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Journal of Applied Management and Investments



ISSN 2225-3467



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Current Issues & Archive

 Volume 4 Issue 4 2015                                  Abstracts







 Underpricing in the Malaysian IPO Market During 2009-2014

N. R. Abraham     

The paper analyses the extent of underpricing that exists in the Malaysian IPO market. 114 IPOs issued during 2009 to 2014 at Malaysian market has been used for the study. The findings of this study substantiate the presence of underpricing in Malaysian IPO market. The empiricial results suggest that the investors, who put their money in IPOs, are earning an average of 23.45% return on the listing day. However, the extent of underpricing that exists in the Malaysian market is very small compared to other markets around the world.

Keywords: underpricing, initial public offer, market adjusted abnormal return


Successors in Indian Business Families: A Demographic Sample Study  

R. Agarwal, A. Kumar, K. D'Souza

This study explores demographics of family businesses successors. A gap exists in understanding Indian family businesses and the families running them, while the impact of economic and social changes in India on family businesses is unknown. An exploratory study involving a survey of 351 respondents investigated Indian family businesses. The results highlight successors joining family businesses at a younger age, the increasing role of daughters, and the prevalence of traditional industries. The increased interest of family members in family businesses may be driven by large turnover and large workforce. There are also examples of successors leaving businesses with lower turnover.

Keywords:  succession, motivation of successors, successor choices


Study on Economic Impact of Operational Programmes in Romania: Analyse Related with the Degree of Absorption of the European Union Structural and Cohesion Funds

S. Beciu, G. R. Lădaru

This study aimed to evaluate the economic impact of the implementation of operational programs founded by the EU in Romania, taking into account the absorption degree of the EU founds by seven national programs. The results of the quantitative analyze based on the official data indicated that the degree of absorption of the EU Structural Funds and the Cohesion Funds allocated for Romania is above 50 % for the period 2007-2013, and there are still ongoing applications, approved projects and contracts that will increase this percentage. The Regional Operational Programme produced the highest impact, as its projects that have a positive and effective impact on the Romanian Regions of Development. The degree of absorption was the highest in the case of Operational Program for Administrative Capacity Development, but for this programme allocated budget was only 208 EUR million.    

Keywords: EU, allocation, official funds, absorption degree


Research Strategy Development in Project Based Production: A Case-Study Analysis

D. Carminucci

The purpose of this paper is to study how applied research in operations strategy innovation occurs in a project-centered production firm. This study uses a longitudinal case study (action research), which combines qualitative and quantitative analyses. Observations over time, documents such as contracts, joint agreements, meeting agendas and minutes, personal conversations, and in-depth interviews were mainly used, with quantitative measurement of operational performance. The results objectively depict an overview of how the case company developed innovation capabilities within lean product engineering processes, though progression of routines over lean product engineering development stages. The paper offers a novel approach to operationalize production competence. The importance lean production analysis approach adopted in this study avoids the two major drawbacks of previous production competence studies and offers an appropriate method to assess the impact of production competence on business performance.

Keywords: R&D activities, Lean project systems, information flows


 Food Business and Food Security Challenges in Research   

A. G. Goncharuk

The paper distinguishes the basic research types related to food business and food security: investments in agrifood business, food security issues, state and prospects of food industries, competition and management issues for agrifood business, wine business research. For each type author held a brief overview of studies published over the last years.

Keywords: business, management, food security, agrifood, investments



 Investment Option in Gold – A Study on Price Discovery of Gold Futures in India

M. Kumar, M. M. Sulphey

The paper aims to examine the price discovery process in the Indian Gold Futures market, for the period 2009 – 2014, in the Multi Commodity Exchange of India. The study has employed Johansen cointegration and Johansen’s Vector Error Correction Model (VECM) for the analysis. The findings of the study show that there is a feedback relationship between the spot and futures market of Gold in India. It shows that both markets are efficient.

Keywords: price discovery, gold futures, lag, information



 Evaluating the Efficiency of Wineries in Ukraine: A Three-Criteria Approach

N.O. Lazareva

The author identified the level of efficiency of the wineries in Ukraine using three-criteria approach. The results of study enable to conclude that: Crimean wineries are at the top of the ranking for all efficiency indicators; there is not a single leader by efficiency in wine industry of Ukraine; there is ineffectiveness of small business in the Ukrainian wine industry.

Keywords: efficiency, evaluation, productivity, ranking, winery, Ukraine



Models of Financial Responsibility of Management Board in Companies

P. Masiukiewicz

The subprime financial crisis has shown many mistakes in management and lack of responsibility of top managers. It seems that extending financial responsibility of managers and reducing the principle of right to mistakes at the same time are the right direction of changes in regulations in economy. In practice there are four models feasible to apply, i.e.: liability and administrative penalties, civil responsibility, criminal responsibility, and contractual financial responsibility. In financial institutions there is a new form of managers’ financial responsibility – a clawback. It is also a problem of the new contracts and motivation system of top managers, which should be linked to responsibility for long-term profits. It is important to continue research in this area.

Keywords: clawback, manager’s responsibility, law regulations, motivation system



Do Relational Capabilities Equally Matter in Successful Cooperation? – Empirical Evidence from Polish Enterprises

B. Stępień, M. Sulimowska-Formowicz

The main purpose of the paper is to estimate the impact of different relational capabilities on partnership's efficiency and effectiveness. We start from describing the components and structure of relational competence in theory, and then contrast it with the perception of its level, role and management in Polish companies (findings based on empirical research in 253 firms). Both theoretical advances and empirical data indicate, that systemic analysis and then careful management of relational competence leads to better performance, but managers and academics differ in their perception, of what kind of fragmentary capabilities are critical for successful cooperation.

Keywords: inter-firm relations, inter-organizational relations, cooperation, effectiveness and efficiency, company performance, relational competence, relations' success factors



Exploring the Dimensions of Women Empowerment among Microfinance Beneficiaries in India: An Empirical Study in Delhi-NCR

P. D. Yadav, A. Verma

One of the findings of World Bank from the research conducted on the evidences from countries such as Brazil, China, India, South Africa, and the United Kingdom was thatgreater control over household resources by women, either through cash transfers or their own earning, can augment countriesgrowth prospects by changing their pattern of spending in ways that benefit their children”. The study revealed that as women’s control over household income increases, may it be through their own earnings or through cash transfers, children are benefitted the most through an increased spending on food and education. The inevitability and substance of women empowerment can be realized by various findings. In this context, the paper deals with the issue of women empowerment in Delhi NCR region specifically among the microfinance beneficiaries. Being a researcher it was a pleasure to find that the micro finance beneficiaries had higher than anticipated level of confidence amongst them. EFA and CFA were carried out on the data collected. The software tool used for the purpose was SPSS18 and Amos 18. The results were fit in a model to indicate clearly the influencing dimensions of women empowerment.

Keywords: women empowerment, constructs, reliability and validity





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