spread to the extent that it has drowned the world into the pandemic condition. The spread of this pandemic has generated a strong contagion effect across markets around the globe. Therefore, it is necessary to examine the impact of COVID-19 for as many markets as possible. This paper aims to analyze the cosmetic retail market’s behavior in the time of the COVID-19 pandemic using a combination of graphical statistics tools to observe the monthly growth of production and sales in cosmetic retail and toilet articles for the period from October 2019 to August 2020. The results assume that the COVID-19 can have a black swan effect on the cosmetic micro-market. These findings are remarkable for the cosmetic sector's investors and marketers to enhance their understanding of cosmetic retail market behavior during unpredictable events such as pandemics.
https://www.ijmae.com/article_127103_a3247aad7a7c7494f4e64bced7d0af7d.pdf
2021-01-01
42
51
10.5281/zenodo.4592474
COVID-19
black swan effect
cosmetic
retail market
United Kingdom
Mohammad
Karami
mohammad.karami6990@gmail.com
1
Department of Business Administration, Faculty of Business and Economics, Near East University, Nicosia, Cyprus
LEAD_AUTHOR
Shokoufeh
Karami
shokoufehkarami86@gmail.com
2
Department of Business Administration, Amin Institute of Higher Education, Isfahan, Iran
AUTHOR
Au, A. K. M., Ramasamy, B., & Yeung, M. C. H. (2005). The effects of SARS on the Hong Kong tourism industry: An empirical evaluation. Asia Pacific Journal of Tourism Research, 10(1), 85–95.
1
Baker, S. R., Bloom, N., Davis, S. J., Kost, K., Sammon, M., & Viratyosin, T. (2020). The unprecedented stock market reaction to COVID-19. The Review of Asset Pricing Studies, 10(4), 742–758.
2
Beutels, P., Jia, N., Zhou, Q.-Y., Smith, R., Cao, W.-C., & de Vlas, S. J. (2009). The economic impact of SARS in Beijing, China. Tropical Medicine & International Health: TM & IH, 14 Suppl 1, 85–91.
3
Bloom, D. E., & Cadarette, D. (2019). Infectious Disease Threats in the twenty-first century: Strengthening the global response. Frontiers in Immunology, 10, 549.
4
Castles, F. G. (2010). Black swans and elephants on the move: the impact of emergencies on the welfare state. Journal of European Social Policy, 20(2), 91–101.
5
Cosmetic industry growth. (n.d.). Statista.Com. Retrieved December 26, 2020, from https://www.statista.com/statistics/297070/growth-rate-of-the-global-cosmetics-market/
6
Fan, V. Y., Jamison, D. T., & Summers, L. H. (2018). Pandemic risk: how large are the expected losses? Bulletin of the World Health Organization, 96(2), 129–134.
7
Fernandes, N. (2020). Economic effects of Coronavirus outbreak (COVID-19) on the world economy. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3557504
8
Haacker, M. (2004). The impact of HIV/AIDS on government finance and public services.
9
Haider, N., Yavlinsky, A., Simons, D., Osman, A. Y., Ntoumi, F., Zumla, A., & Kock, R. (2020). Passengers’ destinations from China: low risk of Novel Coronavirus (2019-nCoV) transmission into Africa and South America. Epidemiology and Infection, 148(e41), e41.
10
Heinonen, S. (2013). The dance of the black swans. Publications of the Finnish Parliament’s Committee for the Future, 5, 20–40.
11
Henderson, J. C., & Ng, A. (2004). Responding to crisis: severe acute respiratory syndrome (SARS) and hotels in Singapore. International Journal of Tourism Research, 6(6), 411–419.
12
Hoffman, S. J., & Silverberg, S. L. (2018). Delays in global disease outbreak responses: Lessons from H1N1, Ebola, and Zika. American Journal of Public Health, 108(3), 329–333.
13
Jiang, Y., & Wen, J. (2020). Effects of COVID-19 on hotel marketing and management: a perspective article. International Journal of Contemporary Hospitality Management, 32(8), 2563–2573.
14
Kandel, N., Chungong, S., Omaar, A., & Xing, J. (2020). Health security capacities in the context of COVID-19 outbreak: an analysis of International Health Regulations annual report data from 182 countries. Lancet, 395(10229), 1047–1053.
15
Keogh-Brown, M. R., & Smith, R. D. (2008). The economic impact of SARS: how does the reality match the predictions? Health Policy (Amsterdam, Netherlands), 88(1), 110–120.
16
Krupa, J., & Jones, C. (2013). Black Swan Theory: Applications to energy market histories and technologies. Energy Strategy Reviews, 1(4), 286–290.
17
Lee, C.-C., & Chen, C.-J. (2011). The reaction of elderly Asian tourists to avian influenza and SARS. Tourism Management, 32(6), 1421–1422.
18
Nakamura, H., & Managi, S. (2020). Airport risk of importation and exportation of the COVID-19 pandemic. Transport Policy, 96, 40–47.
19
retail - Search - Office for National Statistics. (n.d.). Gov.Uk. Retrieved December 26, 2020, from https://www.ons.gov.uk/search?q=retail
20
Taleb, N. N. (2007). Black swans and the domains of statistics. The American Statistician, 61(3), 198–200.
