Original Research
Farzan Yahya; Zahiruddin Ghazali
Volume 3, Issue 6 , June 2016, Pages 354-366
Abstract
This study aims to report the results of an investigation into the effect of accounting and market based performance measures on CEO compensation along with the moderating role of dividend policy. The study has utilized hierarchical multiple regression on a sample of 66 financial companies/banks listed ...
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This study aims to report the results of an investigation into the effect of accounting and market based performance measures on CEO compensation along with the moderating role of dividend policy. The study has utilized hierarchical multiple regression on a sample of 66 financial companies/banks listed on Karachi Stock Exchange (KSE), for a 5-year period (2010-2014). The results indicate that there is positive and significant impact of accounting based measures (operating performance and firm size) on CEO compensation. In case of market-based measures only growth opportunities have significant and positive impact on CEO compensation. Significant negative impact of market share and insignificant effect of market performance on CEO compensation has been revealed. Contrary to agency theory, this study finds that dividend policy is not utilized as a substitute control device. Additionally, dividend policy cannot mitigate agency conflicts in financial sector of Pakistan due to its ineffective role as aligning mechanism. Overall, the results imply that inefficient dividend policy can further distort the pay-performance link.
Original Research
Dalia Kaupelytė; Deimantė Kairytė
Volume 3, Issue 6 , June 2016, Pages 367-377
Abstract
The purpose of the study is to analyze the impact of intellectual capital efficiency impact on the European listed banks performance. In this paper concept of intellectual capital and its components is analyzed and empirical research is performed testing the impact of intellectual capital efficiency ...
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The purpose of the study is to analyze the impact of intellectual capital efficiency impact on the European listed banks performance. In this paper concept of intellectual capital and its components is analyzed and empirical research is performed testing the impact of intellectual capital efficiency on European small and large listed banks financial performance. Data of the research cover period from 2005 -2014. Intellectual capital efficiency impact on banks financial performance is measured for the sample of 118 (52 small and 66 large banks) listed European banks according to their value of total assets. The intellectual capital is calculated by using Value Added Intellectual Capital Coefficient (VAIC) method. For measuring banks financial performance banks profitability, productivity and risk ratios are used. Results of the research support hypothesis that banks intellectual capital has an impact on the financial performance and differences are evident in large and small European listed banks. Authors conclude that intellectual capital had negative impact on large banks financial performance after the financial crisis and negative impact on small banks financial performance before the financial crisis.
Original Research
Zahra Saghi; Vahide Tabassi Lotfabadi
Volume 3, Issue 6 , June 2016, Pages 378-389
Abstract
The purpose of this study is to investigate the factors affecting customer satisfaction through social marketing features with regard to the moderating role of environmental approach in Organization of Transportation and Traffic of Mashhad Municipality. For this purpose, aspects and parameters related ...
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The purpose of this study is to investigate the factors affecting customer satisfaction through social marketing features with regard to the moderating role of environmental approach in Organization of Transportation and Traffic of Mashhad Municipality. For this purpose, aspects and parameters related to the research variables were identified by referring to conducted studies and based on these variables, a questionnaire was designed based on of 28 questions whose reliability was confirmed by the elite in the field of management. The study population are all contacts of the organization of transportation and traffic of Mashhad Municipality; the sample size of which is 220 people by using Cochran formula. Also, to test the hypotheses of this research, Pearson correlation coefficient test and multiple regression are used and the results suggest that the environment moderates the correlation between social marketing and customer satisfaction in the Organization of Transportation and Traffic of Mashhad Municipality.
Original Research
Nguyen Kim Quoc Trung
Volume 3, Issue 6 , June 2016, Pages 390-398
Abstract
Market discipline is considered one of the three important pillars in order to remain the stability of banking system. The financial system will work efficiently when the effectiveness of market discipline and the role of market discipline in handling problem banks are controlled and monitored. This ...
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Market discipline is considered one of the three important pillars in order to remain the stability of banking system. The financial system will work efficiently when the effectiveness of market discipline and the role of market discipline in handling problem banks are controlled and monitored. This article will approach to the aspects of participants involved in the deposits and the loans that their actions have caused turmoil on financial markets. The first part of article will consider carefully the definition of the market discipline and those who will implement the necessary preconditions for effective operation. Then, the article will discuss the indiscipline in the United States during the financial crisis and the undisciplined movement of commercial banks in Vietnam for the period 2008 – 01/2016. Hence, the article will recommend some solutions to increase the discipline in the activities of commercial banks in Vietnam, such as strengthening the leading role of central banks in regulating the economy and the monetary policy to stabilize the general price levels; raising the importance of corporate governance in financial institutions; and finally, ensuring the transparency of information systems.
