Current Issue : April - June Volume : 2012 Issue Number : 2 Articles : 6 Articles
The purpose of this paper is to investigate the Ethical investment behaviour and predictors which is relatively new field of study among a General Insurance Fund Manager in Malaysia in order to refine in an ethical behavioural scope. A questionnaire-based survey was used to collect data from fund managers and insurance asset managers who are working in all 52 companies of general insurance in Malacca and Negeri Sembilan states of Malaysia.\r\nThroughout this research, there were three major aspects investigated namely personal, social and demographic factors of General Insurance Fund Managers who were involved in investment activities. However, the major findings showed that social factors had played the biggest effect in conducting ethical investment behaviour in the insurance industry. Hence, other factors, for example, personal factor and demographic factor had significantly affected the General Insurance Fund Manager�s ethical investment behaviour and had directly given greater impacts to the performance of a socially responsible investment. \r\nNonetheless, the implications of this study would be able to assist general insurance fund managers to determine the right directions and intentions of placing the funds and to manage it in an ethical manner. This study could also be used as a benchmark for specific investment activities because an ethical source was a main criterion to manage the clients� funds and income in a good way. Furthermore, the findings offered valuable insights to policy makers in general insurance and to the consumers on the significance of the results....
Audit reports constitute the basic mean of communication between the auditor and the users of financial statements. Consequently, statements have to be comprehensible and inclusive, in order to be rightly appreciated and used by investors in their decision-making process. Nevertheless, the importance that the investors attribute to reports and their contents is questionable and needs to be further investigated. The results of an abundance of published on the matter lead to controversial conclusions. This aim of this paper is to examine audit reports that have been issued and published for companies with shares on the Athens Stock Exchange (ASE) during the 2005-2007 periods. By using the market model and calculating bonuses, the impact of the auditing report on a company�s stock price is examined. Research results indicate that audit reports have limited informational content for investors and do not form part of their decision making process. This may be due to the lack of understanding for\r\nthe contents, importance and value of such reports....
Despite theoretical continuing developments in many past years, our understanding of the relationship between theories and practical corporate financing decisions remains incomplete. Therefore, this paper aims to supply the comprehensive material for better understanding of the capital structure, in particular, of the pecking order theory of corporate financing. With this aim, more specifically, we first survey literature related to the pecking order theory to widely introduce the empirical evidence including not only for the US but also for other international countries. Furthermore, in order to introduce the literature that conducted survey research as well, we also survey the international practical situations of corporate financing decisions related to the pecking order theory....
This paper proposes different investment strategies for portfolio selection based on decisionmaking under uncertainty, rather than the conventional Markowitz portfolio model. The results of perfect information and the results of investment strategies for decision-making under uncertainty are presented to illustrate the proposed strategies. It also compares the monthly return of strategies to the monthly returns of the money market. In order to find the optimal or best strategy as an effective solution to the portfolio selection problem, different investment strategies are compared over different time horizons. The best strategy is selected by calculating different risk and return (reward) measures that are used as decision criteria. The\r\noptimal strategy was the half yearly pessimistic Hurwicz criterion strategy and for the individual funds, S3. The investor does not always have to select the optimal strategy but he can also select a good model. Thus it is a strategy that has a slightly lower return but it shows lower risk....
The ââ?¬Å?slippery slopeââ?¬Â framework assumes that economic determinants of tax behavior represent authoritiesââ?¬â?¢ power, which leads to enforced tax compliance. On the other hand, psychological determinants lead to trust in authorities and also to voluntary tax compliance. The aim of the current study is to empirically test this framework in Turkey by investigating the impact of power and trust on enforced tax compliance and voluntary tax cooperation. The data set of the study was obtained from the survey applied to 300 self-employed taxpayers. Two-step linear regression was used for data\nanalysis. This study confirms the main assumptions of the slippery slope framework that power promotes enforced tax compliance and trust fosters voluntary tax cooperation. Although the results are not as clear as in previous studies, the current study reveals that the main theoretical postulations hold also for a Turkish sample than for the previously investigated samples....
The main goal of this study is to consider the relationship between income smoothing and tax income and profitability ratio, i.e. return on assets (ROA) and return on equity (ROE).Using the financial information of accepted companies in Iran stock exchange, the current researcher first made an attempt to distinguish between income smoother companies and non-income smoother companies based on Eckel index. After required modifications, a statistical population of 168 companies accepted in Iran stock exchange was obtained and their financial information was examined during 2001 to 2oo7. Independent variables included tax income and profitability ratio (ROA and ROE) and dependent variables was income smoothing variable. The findings illustrated the fact that a significant relationship exists between income smoothing and tax income and profitability ratio....
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