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1
Filip, Dariusz. "Managerial Factors in Investment Risk: Evidence from Polish Mutual Funds." e-Finanse 16, no. 1 (2020): 1–10. http://dx.doi.org/10.2478/fiqf-2020-0001.
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AbstractThe aim of this study is to examine whether investment risk is related to the managerial factors characterising portfolio managers. The study employs four risk measures and a set of individual manager characteristics, including socio-demographic variables determining a manager profile. The analysis is conducted based on data for 144 portfolio managers from 43 domestic equity funds operating in Poland in the period 2000-2015. The examinations are made possible by using static panel models. The obtained results indicate the existence of a relationship between managerial characteristics and risk measures, such as: standard deviation, beta coefficient, tracking error and bear-market percentile ranking. To our knowledge, it is the first paper to evaluate the investment risk of Polish mutual funds in relation to managerial characteristics.
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Brands, Simone, David R. Gallagher, and Adrian Looi. "Active investment manager portfolios and preferences for stock characteristics." Accounting and Finance 46, no. 2 (2006): 169–90. http://dx.doi.org/10.1111/j.1467-629x.2006.00163.x.
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Yoo, Ji-Yeon, and Sang-Min Cho. "Labor investment efficiency, managerial characteristics, managerial ability, manager overconfidence." Journal of Next-generation Convergence Information Services Technology 7, no. 2 (2018): 197–206. http://dx.doi.org/10.29056/jncist.2018.12.07.
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Gallagher, David R. "Investment manager characteristics, strategy, top management changes and fund performance." Accounting and Finance 43, no. 3 (2003): 283–309. http://dx.doi.org/10.1111/j.1467-629x.2003.00092.x.
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Sfar, Dorsaf Bentaleb. "Managerial Discretion: The Relationship Between Investments in R & D and Performance -Revisited: Case of Tunisian Enterprises." Journal of Management and Strategy 12, no. 1 (2021): 17. http://dx.doi.org/10.5430/jms.v12n1p17.
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This article proposes a re-reading of the role of R & D investments in the performance equation when a manifestation of an opportunistic inclination on the part of managers occurs. Often, the manager and the owners express different expectations regarding investment choices in R & D. Although shareholders are looking for performance, the manager sometimes has a tendency to broaden his managerial discretion. The choice of R & D investments could thus reinforce managerial entrenchment. We will demonstrate the moderation exercised by managerial discretion on the R & D / Performance relationship.Our empirical validation will be put to examination against the Tunisian context by deploying various tests. We come to grips with the characteristics of the Tunisian context through an empirical study of 75 companies observed over a 7 -year time lapse, i.e. from 2008 to 2014. The explanatory analysis was an opportunity to highlight the existence of a moderation exercised over the main relationship dealt with.
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Dysvik, Anders, Bård Kuvaas, and Robert Buch. "Perceived investment in employee development and taking charge." Journal of Managerial Psychology 31, no. 1 (2016): 50–60. http://dx.doi.org/10.1108/jmp-04-2013-0117.
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Purpose – The purpose of this paper is to investigate whether the relationship between perceived investment in employee development (PIED) and taking charge is moderated by perceived job autonomy. Design/methodology/approach – Self-report data were obtained from 737 employees. In addition, manager ratings of taking charge were obtained for 154 employees from their respective managers. Hierarchical moderated regression analyses were used to test the hypotheses. Findings – The results revealed a positive relationship between PIED and both self-reported and manager-rated taking charge only for employees who perceived high levels of job autonomy. Research limitations/implications – Given the cross-sectional nature of the data, no causal inferences can be drawn. Practical implications – Managers and organizations may benefit from providing work conditions that facilitate a felt obligation to reciprocate, but at the same time provide sufficient levels of perceived job autonomy to actually do so with respect to increasing the levels of employees’ voluntary and constructive efforts to improve work situations. Social implications – Greater levels of employee taking charge behaviors may offset the decline of businesses and thus aid in reducing long-term unemployment in the society at large. Originality/value – This study contributes to a more complete understanding of how job characteristics may facilitate or inhibit the influence of antecedents for taking charge.
