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The Impact of Government R&D Support on SMEs Financial Growth: Evidence from China
Hongxing Peng,
Yingmin Yu
Issue:
Volume 1, Issue 5, October 2013
Pages:
205-214
Received:
15 August 2013
Published:
20 September 2013
Abstract: This paper investigates the impact of government R&D support on financial growth of SMEs, and analyzes the significant different supportive effect for the enterprises with different nature of control rights. We take 516 listed companies from the SMEs’ board on Shenzhen stock market as sample, using the data from 2006 to 2011 and implementing the method of Propensity Score Matching to relieve the sample selection bias. The empirical results indicate that: On the whole, government R&D support can effectively improve the financial growth of SMEs, and demonstrates an 1-2 year-lagged-effect; the property of enterprises’ ultimate controller also has extraordinary impact on R&D supportive effect, financial growth of non-state-holding companies which have accepted R&D support will turn out to be more significant improvement, while that of the state-controlled enterprises have not been significantly enhanced in the short-term, or even fared-worse than the matched samples.
Abstract: This paper investigates the impact of government R&D support on financial growth of SMEs, and analyzes the significant different supportive effect for the enterprises with different nature of control rights. We take 516 listed companies from the SMEs’ board on Shenzhen stock market as sample, using the data from 2006 to 2011 and implementing the me...
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Capital Structure Effects on Banking Performance: A Case Study of Jordan
Issue:
Volume 1, Issue 5, October 2013
Pages:
227-233
Received:
31 July 2013
Published:
20 September 2013
Abstract: This study examines the impact of capital structure on performance of Jordanian banks. The annual financial statements of 12 commercial banks listed on Amman Stock Exchange were used for this study which covers a period of five (5) years from 2007-2011. Multiple regressions was applied on performance indicators such as Net Profit (NP), Return on Capital Employed (ROCE), Return on Equity (ROE) and Net Interest Margin (NIM) as well as Total Debt to Total Funds (TDTF) and Total Debt to Total Equity (TDTE) as capital structure variables. Multiple regression models are applied to estimate the relationship between capital structure and banking performance. The results show that bank performance, which is measured by net profit, return on capital employed and net interest margin is to be significantly and positively associated with total debt; while total debt is found to be insignificant in determining return on equity in the banking industry of Jordan.
Abstract: This study examines the impact of capital structure on performance of Jordanian banks. The annual financial statements of 12 commercial banks listed on Amman Stock Exchange were used for this study which covers a period of five (5) years from 2007-2011. Multiple regressions was applied on performance indicators such as Net Profit (NP), Return on Ca...
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Challenges Facing Financial Engineering with Islamic Rules
Issue:
Volume 1, Issue 5, October 2013
Pages:
234-240
Received:
31 July 2013
Published:
20 September 2013
Abstract: Despite their importance in financial sector development, derivatives are still not generally accepted as legitimate products in Islamic finance. Conventional derivatives and the world of Islamic financial products has chasm between each other as they have different approaches in important issues like interest and ambiguity. While recent events in the world economy have sparked a global debate on derivatives and the damage caused by them, strict Sharia rules saved Islamic finance institutions from the worst of the crisis. On the other hand, due to lack of sufficient instruments for protection against volatility in currency, interest rate and commodity prices, the ability of Islamic finance institutions to survive future shocks is in question. As the Islamic banks are struggling to develop hedging tools with regard to doubt on their usage cased by religious differences, this article explores the validity of derivatives in accordance with basic legal principles of the Sharia and summarizes the key objections of scholars that challenge the permissibility of derivatives under Islamic law. In conclusion, the article delivers suggestions for Sharia compliance of derivatives .
Abstract: Despite their importance in financial sector development, derivatives are still not generally accepted as legitimate products in Islamic finance. Conventional derivatives and the world of Islamic financial products has chasm between each other as they have different approaches in important issues like interest and ambiguity. While recent events in ...
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Case Study: The Impact of Organizing the George Enescu International Festival on the Branding and Promotion of Bucharest City
Florin-Alexandru ALEXE,
Ana-Claudia ŢAPARDEL
Issue:
Volume 1, Issue 5, October 2013
Pages:
241-246
Received:
10 August 2013
Published:
30 September 2013
Abstract: The George Enescu International Festival and Competition – appreciated all across Europe – will be in 2013 at its 21st edition. The Festival has been inaugurated on September 4th 1958, but it was only in the last decade that it has really become an impressive display of culture: in 2009, there were 175 events, in which no less than 1800 foreign artists and 1300 local artists took part. The participants included 13 symphonic orchestras from Europe, 14 from other continents, 19 smaller groups, 6 choirs, 47 soloists. Organising such an event has been a massive challenge for the local administration of Bucharest. The present paper traces the impact of organising the Enescu Festival, the largest event in Romanian cultural life, and the echoes it has on the branding of Bucharest, taking into account its visual concept, the infrastructure used and its impact on classic and new media.
Abstract: The George Enescu International Festival and Competition – appreciated all across Europe – will be in 2013 at its 21st edition. The Festival has been inaugurated on September 4th 1958, but it was only in the last decade that it has really become an impressive display of culture: in 2009, there were 175 events, in which no less than 1800 foreign art...
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Investment and Financing Constraints in Iran
Hossein Hossein,
Fatemeh Baghiyan
Issue:
Volume 1, Issue 5, October 2013
Pages:
252-257
Received:
10 August 2013
Published:
30 September 2013
Abstract: Since the level of fixed investment is costly for firms, they always search for ways to maintain it; however, financing constraints prevent the realization of this goal. In this article, a panel of over 134 stock firms over the period 2005-2011 was used to study the linkages between investment in fixed and working capital and financing constraints. To this end we have analyzed the relation between investment, cash flow, tangible fixed assets, working capital, and fixed investment. The results obtained indicate that an active management of working capital may help firms alleviate the effects of financing constraints on fixed investment. Nevertheless, they did not examine the input of working capital management of the company.
Abstract: Since the level of fixed investment is costly for firms, they always search for ways to maintain it; however, financing constraints prevent the realization of this goal. In this article, a panel of over 134 stock firms over the period 2005-2011 was used to study the linkages between investment in fixed and working capital and financing constraints....
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