International Journal of Economics & Management Sciences

The constant growth dividend discount model (DDM) is said to be the simplest and most popular valuation method to estimate the intrinsic value of the company’s stocks. This study is aimed to test the reliability of the constant growth DDM in valuation of the selected common stock listed companies in the Philippine Stock Exchange (PSE). The accuracy of constant growth DDM to predict the value of common stocks was compared from the actual values using the symmetric median absolute percentage error (sMdAPE), and then tested whether the median difference between the predicted and actual values of the selected common stock listed companies were significant using the Wilcoxon signed-rank test. Results of the study showed that majority of the companies had a sMdAPE less than 30%. This means that the error to predict the common stock values among the companies was less than 30%. Furthermore, the predicted values of 15 common stock companies were not significantly different from the actual values (predicted values were statistically the same with the actual values). The results are jibed with the theory that using the dividends per share can predict the common stock prices using the constant growth DDM. Based on the model, investors are willing to buy, hold or sell the stock. Therefore, the constant growth DDM is a reliable model to predict the common stock prices among the 15 companies listed in the PSE.

The study examines the effect of New Product Development strategies on Consumer Brand Adoptionin SMEs in the manufacturing industry in Ogun State, Nigeria. The main objective of the study is to determine the relationships between brand physical attributes, buyer behaviour, market pre-testing strategy, product adoption, marketing planning policy and competitive edge of SMEs products in Ado-odo/Ota Local Government Area of Ogun State, Nigeria. The research design is the descriptive survey and data were gathered through a well-structured questionnaire rated on a 6-point Likert scale of Strongly Agree to Strongly Disagree. The population of the study comprised 240 ownermanagers and employees of selected companies presumed to host most of the SMEs in the state. The simple random sampling technique was used to select a sample of 150 individuals. 134 copies of the questionnaire were returned and analyzed using the percentile and simple regression statistical techniques. The study reveals that physical attributes of SMEs products have significant weak relationship with buyer behaviour (R=0.333; p<0.05); there is significant moderate relationship between market pre-testing strategy and adoption of product (R=0.342; p<0.05) and there is significant but weak relationship between marketing planning policy and improve competitive edge of SMEs products (R=0.125, p<0.05). The study recommends that small businesses periodically review the techniques employed in product development to enhance brand image and consumer expectation that guarantee consumer loyalty.

e-Tailing is making a fast headway in India with unrestrained growth rate for underlying reasons of marketenabling conditions, favorable ecosystem creation, young demographic profile and internet penetration. This spectacular growth contributes to the addition of Indian economy and offers enormous advantages to the consumers. While the retailers in the field are putting-forth their innovative methods and novel ideas to expand their business, the customers’ participation is not matching up to the mark due to some basic apprehensions and lack of a comprehensive awareness of e-tailing. This paper aims to understand the exact reasons behind this state and analyze various solutions. It is found that a suitable and effective catalog of activities on the part of consumers is one of the viable solutions. In order to substantiate this presumption a study has been conducted with the help of a self administered questionnaire and the data obtained from 448 respondents has been considered for analysis on the basis of simple random sampling using SPSS V20 with ANOVA method. Based on the results of the study, a catalogue of activities in an orderly manner indicating the right approach for consumers’ adoption and implementation, has been prepared, which leads to the customer satisfaction, mutual benefits, and the e-tailing business as a whole towards success.

Poverty is a general feature in Ethiopia causing many sufferings to the largest proportion of the population. This study assessed the determinants of rural household poverty in five selected kebeles in Soro district by using the generalized linear modeling approach. With the specific objectives of estimating rural households’ poverty status, identifying appropriate link function, and identifying determinants of rural households’ poverty. Primary data were obtained through structured questionnaire interview. A total of 184 selected sample households were identified by proportional allocation. Based on the primary data whereby set of consumption food energy-intake method the probability of being poor was assessed. By using national poverty line of 2200 kcal, out of total of 184 sample households surveyed 65.76% were found to be poor. Log-log link function is found to be more appropriate to fit the data. Model adequacy diagnostic tests of the cook’s distance and GLM residuals shows that there were no outliers and influential values that had significant impact on the model results. Based on generalized linear model results, the major determinants of rural households’ poverty were age of household heads, family size per adult equivalent, access to credit service, dependency ratio, TLU, access to health service, and number of oxen ownership. Hence, promoting equitable economic growth, family planning, increasing land productivity, increasing credit service, increasing health service, increasing TLU and promoting research extension farmer linkage are indispensable policy interventions to better reduce rural poverty.