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Yeo, Hwan Young, Young Kyu Park, and Hyo Keun Joo. "Fund manager`s Characteristics and Investment Behavior: The Effect of Individual Characteristics on the Performance Persistency, Investment Style and Risk." Korean Journal of Financial Studies 46, no. 2 (2017): 497–522. http://dx.doi.org/10.26845/kjfs.2017.03.46.2.497.
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Rachmawati, Rina, Sugeng Wahyudi, Irene Rini Demi Pangestuti, and Najmudin . "Funds Manager and Mutual Funds Characteristics on Mutual Funds Performance: Empirical Evidence of Equity Mutual Funds in Indonesia." International Journal of Financial Research 11, no. 2 (2020): 77. http://dx.doi.org/10.5430/ijfr.v11n2p77.
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This study examines the effect of investment fund managers' characteristics in the form of tenure, and mutual fund characteristics with proxy turnover portfolios, market timing and stock selectivity on the performance of stock mutual funds. The research sample is 27 stock mutual funds in Indonesia that were active from 2013 to 2017. On the analysis of the relationships between the characteristics of investment managers and mutual funds characteristics on the performance of stock mutual funds, a series of OLS regressions were run. The panel data regression was included based on using the Eviews. All of the above were aimed at achieving portfolio optimization and realizing the maximization of the interests for fund management companies and investors. The main findings are as follows. Tenure does not affect the performance of stock mutual funds during the years 2013 to 2017, but if divided into 2 quadrants of tenure, namely tenure over 19 years and tenure under 19 years of work, the result is that tenure over 19 years has a positive effect on the performance of stock mutual funds, but tenure brought 19 years has no effect on the performance of equity funds, whereas mutual funds characteristics, which are proxied by portfolio turnover, market timing and stock selectivity, have a significant positive effect on the performance of equity funds in Indonesia. The primary limitation in the scope is the sample, because stock mutual funds that publish consistently Financial statements between 2013 and 2017 are few in number. These findings have important implications for fund management companies as input material that the investment strategy of the investment management team affects the performance of equity funds compared to the characteristics of investment managers with proxies for years of service. This paper proposes a new perspective to evaluate the relationship between the fund manager and mutual funds characteristicsanddivide 2 groups of working years, and calculate them with non-linear models.
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Dukoski, Stojan, Ljubisa Zlatevski, and Katerina Dukoska. "STOCKS AS AN INVESTMENT OPTION FOR THE INVESTMENT FUNDS." KNOWLEDGE INTERNATIONAL JOURNAL 30, no. 1 (2019): 153–57. http://dx.doi.org/10.35120/kij3001153d.
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Financial innovations bring for the investors the new choices of investment but at the same time make the investment process and investment decisions more complicated, because even if the investors have a wide range of alternatives to invest they can‘t forgot the key rule in investments: invest only in what you really understand. Thus the investor must understand how investment funds differ from each other and only then to choose those which best match his/her expectations. The most important characteristics of investment funds on which bases the overall variety of investment vehicles can be assorted are the return on investment and the risk which is defined as the uncertainty about the actual return that will be earned on an investment. Each type of investment funds could be characterized by certain level of profitability and risk because of the specifics of these financial investments. Stocks are one of the favourite investments for the investment funds because of their effectieveness,but also because of they are higly liquid on average, bring income through dividends,offer diversification through sectors and every fund manager can find reasonably priced stocks with the required effort. Investment funds choose stocks because they are a very attractive investment that offers a lot of oportunities for the funds.The basic opportunity is that they are very flexible investment that offers ownership in the companies that the funds invests in. This gives the fund the oportunity to take participation in the annual shareholders meeting,but also to take board seats.It means that the fund can send representatives that can in turn affect the way the company manages its assets.A lot of companies are open to receive capital from the investment funds because as an investment vehicle they have a lot of liquidity to offer. Every investment fund is centered on the needs of the investors and tries to combine their individual opinions into one grand strategy.Usualy investment funds allow bigger investors to choose their investments and provide for them special portfolio options.This means that investors gain opportunity to have their own investment portfolio,which they can track for themselves and compare to the market index. Stocks are a big part of the investment portfolio of every investment fund.They sometimes respresent more than a half of the overall investments of the investment funds.The reason for this lays in their relative simplicity and the lots of ways the investor can profit from this securities.
