ISSN 2167-0439
Research Article
International Journal of Management and Business Studies ISSN 2167-0439 Vol. 8 (4), pp. 001-006, April, 2018. © International Scholars Journals
Full Length Research Paper
Does lunar cycle effect exist? Lunar phases and stock return volatilities
Yi-Hsien Wang1*, Chin-Tsai Lin2 and Wei-Ling Chen3
1Department of Banking and Finance, Chinese Culture University, Taipei, Taiwan.
2Department of Business and Administration, Ming Chuan University, Taipei Taiwan.
3Department of Business and Administration, Yuanpei University, St. HsinChu, Taiwan.
Accepted 11 January, 2018
Abstract
The idea that lunar cycles may influence human behavior dates back at least to ancient Greece and Rome. Even in modern societies, with their emphasis on science and technology, the legend of moon affecting human behavior is a steadily growing trend. This study thus adopts a behavioral finance perspective to examine the relationship between lunar cycle and investor behavior, and specifically analyzes stock market behavior in Taiwan. The sample data employed in this investigation cover the period of 1998 to 2008, and this study adopts the asymmetric General Autoregressive Conditional Heteroscedosticity (GARCH) model for the analysis and considers the effect of lunar cycle for investor behavior is active or passive on the stock market. Finally, the empirical evidence presented in this study demonstrates how lunar cycle showed the significant and negative influence on stock returns, and stock volatility demonstrates statistically significant and positive influence. The results imply that the moon affects individual mood and thinking, and lead to stock market change.
Key words: Lunar cycle, investor behavior, General Autoregressive Conditional Heteroscedosticity model.
Yi-Hsien Wang*, Chin-Tsai Lin and Wei-Ling Chen
Page: 1 - 6
Research Article
International Journal of Management and Business Studies ISSN 2167-0439 Vol. 8 (4), pp. 001-020, April, 2018. © International Scholars Journals
Full Length Research Paper
Factors affecting satisfaction levels of internal customers in Turkish automotive authorized services
Senol Okay and Mehmet Akçay*
Department of Machine Education, Technical Education Faculty, Pamukkale University, Denizli, 20070, Turkey.
Accepted 16 May, 2017
Abstract
This study aims to determine the satisfaction levels of employees considered the internal customers in respect of the total quality management approach and the factors affecting the satisfaction levels. It can be stated that determination of the factors affecting the internal customer satisfaction can be provided to increase the services quality and to make better use from employees’ performance. In the research, the screening method was used and study group is consisted of 550 internal customers working in the authorized services in randomly selected provinces. The findings obtained via answering of the survey questions were evaluated according to frequency, mean and standard deviation. In the study, according to hierarchical differences (Master/Forman-Sub-administrator) between employees in automotive authorized services (AAS), independent groups t- test analysis related to differences of assessments has been used. And, one-way analysis (ANOVA) was used to determine if there were differences according to variables of “educational status” and “working hours” in the evaluations, and, Tukey-HSD test was used in order to determine which groups the possible differences of the groups were between. The significance level was considered as p < 0.05 in testing the differences between the groups. At the result of the study done, the satisfaction levels of the internal customers are seen to be high. It can be stated that internal customers’ sense of dismissing is low, employers and employee mutual love and respect for each other, and, this situation creates an effect which increases the internal customers’ sense of belonging to the workplace. The satisfaction levels of internal customers in AAS are seen at the “medium” level according to their fee and social rights.
Key words: Automotive authorized services, total quality management, customer, internal customer satisfaction.
Senol Okay, Mehmet Akçay*
Page: 1 - 20
Research Article
International Journal of Management and Business Studies ISSN 2167-0439 Vol. 8 (3), pp. 001-011, March, 2018. © International Scholars Journals
Full Length Research Paper
Shared vision invention: A case from the financial industry
Jui-Kuei Chen
Graduate Institute of Futures Studies, Tamkang University, Taiwan 4F, No. 20, Lane 22, WenZhou St, Taipei, 10648. E-mail: [email protected].
Accepted 16 September, 2017
Abstract
To not just survive, but also succeed, in today’s highly competitive global economic marketplace, a shared vision that allows an industry to develop a competitive advantage is required. In Taiwan, the financial industry was once helpful for Taiwanese economic growth, but it has currently lost competitive advantage and now needs support from the government. Although, past research has focused on how to improve the performance of the financial industry, it seems to have ignored the development of shared vision, which results in treating the symptoms, but not the root, of the problem and thus, getting half the result with twice the effort. To address this problem, this study aims to construct critical indices for the Taiwanese financial industry through a Multiple Criteria Decision-Making (MCDM) approach based on the Fuzzy Analytic Hierarchy Process (FAHP) and a Technique for Order Preference by Similarity to Ideal Solution (TOPSIS). Based on these results, Taiwanese banks were advised to create a shared vision that is suitable for future global competition in compliance with the research findings.