This paper raises basic questions about the performance of economic growth. The paper is only about the United States and views the future from 2015-2015 while pretending that the financial crisis did not happen. The sample period for investigation in 1945-2015 the empirical analysis of this study employed annual secondary data, collected from different sources, which are time series data. Growth gradually accelerated after 1750, reached a peak in the middle of the 20th century, and has been slowing down since. Three influential factors of growth are less the labor force, technology, and capital. Growth of technology is the most influential and thus special attention should be given its advancement. A key idea to take away from this paper is that while a model that fit the current data well, it may weigh recent events to heavily, recessionary or exponential growth, the average between the most optimistic and pessimistic models may be the best bet. Technology makes up the greatest fraction of total production and changes in labor and capital would not affect the growth rate as much as technology can and it was projected that in 20 years, the GDP level could be anywhere from $19,138.8 using the polynomial model to $34,681.8 using the first order exponential model. The growth rate of GDP is at 2.07% as of 2015, but using the first order exponential model, it will slow down to 1.38% by 2035.

The position of countries in the world, in terms of continents, neighborhood, and so on may matter much more than we usually think when we want to determine business and economic performance, and hence trade and economic integration. In this study we want to test the hypothesis that the nations at zero distance (neighbors) to the exporting country overwhelmingly determine trade between all of them. We then test this hypothesis with the relevant data of all nations in the world and with the data of the major regions of Europe, Asia, Africa, and Americas. The econometric results based on panel data techniques (such as fixed and random effects as well as GMM) and the gravity model very clearly and robustly confirm our hypothesis that we can say with almost certainty that “tell me how many and who your neighbors and continents are and we will tell you how much you can export”. Furthermore regional integration is directly and indirectly included in the empirics. Thus, we can see how countries like France and Germany, or like Portugal and Greece perform in terms of exports in Europe. Good examples of countries which have many neighbors and create their own gravity center are Germany in Europe and China in Asia.

The light industry of Uzbekistan was stepped to the new stage of innovation development and a clear strategy has been defined. The strategy defines the task of creating textile clusters in all regions of Uzbekistan. Namangan region is considered to be one of the most developed areas of the textile industry in Uzbekistan. The main factors of the development of the region's light industry are crafts, silkworm, breeding and transition of atlas passing from generation to generation. Namangan region’s high population density compared to other regions of the country, relatively low fertile farming lands, and limited resources for other industries cause specialization of the light industry. The article suggests the method of determining the opportunities of using the cluster strategy in the light industry in the example of the Namangan region based on the demo model of M. Porter.

The survival of any organisation, particularly, a profit oriented organisation depends to a large extent, on how well it can adapt to environmental changes, accepts changes and do better in terms of its operations. This conceptual paper reviewed some extant literatures on organisational learning and learning organisations with a view to answering the following question: First, how do you identify a learning organisation when you see one? Secondly, what is the conceptual difference between organisational learning and learning organisation? Thirdly, what are those impediments that deprive organisation from becoming a learning organisation? Fourthly, what benefits do organisations derive from being a learning organisation? Furthermore, it attempted to pinpoint some examples of learning organisations in Nigeria and USA. Accordingly, this paper supports the proposition that organisation learning culture has direct influence on organisational innovativeness, which is directly tied to long-term organisational success. It is recommended, therefore, that all organisations that want to remain competitive should focus on becoming a learning organisation.

This article shows that the social benefits can be annihilated by a bad negotiation or a regulation failure resulting in an over-tariffication. The example of the toll highway Dakar/Diamniadio in Senegal is revealing. This article gives an analysis as well as an economic and financial evaluation showing that the State had additional margins in tariffs negotiation.