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Maestri, Cláudia Olímpia Neves Mamede, and Rodrigo Fernandes Malaquias. "Aspects of manager, portfolio allocation, and fund performance in Brazil." Revista Contabilidade & Finanças 29, no. 76 (2018): 82–96. http://dx.doi.org/10.1590/1808-057x201804590.
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ABSTRACT This paper intends to contribute to the literature on investment funds in emerging markets by looking at the performance of multimarket funds in Brazil from a manager perspective. The aim of the paper was to analyze whether some characteristics of investment fund managers, as well as their portfolio holdings, can affect fund performance. In emerging countries both portfolio asset allocation and manager characteristics can help explain differences in the fund performance, which increases the relevance of this study. Therefore, the impact of this research lies in its revealing a significant relationship between risk-adjusted return and the portion of portfolios allocated to fixed or variable income, which seems that have not been explored in the context of emerging economies yet. A total of 6,002 multimarket funds were analyzed, covering the period between September 2009 and December 2015, using panel data with robust standard errors clustered by funds. We also employed robust statistics in order to assess some potential biases due to outliers, by analyzing the breakdown point in the estimated models. It should be noted that portfolio composition (allocation of portfolios into variable income and fixed income) was the most important factor in explaining a potential change in the performance of Brazilian multimarket funds. Also important were the effectiveness of the management of these funds, that is, the best risk-adjusted returns were delivered by less experienced managers, funds investing more in fixed income, managers with more funds under management, and larger funds.
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Kim Chi, Nguyen Thi, Bui Van Can, and Bui Minh Duc. "Impact of Corporate Governance on Investment in SMEs Vietnam." International Journal of Economics and Finance 11, no. 11 (2019): 59. http://dx.doi.org/10.5539/ijef.v11n11p59.
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Controlling the investment activities of company representatives helps to avoid inefficient investment activities. Shareholders will face with risks if manager’s decisions which not bring benefits to shareholders (according to agency theory). Studying the influence of corporate governance on investment has an important role in controlling investment activities of enterprises. Therefore, the authors analyze the impact of corporate governance on investment of small and medium enterprises (SMEs) in Vietnam from 2014 to 2018. With data collected from 480 small and medium enterprises in Vietnam. The results show that state-owned enterprises tend to invest less than non-state enterprises. Companies with manager is board chair and manager hold shares will make investing more. Revenue growth and financial leverage have a positive impact on investment. From the results of this study, the authors also make some recommendations to help control investment activities in the enterprise through corporate governance characteristics.
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Chen, En Te, and Yunieta Anny Nainggolan. "Distance bias of socially responsible investment." Social Responsibility Journal 14, no. 1 (2018): 96–110. http://dx.doi.org/10.1108/srj-02-2017-0021.
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Purpose Despite the benefits of international diversification, the home equity bias phenomenon is well documented in the portfolio choice literature. The purpose of this paper is to investigate whether the same investment behavior applies to domestic socially responsible investments (SRIs) where ethical screenings should be the selection criteria. Design/methodology/approach The authors apply the model by Coval and Moskowitz (1999), Grinblatt and Keloharju (2001) and Agarwal and Hauswald (2010) to uncover the effect of distance relative to screenings on SRI domestic portfolio choice. For the first time, the authors test the robustness of distance effect by using time bias, which is the travel time between the fund manager and the company’s headquarter. Findings The authors find that SRIs exhibit a strong preference for locally headquartered firms. After controlling for screening activity and other fund characteristics, the authors still find a strong distance bias in SRI fund portfolio decision-making. The authors find that this bias is mostly observed in SRI fund with social screening and that fund holding characteristics determine the propensity of fund managers to invest locally. The results suggest that the local bias puzzle exists in SRI. Research limitations/implications This study provides avenue for future research to examine whether the same local bias is found in SRI investment in other countries where they have different characteristics and behavior. Also, the evidence that local bias exists in SRI investment may need further analysis as to whether this is conflicting with the objectives of SRI, which focus more on ethical beliefs. Practical implications The results suggest that many local firms in the same city currently held by an SRI fund will not be held by this fund if it is in another city. The implications of the findings are that geographic proximity, along with ethical screenings, is an important dimension to how SRI fund invests. Originality/value This study is the first that examines local bias in SRI funds by using portfolio holding data.