Key words: Shared vision, financial industry, FAHP, TOPSIS.
Jui-Kuei Chen
Page: 1 - 11
Review
International Journal of Management and Business Studies ISSN 2167-0439 Vol. 8 (3), pp. 001-015, March, 2018. © International Scholars Journals
Review
Aditya Birla’s Alexandria Carbon Black operation: Global strategies for global markets
Harold D. Harlow
School of Business, Wingate University, Campus Box 3008, Wingate, NC 28174, USA. E-mail: [email protected]. Tel: 001-704-233-8141. Fax: 001-704-233-8156.
Accepted 06 December, 2017
Abstract
The Alexandria Carbon Black Case Study examined initial and continuing investment in petrochemical manufacturing facilities in Egypt by an Indian multinational. The case brought together the various aspects of global strategy, cultural issues, social responsibility and developing world companies’ success in displacing current producers with operational strategies that include new plants, adherence to ISO standards, increased response to customer needs and attention to just in time warehousing close to customers. The case also shows how corporate, SBU and functional strategies at newly global Indian companies like Aditya Birla are having a huge impact on entrenched producers providing huge new opportunities in low growth businesses. Questions such as developing local staff, new ideas for increasing production, strategies for continuing growth and how to continue to grow the Alexandria Carbon Black business globally as the business model is recognized and duplicated by competitors in Eastern Europe and China are highlighted by the case.
Key words: Global strategies in basic industries, international finance, social responsibility, growth in basic industries, Cross cultural management.
Harold D. Harlow
Page: 1 - 15
Research Article
International Journal of Management and Business Studies ISSN 2167-0439 Vol. 8 (2), pp. 001-009, February, 2018. © International Scholars Journals
Full Length Research Paper
Firm-specific attributes and contrarian profits: Evidence from the Taiwan stock exchange
Chu-Chun Cheng1, Day-Yang Liu1 and Yen-Sheng Huang2*
1Graduate Institute of Finance, National Taiwan University of Science and Technology, Taipei, 106, Taiwan.
2Department of Business and Management, Ming Chi University of Technology, Taipei, 24301, Taiwan.
Accepted 19 September, 2017
Abstract
This paper examines the performance of contrarian strategies and investigates whether such contrarian profits are related to firm-specific attributes. Using data from all listed stocks on the Taiwan stock exchange over the period 1990 - 2008, this paper finds a significant abnormal return of 19.39% earned by the contrarian strategy of buying prior losers and selling prior winners ranked by the cumulative abnormal returns over the three-year performance period. Moreover, firm-specific attributes can be utilized to enhance the performance of the contrarian strategy. The contrarian strategy of buying the losers in the bottom market- to-book quartile and selling the winners in the top market-to-book quartile earns a significant abnormal return of 41.18%.
Key words: Contrarian strategy, overreaction hypothesis.
Day-Yang Liu and Yen-Sheng Huang*, Chu-Chun Cheng
Page: 1 - 9
Research Article
International Journal of Management and Business Studies ISSN 2167-0439 Vol. 8 (2), pp. 001-020, February, 2018. © International Scholars Journals
Full Length Research Paper
Bank international diversification on home bias, profitability and risk: Evidence from emerging and industrial countries
Shu Ling Lin
Department of Business Management, National Taipei University of Technology, Taiwan. E-mail: [email protected], [email protected]. Tel: +886-2-2771-2171. Ext. 3426. Fax: +886-2-2776-3964.
Accepted 07 October, 2017
Abstract
In the study of the effects of international diversification, many researches focused on the benefits of industrial countries. This study aimed to further this work by seeking to determine whether a consolidated group of international banks with extensive global exposures would be able to diversify away from firm-specific risks for both emerging and industrial countries. This paper examined the effects of international diversification in banking of 195 consolidated groups from six emerging and nine industrial countries from 2001 to 2006, using the generalized method of moments. The results showed that the risk-adjusted profitability of eight countries was rising significantly, and the systematic risks of the six countries were decreasing. However, home bias phenomenon was notably indicated. The findings of this study contributed to the international diversification assessment.
Key words: International diversification, home bias, risk-adjusted profitability, systematic risk, consolidated group of international banks.
Shu Ling Lin
Page: 1 - 20