21
Topic: Cosmetics market in the United Kingdom (UK). (n.d.). Statista.Com. Retrieved December 26, 2020, from https://www.statista.com/topics/5760/cosmetics-market-in-the-united-kingdomuk/
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23
World Health Organization. (2020). Coronavirus disease 2019 (COVID-19): situation report, 43. https://apps.who.int/iris/handle/10665/331354
24
Yarovaya, L., Matkovskyy, R., & Jalan, A. (2020). The effects of a “black swan” event (COVID-19) on herding behavior in cryptocurrency markets: Evidence from cryptocurrency USD, EUR, JPY and KRW markets. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3586511
25
ORIGINAL_ARTICLE
A Model for Commercialization Strategies Success in Marketing in Iran: A Case Study of Industrial Companies in Tehran
Commercialization strategy is one of the most crucial decisions a firm makes in terms of its ability to profit from technologies developed within the firm. This study was carried out to propose a model for commercialization strategies success in marketing in Iran. This study was a descriptive survey and the survey instrument was a researcher-made questionnaire. Statistical society was all of managers in industrial companies of Tehran. Statistical society was all of managers in industrial companies of Tehran. Sample size (245 persons) determination is based on the Krejcie & Morgan table and cluster random sampling method was used. After data collection, data analysis was performed using Statistical Package for the Social Sciences (SPSS). Reliability of research tool was calculated by Cronbach's alpha and the value of that was 0.81. Results and finding of this research showed that government policy, Legal restrictions and Organizational difficulties affect commercialization strategies success in marketing in Iran.
https://www.ijmae.com/article_127104_a390b0216e89da73e31f588498d7ce97.pdf
2021-01-01
52
61
10.5281/zenodo.4592508
Commercialization Strategies
Industrial Companies of Tehran
Iran
Farzad
Fakhr
farzadfakhr@gmail.com
1
Post DBA Project, Business Management, TÜV Training Academy, Tehran, Iran
LEAD_AUTHOR
Aggarwal, V., Hsu, D., 2009. Modes of cooperative R&D commercialization bystart-ups. Strateg. Manage. J. 30, 835–864.
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Anton, J., Yao, D., 2002. The sale of ideas: strategic disclosure, property rights, andcontracting. Rev. Econ. Stud. 69, 513–531.
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Arora, A., Gambardella, A., 2010. Ideas for rent: an overview of markets fortechnology. Ind. Corp. Change 19, 775–803.
4
Arora, A., Nandkumar, A., 2012. Insecure advantage? Markets for technology andthe value of resources for entrepreneurial ventures. Strateg. Manage. J. 33,231–251.
5
Bhattacharya, S., Krishnan, V., Mahajan, V., 2018. Managing new product definitionin highly dynamic environments. Manage. Sci. 44, S50–S64.
6
Bhide, A., 2010. The Origin and Evolution of New Businesses. Oxford UniversityPress.Caves, R.,
7
Belderbos, R., D. Faems, et al. (2010). "Technological Activities and Their Impact on the Financial Performance of the Firm: Exploitation and Exploration within and between Firms." Journal of Product Innovation Management 27(6): 869-882.
8
Chesbrough, H., Birkinshaw, J., Teubal, M., 2016. Introduction to the research policy20th special issue of the publication of profiting from innovation by David J.Teece. Res. Policy 35, 1091.
9
Choi, J., 2012. A dynamic analysis of licensing: the boomerang effect andgrant-back clauses. Int. Econ. Rev. 43, 803–829.
10
Cockburn, I., MacGarvie, M., Mueller, E., 2010. Patent thickets, licensing andinnovative performance. Ind. Corp. Change 19, 899–925.
11
Cohen, W., Levinthal, D., 2015. Absorptive capacity: a new perspective on learningand innovation. Adm. Sci. Q. 35, 128–152.
12
Egan, E., 2020. How start-up firms innovate: technology strategy,commercialization strategy, and their relationship. Imperial College LondonWorking Pa6per.
13
Eisenhardt, K., Martin, J., 2020. Dynamic capabilities: what are they? Strateg.Manage. J. 21, 1105–1121.
14
Fosfuri, A., 2016. The licensing dilemma: understanding the determinants of therate of technology licensing. Strateg. Manage. J. 27, 1141–1158.
15
Frankel, A., 2015. The willing partner. MIT Technol. Rev. 2005 (July), 37.Gallini, N., Winter, R., 1985. Licensing and the theory of innovation. RAND J. Econ.16, 237–252.
16
Meskendahl, S. (2020). "The influence of business strategy on project portfolio management and its success - A conceptual framework." International Journal of Project Management 28(8): 807-817.
17
Mu, J. F. and C. A. Di Benedetto (2011). "Strategic orientations and new product commercialization: mediator, moderator, and interplay." R & D Management 41(4): 337-359.
18
Slater, S. F. and J. J. Mohr (2016). "Successful Development and Commercialization of Technological Innovation: Insights Based on Strategy Type." Journal of Product Innovation Management 23(1): 26-33.
19
Utterback, J., Abernathy, W., 2017. A dynamic model of process and productinnovation. Omega 3, 639–656.
20
Viterbi, A., 2012. Personal communication with M. Marx, December 2012, BostonMassachusetts.Williamson, O., 1985. The Economic Institutions of Capitalism. Free Press, NewYork.
21
Ziedonis, R., 2004. Don’t fence me in: fragmented markets for technology and thepatent acquisition strategies of firms. Manage. Sci. 50, 804–820.
22