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Kaur, Inderjit. "Performance of Equity Mutual Fund and Educational Credentials of Fund Manager." Vision: The Journal of Business Perspective 21, no. 1 (2017): 23–34. http://dx.doi.org/10.1177/0972262916681227.
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The investors of mutual funds can reduce their selection risk by selecting the mutual funds based on certain criteria. One such criterion could be the educational credentials of fund managers. The present study has examined whether performance of mutual funds could be attributed to differentials in educational credentials of fund managers and thereby can provide necessary signals to investors. The study has compared performance and investment strategy of fund managers having management degree from premier management institutions with others having CA/CFA/ICMA qualification. The results show that the performance between these two groups of fund managers does not differ significantly. However, the difference in performance became significant after controlling for various fund characteristics, such as size, expense ratio, liquidity ratio and flow of funds. This suggests that the relation between fund performance and educational credentials may be moderated by control variables. The results showed that the fund managers with a premier management degree were performing better than the other group and that they also followed a more extreme investment strategy. Further, the study has examined whether the relation between educational credentials of fund managers and performance and investment strategy has been impacted by different time periods of economic cycle. The examination in different sub-periods of economic cycle provided better performance of fund managers with premier management education, particularly during crisis period of economy. This performance differential due to educational credentials during the crisis period have been independent of the investment strategy of fund managers.
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Flori, Andrea, Fabio Pammolli, Sergey V. Buldyrev, Luca Regis, and H. Eugene Stanley. "Communities and regularities in the behavior of investment fund managers." Proceedings of the National Academy of Sciences 116, no. 14 (2019): 6569–74. http://dx.doi.org/10.1073/pnas.1802976116.
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We analyze a large microlevel dataset on the full daily portfolio holdings and exposures of 22 complex investment funds to shed light on the behavior of professional investment fund managers. We introduce a set of quantitative attributes that capture essential distinctive features of manager allocation strategies and behaviors. These characteristics include turnover, attitude toward hedging, portfolio concentration, and reaction to external events, such as changes in market conditions and flows of funds. We find the existence and stability of three main investment attitude profiles: conservative, reactive, and proactive. The conservative profile shows low turnover and resilience against external shocks; the reactive one is more prone to respond to market condition changes; and members of the proactive profile frequently adjust their portfolio allocations, but their behavior is less affected by market conditions. We find that exogenous shocks temporarily alter this configuration, but communities return to their original state once these external shocks have been absorbed and their effects vanish.
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AL Frijat, Yaser. "The Dynamics Application of Accounting Standards, and Its Importance in the Measurement with Fair Value & Disclosure." Asian Journal of Finance & Accounting 8, no. 2 (2016): 46. http://dx.doi.org/10.5296/ajfa.v8i2.9354.
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<p>This study aimed to shed light on the dynamics application of accounting standards (IAS/IFRS) in measurement with fair value and disclosure in Companies listed on Amman Stock Exchange (ASE). The study of population consisted of financial managers amounting (220) manager. A questionnaire was designed and used as a major instrument to collect information. Descriptive study showed number of findings including: the standards application contribute to creation of uniform accounting standards, creation active and semi-active markets, Preparing financial statements with integrated quality characteristics, and it reduce financial crises occurrence and economic risks. In addition, it helps in attracting investments, and it enables local Companies to invest in financial markets. In addition, it ensures sufficient disclosure to meet different needs of the beneficiary parties of information, and contributes to improving transparency level that reflects true economic value of organization. The study provided number of recommendations including, emphasizing the (IAS/IFRS) application importance in Companies listed on (ASE). Qualifying professional accounting staff, and governmental agencies that have to support through attracting foreign investment issue laws that encourage investment. Joint Coordination among Arab countries at Asia Continent level to create an active market in which to fair value can be evaluated.</p>
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Trzcinka, Charles. "Discussion: “Individual-Firm Style Loadings, Unrecorded Economic Assets, and Systematic Risk”." Journal of Accounting, Auditing & Finance 13, no. 3 (1998): 297–300. http://dx.doi.org/10.1177/0148558x9801300308.