This paper overviews the economic development and human capital formation in Karnataka. The present study is based on secondary data sources. The study period is 1991 to 2016.The study area is Karnataka state. The database is taken from RBI handbook of statistics, Ministry of Human Resource Department (MHRD) Government of India, Registrar General of India, Primary Census Abstract 2011, and India stat. In order to study the performance of human development in Karnataka, the education and health sectors have considered. Tools like Johansen cointegration and Error Correction Model (ECM) for determining long run and short run relation between factors determining human capital formation in Karnataka. Granger causality test used to examine the causality relation among human capital formation determinants in Karnataka. The present study deals with analytical part of human capital formation on economic development in the state during last three decades. The present study attempts to investigate how expenditure on education, health and Development Expenditure help to economic growth that is NSDP (Net State Domestic Product) in Karnataka during reform period. The empirical analysis is conducted through a correlation analysis and time series econometrics based on Johansen cointegration and Vector Error Correction Model to detect long run and short run causality between variables of the model respectively. The correlation results showed that economic growth has strong positive association with development, education and health expenditure while EE has positive association with health expenditure; it implies that expenditure on human capital formation definitely helps to economic growth in the long run at least not immediately. Regarding the long run estimation, the empirical results found that evidence of expenditure on development activities and education helped for economic growth in Karnataka while health variables are not significant but it has indirect implication on growth prospect.

Over the past few decades economists are trying to explore the effect of aggregate economic variables on capital market. Literature disclosed relationship between capital market and state variables; however the direction of causality still remains unsolved. This paper investigates the causal relationship between aggregate economic variables (gross domestic product, industrial production index, exchange rate, inflation and unemployment rate) and stock market, using quarterly data from 1992 to 2010. Granger causality test is applied to check the causality between the variables. Results indicate that there is bidirectional causality between stock market and three aggregate variables including GDP, IPI and Exchange rate. While unidirectional causality found between capital market and two macro variables i.e. Inflation and Unemployment, the direction of causality flows from aggregate variables to capital market. This study will facilitate the investors in taking effective investment decision by analyzing the macroeconomic factors, and estimating the direction of equity prices to allocate their resources effectively.

Tourism sector is one of the fast growing service sectors in the World. It acts as a powerful mechanism for economic growth. India is a matchless and perfect destination for both domestic and foreign visitors. India’s wide variety of flora, fauna, tourist destinations, health and wellness centres, eco-tourism spots, adventure activities, culture, heritage, educational institution etc. attract both domestic as well as foreign tourists. The boost in the tourist arrivals have resulted in the swift growth of tourism sector in India. The growth of tourism sector has resulted in employment generation, foreign exchange earnings, development of infrastructure facilities, capital investment, socio-economic growth, increasing in the contribution to GDP and so on.

This study focused on the investigation of moderating corporate governance and financial performance in relation dividend policy and its impact on the firm value in Indonesia Stock Exchange. This study used a survey with an explanatory approach method Moderated Regression Analysis (MRA) and 2 SLS with panel data. The method of estimation uses the Generalized Least Squares (GLS). This study uses secondary data manufacturing companies listed in Indonesia Stock Exchange, for the period of observation from 2006 until 2015. This study resulted in five empirical findings. First, a significant effect on the financial performance of dividend policy, second, corporate governance generally cannot moderate the relationship of financial performance and development policy dividends. Third, the financial performance of a significant effect on firm value, Fourth, corporate governance generally cannot moderate the relationship the firm value and the company's financial performance. Fifth, the dividend policy has no significant effect on firm value. Sixth, dividend policy cannot mediate the relationship financial performance with the firm value.

Background and purpose: Access to health service centers is one of the essential principles in a city, which involved in health care community diverse of individuals. It is imperative essential and important for convenient and fast access to such centers in a short time. The present study was performed to determine the hospital optimal location in the Kuhdasht city.
Materials and methods: Have been selected on the basis of criteria of utility, performance, safety, population density, proximity, and adaptability for hospital Optimal Positioning. Information was collected about the need for measures by means of field survey, interviews and questionnaires.Then used to achieve the best location of model compounds “Analytic Hierarchy Process” (AHP). Computing and spatial is made establishing criteria using Arc GIS software and Excel.
Results: Based on the results obtained, the final map, the result of review of the all criteria relevant to the location of hospitals in the Kuhdasht city, Maps optimum show the study area into zones with priority given to very poor, poor, average, suitable and very suitable, And they determined the implementation of the proposed sites.
Conclusion: The results show, can be identified and selected optimal locations using GIS software and Hierarchical AHP.

The purpose of this study is to identify the effects of risk aversion, which are dishonesty, ambiguity and ethical behaviour. The first and third phase of this studies involve of completing a questionnaire to identify participant level of dishonesty and ethical behaviour. The second phase involves an experiment adapted from Ellsberg’s which we identify participant tendency of risk taking on ambiguity condition. In this study we found that dishonesty has a negative effect on risk aversion meanwhile ambiguity and ethical behaviour have positive effect on risk aversion. Even though the result of ambiguity has positive effect on risk aversion, but this result has shown an insignificant effect. In the future, researchers are suggested to emphasize the risk for indicating the ambiguity on risk aversion.

