Current Issue : April - June Volume : 2014 Issue Number : 2 Articles : 4 Articles
The phenomenon of technological innovation assumes paramount importance with respect to\r\nsolving a system of interrelated constraints involving both, the satisfaction of a demanding\r\ncustomer for quality, service proximity and the concern for profitability. However, the adoption of\r\nthese innovations by bankers is not as systematic as expected. Thus, this paper aims to identify the\r\nmain factors beyond the adoption of e-banking innovations using a method other than those\r\neconometric....
Considering the economies of North Africa, the purpose of this research is to study the role\r\nof external debt in the financing of economic development. In particular, this paper\r\nexamines the relationship between external debt and economic growth in North African\r\neconomies. In fact, in recent years the south of the Mediterranean knows significant\r\nchanges dictated mainly by the crisis of European sovereign debt and the large social\r\nmanifestations in some Arabic countries. Foremost among these challenges is the issue of\r\nexternal debt and its role in financing economic development. The study was modelled on\r\nPatillo and al., (2002) and uses the technical panel. Combining the leading ratios of external\r\ndebt and the main determinants of economic growth, we have verified the existence of an\r\noptimal threshold beyond which the external debt slows economic growth (there is a curve\r\nLaffer debt). For the North African countries, the empirical study shows that the external\r\ndebt is not an obstacle to development when it contained within reasonable limits.\r\nContrary, it can help these countries to strengthen their growth. However, an increase in\r\ndebt service has a negative impact on economic growth and the transmission channel of\r\nthis impact depends on the quality of the investment and the debt burden. Overall, the\r\ngenerated results suggest a nonlinear relationship between debt and growth: there is a\r\ncritical threshold that would make a negative economic growth. This threshold, which\r\ncorresponds to the marginal impact of debt on growth, reached 47% of GDP. The question\r\nremains whether public debt is indeed associated with higher growth below this turning\r\npoint....
The advent of new technologies, accompanied by the obsolete situation which the old\r\neconomy is confronted with, have paved the way for the appearance of numerous legal and\r\nfinancial instruments constituting a particularly challenging stimulus for reflection for\r\nspecialists in financial and legal fields. A keen interest has also taken root in financial\r\nmarket trends for greater transparency in managing diversified groups whose financial\r\nvisibility is often reduced. Such a requirement for clarity is at the centre of the definition of\r\ntracking stocks. Having emerged across the Atlantic in the early 80�s, they benefited from\r\nthe advent of the new economy and a renewed interest with a high issuance level on the\r\nAmerican financial markets since the 90�s. The issuance of tracking stock, apart from its\r\nhybrid nature, constitutes a rather specific restructuring measure which comes to complete\r\nthe basis of studies already established around the subject of capital restructuring. This\r\nresearch work aims to highlight an instrument that has been discarded by the French\r\nfinancial system at a time when its expansion continued to grow on the British, German and\r\nAmerican market. It will allow expanding the choice of restructuring forms on offer to\r\ncompanies seeking new financing sources, new acquisition means and to reach the\r\nfundamental objective which is value creation. As a result, tracking stock issuance faces\r\nother rival forms of restructuring (spin-offs and equity carve-outs). Consequently, we will\r\nidentify the factors that companies have had to take into account when choosing tracking\r\nstock restructuring. The obtained results confirm the hypotheses pertaining to the\r\nimprovement of the internal capital market and company performance. Thus, leading us to\r\ndeduce that through the actual restructuring, the goal of value creation is achieved by\r\nreinforcing an internal capital market weakened by a pointless diversification strategy and\r\nalso by improving company performance....
The aim of this study was to investigate the effect of liquidity on banking industry efficiency. This research presented for all nine banks that accepted in Tehran Stock Exchange since (1388-1389) and the sample size is equal society. Research method, descriptive and based on the target is application. We conclude that no affect Quick Ratio on Banking Industry Total Asset Turnover but affect Cash Ratio on Banking Industry Total Asset Turnover....
Loading....