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Classifying stocks and stock portfolios into “investment styles” is widely practiced in portfolio management. The most common styles are “growth” versus “value” and “small capitalization” versus “large capitalization.” There are several purposes for this classification, but generally practitioners seem to believe that various segments of the markets are inefficient and that it is appropriate to judge a portfolio manager against peers in the segment. The classification is also widely used as a communication tool between portfolio managers and their clients. Practitioners believe that the firms in each style classification have different return and risk characteristics from firms in other styles and that communicating style gives useful information about the portfolio manager. Finally styles are usually defined by variables such as market value of equity to book value of equity and cash flow variable but typically, styles are not deterministic functions of these variables since subjective judgment is used by whoever defines the style.
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Alexey Lyashuk, Alexey Lyashuk, and Alexey Bakulev Alexey Lyashuk. "Clarifying portfolio manager job functions: in search of essential ones." 青年企業管理評論 14, no. 1 (2021): 001–23. http://dx.doi.org/10.53106/207308882021101401001.
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<p>The research aims to clarify portfolio manager (PfM) job functions and design essential and marginal job functions a PfM should perform. Often understood as a tool for embodying the company strategy and creating its value, portfolio management is viewed chiefly from the project management and investment perspectives. Despite the differences in understanding portfolio management from different perspectives, on the fundamental level, outcomes have similarities shown in the literature review. Different PfM studies display primarily descriptive characteristics of the role, which are blurry and do not add a solid basis in understanding the job functions. This study is qualitative, with content analysis as its main method. We chose literature and electronic sources that meet the following conditions: published during the past ten years; focused on a PfM or portfolio management process-related topics; containing a description of PfM tasks, activities, functions and/or responsibilities. We single out 19 PfM job functions, including seven essential and twelve marginal ones. These findings are significant, serving as a basis for building PfM job descriptions and competency models along with assisting both novice and experience PfMs in enhancing their performance.</p> <p>&nbsp;</p>
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López, Fernando, and Eduardo Walker. "Investment performance, regulation and incentives: the case of Chilean pension funds." Journal of Pension Economics and Finance 20, no. 1 (2020): 125–50. http://dx.doi.org/10.1017/s1474747219000350.
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AbstractWe examine the investment performance of Chilean pension funds during their multi-fund period (2003–17). Using tradable asset class benchmarks, we extend Sharpe's (1992) return-based style analysis by explicitly considering regulatory restrictions and currency hedging. We find that despite the significant differences between pension fund manager returns, they are statistically similar to our style benchmarks for all fund types. Furthermore, accounting for currency hedging improves the accuracy of the replicating portfolios and the selection return estimates. Our results have policy implications for investment regulation of pension systems with similar characteristics to the Chilean one.
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Goldberg, Martin A., Robert E. Wnek, Presley Rodricks, and Cynthia Kruth. "Untangling The Carried Interest Controversy." Journal of Business & Economics Research (JBER) 11, no. 2 (2013): 89. http://dx.doi.org/10.19030/jber.v11i2.7621.
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Carried interest is a form of deferred compensation payable to managers of hedge funds organized as investment partnerships. There are two tax components of this compensation that are favorable to the manager. First, income taxes are due only when amounts are received rather than when this interest is granted, and second, this income is eligible for the lower tax rates of capital gains and dividends. Special tax treatment has been criticized by some as being an unfair benefit for income that is essentially compensation for services, while proponents of continuing this special treatment point out policy reasons for continuing it, emphasizing characteristics of carried interest that warrant treatment such special treatment. Legislative changes have been proposed but not enacted into law, and there are different alternatives that warrant consideration for the future.
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Hsiao, Chih-Yi, and Yi-Long Zhou. "The Impact of ESG and the Characteristics of the Board of Directors on Investment Efficiency: A Case Study of Chinese Listed Companies." Global Academic Journal of Economics and Business 4, no. 3 (2022): 61–70. http://dx.doi.org/10.36348/gajeb.2022.v04i03.001.