This study aims at tackling theoretically and empirically the effect of service quality and price on the satisfaction and loyalty customer towards Turkish Airline. Having determined the main service variables surround Airline services field. We came up with the conceptualization a model to proceed that to analyze the effect of perceived quality of service and price on satisfaction and loyalty Algerians customers. The model is tested on a sample of 300 respondents. We chose to analyze the model using structural equation model SEM. The result confirms our hypotheses that the service quality effect on customer satisfaction. As well as Satisfaction effect on his loyalty to the company. The perceived price fairness affects the satisfaction and the weak impact on loyalty.

This study shows the importance of trade to create the peace and stability among the Pakistan and India. Pakistan-India trade relations, trade restrictions, benefits of bilateral trade among them and benefits obtained through trade are argued in this paper. Trade is a tool of achieving peace through interdependence and attaining the mutual economic benefits. Pakistan-India negotiations on border disputes and purpose of establishing the peace are critically important for both nations. Trade is soft and positive way to reduce the conflicts. Openness to international trade is significant driver of liberal peace.

We analyzed the body of knowledge on the topic of analysis of Traditional way of construction of Projects in the construction sector of Afghanistan. Although, there has been demand for infrastructure development and service delivery both developed and developing countries. The traditional way of construction of projects continue to be used in Afghanistan which results in cost and budget overruns, delays in delivering projects, abandoned projects for lack of finance, lack of quality and increase in the level of corruption among heads and leaders who see to the implementation of construction projects. The method that is used in the research study was more of qualitative approach and data are collected through interviews and documents to obtain enough findings for the study. There are a total of 16 respondents interviewed; data collected were based on the premise of implementation of traditional project management methods in the construction industry. The Traditional construction of projects did not create deliverables in an appropriate and fruitful way. There should be another alternative to construction of the project which could reduce the challenges to the barest minimum. Furthermore, it is believed that the research argues for a change in the standard way of construction of projects. Hence, effective project planning, controlling and monitoring should be established to enhance project performance in order to minimize or avoid lack of quality deliverables and delay of projects. These moves could help boost up the growth of construction industry of Afghanistan.

“Necessity is the mother of Invention”. It has been commonly observed that an old technology is improved when a new one takes over it and behind this intense process of improvement often lies an intentional research activity. Also thus begins a competition between the two technologies whose performances are improved via R&D. We frequently look at that a vintage era is improved whilst a new one seems; behind this procedure of development regularly lies an intentional research hobby. There for this reason starts off evolved the opposition among the second technology whose performances are stepped forward via R&D. We focus our interest on this competition method and deliver a proper model, primarily based on the optimization of R&D expenditure of each technology, which could describe the dynamics of the not on time overtaking of the new technology over the older one. This article investigates whether or not companies react to a thorough technological substitution hazard through a planned acceleration of innovation in their current technology - the 'Sailing Ship Effect'. There were repeated claims that the effect has been good sized as a source of innovation. It is usually recommended that the characteristics of ancient, technological substitution techniques prompt misinterpretation based totally on superficial information. The cause of this take a look at is to make a contribution to a higher know how of the strategic and organizational configuration that group can use to generate value with product market systems and their commercial enterprise fashions which have been dominant inside the past however compelled lower back into new positions by innovation. Also, the present work is to research the so-known as sailing ship effect. What is supposed via this word is that manner wherein the appearance of a new era engenders a response geared toward enhancing the incumbent generation. This phenomenon has been discovered pretty frequently and every now and then worries key technologies.

The aim of this study is to identify the factors of loyal patients in public hospitals in Malaysia. The influence of service quality on patient satisfaction and the indirect relationship between service qualities attribute, patient satisfaction and patient loyalty are evaluated. A quantitative research is conducted with close ended questionnaire as an instrument to collect the responses from outpatient centers of public hospital in Malaysia. The results were estimated by using SPSS and Amos 23 to evaluate the relationship between the proposed constructs. The findings highlighted the importance of loyalty in medical care. The factors leading to loyalty are identified and the relationship between satisfaction and loyalty is reconfirmed as prior documented studies.