Current Issue : January - March Volume : 2013 Issue Number : 1 Articles : 5 Articles
Prior empirical studies revealed that firms with high environmental performance tend to be\r\nprofitable, but questions persist about the nature to the relationship. Those questions are referred\r\nto: ââ?¬Å?Does stronger environmental performance really lead to better financial performance?ââ?¬Â\r\nAlternatively, ââ?¬Å?Is the observed relationship the outcome of some other underlying firm attributes?ââ?¬Â\r\nThe long debate about the relationship between environmental performance and firm performance\r\nin emerging economies still remain inconclusive and offer further explorations, especially in the\r\ncontext of emerging countries, which its rapid growth does not only carry social progress but also\r\nenvironmental challenges. Recent heuristic findings reveal that on average, while 42% of emergingmarket\r\ncompanies support environmental commitments in the form of policies or statements, they\r\nremain weaker on implementation and progress tracking. Little empirical research into the effect of\r\nenvironmental disclosure together with environmental performance on firm performance is done\r\nin Southeast Asian countries. This study extends the literature that has been done mostly in\r\nwestern societies by proposing a further linkage between environmental disclosure, environmental\r\nperformance, and financial performance, which is rarely investigated in developing societies. The\r\nstudy analyzed 33 Indonesian manufacturing firms that were listed in Indonesian Stock Exchange\r\n(IDX) and reported their environmental performance assessment to the Ministry of Environment\r\nIndonesia. Statistic methods used for testing the hypothesis were T-test and multivariate\r\nregression model. The empirical results reveal that environmental performance has significantly\r\ninfluenced financial performance of the Indonesian manufacturing firm. However, one striking\r\nfinding in this study is the insignificant influence of environmental disclosure on firm''s financial\r\nperformance. Meanwhile, environmental performance and disclosure simultaneously have\r\nsignificant effect on firm''s financial performance. These results explicitly show how firms in\r\nemerging countries are going to be more concerned with environmental sustainability and long-run\r\nprofitability....
The consolidation and increase in the efficiency of economies is today a priority objective, both\r\nat the world level and especially at a European level. But meeting it depends, however, on the\r\nnature, size and direction of the influences generated by a whole set of factors. Nevertheless,\r\nsignificant restrictions and advantages come from the way in which financial resources are\r\nattracted and used in national economies.\r\nThis paper aims to study the relationships established between the way in which the need for\r\nfinancial resources of the national economies is covered and their performance, reflected\r\nthrough the evolution of the GDP. In this sense, using the financial information available for\r\nEuropean countries, provided by EUROSTAT, OECD and the WB, the connections established\r\nbetween the characteristics of the European financial system (bank loans, market\r\ncapitalization, loans from private and public bonds) and economic growth are identified and\r\nanalyzed. This article introduces into the analysis the impact of the investments made in\r\neconomy, as a source that generates added value, on economic growth. Making a profile of\r\neconomic effectiveness at a European level (according to the level of financial resources\r\nattracted through bank loans, of those drawn through the capital market, and to the size of\r\ninvestments made in economy) allows a punctual evaluation of it, providing clues for any\r\npossible strategic corrections. In order to obtain the results of the research, the following tools\r\nhave been used: the ratio technique, the multiple linear regression analysis and the multiple\r\ncorrespondences factor analysis. The data was processed using the SPSS 19 software....
In Europe and around the world, after the financial crisis, some measures have been taken in order\r\nto stabilize the financial system. Through present research we analyze the statements regarding the\r\ninternal control in corporate governance, statements made by both external auditors and those\r\nresponsible with the management of listed entities. These statements help the auditor in preparing\r\nthe audit plan. Following this review, the auditor determines necessary staff and time needed for\r\nthe audit.\r\nWe analyzed effectiveness of internal control in companies listed on Bucharest Stock Exchange. An\r\neffective internal control leads to a fair presentation of the financial statements and thus increases\r\nstakeholders� confidence in the financial statements. Control risk is a risk that the auditor can�t\r\neliminate it, but may decrease it....
For Brazil to realize the economic benefits of competitive advantage, it is critically important that the country�s policy makers\r\nhave an awareness of the determinants of Brazilian exports. Our study aims to evaluate the role of human capital measured\r\nby the average years of workforce formal education, in the value of exports from each Brazilian state from 1995 through 2006,\r\nhighlighting differences among the states and/or regions. Based on the Dixit and Woodland (1982) model, our empirical analysis\r\nis implemented by running a regression of data organized into a panel that takes into account the fixed effects (i.e., the amenities)\r\nfound in each of the 27 Brazilian states (including the Federal District). Our findings are consistent with the selected theoretical\r\nmodel and indicate that human capital in Brazil has a nonlinear effect on exportation with an inflection point of 6.7 years of formal\r\neducation....
Exporting is the most common and widely used mode to enter into business at an international\r\nlevel. Export performance is crucial to identify the performance level of the organizations. This\r\nmeasure determines whether the organization is performing well. However, export development is\r\nalso critical since it provides information on the future direction of the organization. Therefore, the\r\naim of this study is to identify the link between export performance and export development of\r\norganizations. In addition, managements� motivation is tested to identify its influence on export\r\nperformance and also export development. Furthermore, the study also aims to identify the\r\ninfluence of managements� motivations in the relationship between export performance and export\r\ndevelopment. Correlation analysis and multiple regression analysis are used to test the data. The\r\nrespondents of the study are organizations in the manufacturing sector. 212 of the contacted\r\norganizations responded. The findings revealed that export performance has a direct link with\r\nexport development. Managements� motivation is found to have a direct influence on export\r\nperformance and export development. In addition, managements� motivation also has a role in the\r\nrelationship between export performance and export development whereby it serves as a\r\nmediator. Therefore, management has to be motivated in order for the organization to pursue\r\nfurther export development, even though they have a favorable export performance level...
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