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The board of directors is an important organization leading the company's decision-making. The different personal characteristics of the members of the board of directors directly affect the choice of decision-making, and then affect the investment efficiency; Social responsibility is a behavior in that enterprises are closely connected with the external environment. Therefore, this paper takes Chinese listed companies from 2016 to 2020 as a sample and makes an empirical study with the Ordinary Least Square method to explore the impact of board characteristics and corporate social responsibility on corporate investment efficiency. The results show that: 1) the higher the proportion of male directors, the older the average age of directors, and the enterprises with no overseas background among directors, the more inclined to implement corporate social responsibility. 2) The better corporate social responsibility performance has a positive and significant impact on the company's investment efficiency. 3) The older the average age of the members of the board of directors, the company with no overseas background in the board of directors and no financial background in the board of directors, and the company with the same director as the chairman and general manager, the investment efficiency will be better. 4) The implementation of corporate social responsibility does not make up for the negative impact of the characteristics of board members on enterprise investment efficiency. This paper also puts forward corresponding suggestions based on the research findings.
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Latifah, Sri Wahjuni, A. Waluya Jati, and Erna Retna R. "Pengembangan Usaha Bagi Mantan TKI Di Kec.Donomulyo Kabupaten Malang." JBMP (Jurnal Bisnis, Manajemen dan Perbankan) 2, no. 1 (2016): 67. http://dx.doi.org/10.21070/jbmp.v2i1.910.
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Research of potential business for TKI at district Donomulyo Malang. The purpose of this research is to know the characteristics of the former TKI social aspects, culture and economy. Further is analyzing the potential of natural resources and supporting resources providing information fundamental to strategy the development. Further, makes informatian about the factors are considered in the investment decision making in the area. Informan this study is TKI, goverment officials, and Manager of KUD. The data are collected with interviews, questionnaires, FGD and copy related data. Data analysis was perfomed with several stages, : analysis of validit, reliabilitas discriptive statistical analysis and analysis Cluster of matrix. Next domain analysis is conducted to determine the factors that need to be considered in making investment decisions. The results showed that TKI Donomulyo Malang has characteristics social, cultural was highly, but characteristics economic was low. In accordance with the characteristics skill of former TKI and its natural resources the the potential of the relevant business is supporting the Tourism Beaches and Cave.
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Drennan, Judy, and Anna Bodi. "Information Technology Success Factors for Small Business Managers." Journal of Management & Organization 2, no. 1 (1996): 12–20. http://dx.doi.org/10.1017/s1833367200006180.
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AbstractInformation Technology (IT) provides great scope for small business to gain benefits in terms of customer service, productivity, business growth, return on investment, profits and time based competitiveness. Yet these outcomes are not guaranteed. In this study of 80 small businesses in Victoria, which have been drawn into IT networks by larger organisations and invested in IT, factors which inhibit or promote gains are investigated. One important aspect is whether certain characteristics related to the small business manager show a relationship with ‘success’ or positive outcome indicators. Data analysis indicates that factors such as length of time using computers, accessibility of information and positive attitude towards IT change are associated with the extent to which business benefits are realised.
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Drennan, Judy, and Anna Bodi. "Information Technology Success Factors for Small Business Managers." Journal of the Australian and New Zealand Academy of Management 2, no. 1 (1996): 12–20. http://dx.doi.org/10.5172/jmo.1996.2.1.12.
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AbstractInformation Technology (IT) provides great scope for small business to gain benefits in terms of customer service, productivity, business growth, return on investment, profits and time based competitiveness. Yet these outcomes are not guaranteed. In this study of 80 small businesses in Victoria, which have been drawn into IT networks by larger organisations and invested in IT, factors which inhibit or promote gains are investigated. One important aspect is whether certain characteristics related to the small business manager show a relationship with ‘success’ or positive outcome indicators. Data analysis indicates that factors such as length of time using computers, accessibility of information and positive attitude towards IT change are associated with the extent to which business benefits are realised.
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Ismail, Maimunah, Siti Raba’ah Hamzah, and Ralf Bebenroth. "Differentiating knowledge transfer and technology transfer." European Journal of Training and Development 42, no. 9 (2018): 611–28. http://dx.doi.org/10.1108/ejtd-04-2018-0042.
