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J  .  A  . M  . I

Journal of Applied Management and Investments

 RUS    UKR

 

ISSN 2225-3467

 

 

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Current Issues & Archive

 Volume 8 Issue 2 2019                                  Abstracts

 

 

 

 

 

 

 Performance Evaluation of Chinese Private Enterprises: A Comparative Study of Suning and Gome

R. Chen, Y. Hu, Y. Wu, X. Zheng       

In China the current development of private enterprises has encountered the problems of gradually decreased survival rate and the development bottleneck, thus can hardly maintain the truly sustainable development. However, the development of private enterprises plays a pivotal role in the Chinese economy and exerts great influence in stimulating the development of socialist market economy and it seems especially important for private enterprises to develop the core competitiveness and to establish the suitable managing strategy development system. Based on a detailed and critical case study, this paper studies how Gome and Suning deal with the development bottleneck and explore innovative methods through two performance evaluation models Balanced Scorecard and Economic Value Added (EVA), and give three appropriate suggestions for China’s private enterprises on how to develop effective strategic management objectives in order to improve the corporate performance.

Keywords: private enterprises, performance evaluation, strategy development, China

JEL Codes: L25, G32, P31

Citation: Chen, R., Hu, Y., Wu, Y. and Zheng, X. (2019), “Performance Evaluation of Chinese Private Enterprises: A Comparative Study of Suning and Gome”, Journal of Applied Management and Investments, Vol. 8 No. 2, pp. 57-70.

  

 Testing the Random Walk Hypothesis in the Indian Stock Market Using ARIMA Modelling

M. Dash

The Random Walk Hypothesis (RWH) is a consequence of two foundational financial theories: the Geometric Brownian Motion (GBM) model and the Efficient Market Hypothesis (EMH). The paper examines the RWH for twenty major stocks from the Indian banking sector. The stock price data was collected from the National Stock Exchange (NSE). The study period selected was Apr. 1, 2017 to Mar. 31, 2018, a period of one year. The study uses the runs test, the Augmented Dickey-Fuller (ADF) unit root test, and Auto-regressive integrated moving average (ARIMA) modelling for the stock log-returns to test the RWH. While the results of runs test and ADF test support the RWH, the results of the Auto-regressive moving average (ARMA) modelling, however, provide some evidence against the RWH. However, as the R2 for the ARMA models were low, log-returns may largely be due to random stock price movements. Thus, though log-returns may not follow a pure random walk, there is some scope for randomness in log-returns series.

Keywords:  random walk, efficient market, unit root test, ARIMA modelling

JEL Codes: G14, C22, G21

Citation: Dash, M. (2019), “Testing the Random Walk Hypothesis in the Indian Stock Market Using ARIMA Modelling”, Journal of Applied Management and Investments, Vol. 8 No. 2, pp. 71-77.

 

 Payment Bottlenecks as a Crisis Factor in European Enterprises: A Case of Poland

P. Dec, P. Masiukiewicz

The paper concerns the complex and extremely timely issue of payment bottlenecks in the economy. Thus, the phenomenon whose scale has intensified especially in recent years, among others due to the financial crisis. The occurrence of payment bottlenecks is a very serious signal that there is already a crisis in each economic entity. The authors focused on analysing the situation of enterprises in Poland in terms of delays in payments for services rendered or products sold. It was useful in research because it indicated that even in a highly economical country, which records ever-growing economic indicators, payment bottlenecks are a big problem. The scale of the problem and the lack of its solution may, in the long term, be inconvenient to reverse this period of prosperity. Therefore, the authors analysed the scale of this phenomenon in the article, the main factors associated with it, including the types of causes and risks. An important issue was the critical analysis of imperfections of procedures and regulations in this area and an indication of how much governments should do in this matter. The authors have also developed a proprietary model for detecting payment jams, which could limit the scale of this phenomenon and its potential negative consequences.

Keywords:   payment delays, receivables, crisis, bankruptcy, payment gridlocks

JEL Codes:  E42, G23, G33

Citation: Dec, P. and Masiukiewicz, P. (2019), “Payment Bottlenecks as a Crisis Factor in European Enterprises: A Case of Poland”, Journal of Applied Management and Investments, Vol. 8 No. 2, pp. 78-87.

 

  Alternative View on Wine Value and Its Measurement

A. G. Goncharuk

This paper aims to find an alternative to monetary measures of wine value. The author suggests measuring wine value using energy spent at all stages of its creation, promotion and then transferred to the consumer in a transformed form. It is introduced a new indicator of wine energy value ratio that reflects the ability of a wine to give out energy to consumer more than it was absorbed. Analysing the basic motives of the person who consumes wine, the author distinguishes five basic illusions that wine consumers try to satisfy: health promotion; fun and enjoyment; image supporting; stress relieving and overcoming psychological barriers. Studying the illusion of success we tested the hypothesis about the positive influence of wine age on the wine value (older wine, higher price). The high negative non-linear relationship was determined within a single brand line (Cabernet Sauvignon). The author found that the age of wine plays an important, but not the only, role that determines its value. Besides, it was found that the effect of wine drinking in order to relieve stress and overcome psychological barriers is in fact little different from other alcoholic beverages, so its value in such cases can be measured in comparison with the other alcohol drinks. The author also found that in any case, the value of the wine is determined by the motives and psychological state of the person who buys and consumes it. Motives can be explicit or illusory. Some of them are amenable to absolute measurement or can only be relatively measured, the rest are difficultly measurable or immeasurable. Hence we can talk about the absolute, relative and complex value of wine for the consumer.

Keywords:  wine value, wine energy, wine’s impact, illusions, motives

JEL Codes:  D46, L66, C21

Citation:  Goncharuk, A. G. (2019), “Alternative View on Wine Value and Its Measurement”, Journal of Applied Management and Investments, Vol. 8 No. 2, pp. 88-106.

 

 

   The Impact of Financial Development on Economic Growth

M. Haguiga, L. Amani

This study aims to test the experimental relationship between the development of the financial sector and the economic growth of Algeria during the period 2005-2014. In order to reach this relationship, the researcher used the data of Panel models. The study included thirteen Algerian commercial banks. Using the PANEL model data, the results showed a positive impact on the development of the financial sector in stimulating the economic growth of Algeria during the period of the study. This effect is reflected in the banking sector through the volume of assets and the ratio of credit facilities granted to the private sector as a percentage of GDP to economic growth which reflects the role of banks in financing private sector activity and supports the hypothesis that there is an impact of financial development on Algeria's economic growth.

Keywords: economic growth, financial development, banking development, private sector loans, PANEL models

JEL Codes: O42, G21, C33

Citation: Haguiga, M. and Amani, L. (2019), “The Impact of Financial Development on Economic Growth”, Journal of Applied Management and Investments, Vol. 8 No. 2, pp. 107-116.

 

 

 

 

 

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