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Purpose The purpose of this paper is to examine the conceptualization of knowledge transfer and technology transfer to seek answers to the question: Why should an organizational manager need to know the difference between knowledge transfer (KT) and technology transfer (TT)? Design/methodology/approach An extensive literature review method was used to identify and analyze relevant international publications. The literature sources are categorized as follows: literature on KT only, literature on TT only and literature on comparative analysis on KT and TT. The conceptualization of KT and TT is based on signaling theory. Findings The authors identified differences between KT and TT based on six dimensions, namely knowledge versus technology characteristics, usage of KT and TT in national development, sender versus receiver, intra-firm versus inter-firm transfer, foreign direct investment (FDI) and workers’ mobility. Research limitations/implications This is a conceptual analysis that should contribute to the existing literature by comprehensively reviewing the processes of KT and TT based on selected research conducted worldwide as well as suggest practical guidelines to organizational managers in managing KT and TT. Originality/value This review could shed new insights for future researchers to validate and examine the identified differences between KT and TT so that managers could make use of the findings to manage KT and TT successfully in their organizations.
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Malhotra, Priya, and Pankaj Sinha. "Forecasting Fund Flows in Indian Equity Mutual Funds Market using Time Series Analysis: An Empirical Investigation." Journal of Business Thought 12 (December 15, 2021): 1. http://dx.doi.org/10.18311/jbt/2021/25970.
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<p>Mutual Funds are the second most preferred financial investment option in India amongst households, corporate and private investors alike. Managed funds bring with them the expertise of fund managers along with the benefits of diversification and lower costs. The sensitivity of fund flows defines the ability of the fund manager in offering expected future returns. Mutual fund flows exhibit time series characteristics, it being financial data collected at regular intervals over a time period. This paper studies the dynamics of mutual fund flows by utilising time series regression modelling. Monthly fund flows data for a sample of 142 equity open-ended growth orientation across major marketcap categories – Large Cap, Large and Mid Cap, Multi Cap, Mid Cap, and Small Cap have been analysed using ARIMA Modelling in the R software package. Appropriate lag length and the presence of a unit root have been investigated with the help of established techniques coupled with suitable checks of robustness. Model of best fit has been used to forecast monthly fund flows for a lag length of 60. Our study leads us to two major outcomes. One, unlike many developed and emerging markets, fund flows in the chosen sample do not confirm to positive feedback trading hypothesis. This lends credible support to the absence of irrational exuberance in mutual fund investments. Second, equity-based funds in Large Cap, Large and Mid Cap, and Multi Cap category exhibit strong trend component while funds in Mid Cap and Small Cap category have a strong random component. Beginner investors can take advantage of alpha offered by fund managers possessing effective market -timing skills, an indicator of trend-investing strategy. Funds belonging to these categories are also lesser prone to market volatility in comparison to Mid Cap and Small Cap funds, being more suitable for experienced investors</p>
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Venkataraman, R., and Thilak Venkatesan. "Evaluation of Growth of Mutual Funds and Exchange Traded Funds in India." SDMIMD Journal of Management 7, no. 1 (2016): 41. http://dx.doi.org/10.18311/sdmimd/2016/8413.
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Investors are always baffled about the risk-return characteristics of their investments. There is often the challenge of the alternative between active&amp;passive investments. In case of active mutual funds there are numerous categories of active funds each tracking a different benchmark. It often leads to confusion about how the performance can be compared between one fund to another. The growth of ETFs' has been phenomenal in the recent years due to various advantages of an exchange traded fund compared to the mutual fund as lower cost of management, lesser dependence on fund manager, ease of transaction to name a few. In this context the research analysedthe passive ETF's&amp;prominent Mutual funds both active and passive to justify superior returns at lower risk. The research was based on secondary data, for a period of 5 years i.e. from 2010 to 2015.The various tools used were Sharpe Ratio, Jenson's Alpha, Treynor's Ratio and Tracking error. The study recommends fund houses to implement proactive strategies to reduce tracking error and make ETF's a better alternative for investment.
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Anosova, Anastasiia. "TO THE ISSUE OF THE CONTENT OF POSTGRADUATE EDUCATION OF GENERAL SECONDARY EDUCATION INSTITUTIONS MANAGERS." Psychological and Pedagogical Problems of Modern School, no. 1(7) (May 25, 2022): 22–30. http://dx.doi.org/10.31499/2706-6258.1(7).2022.261082.
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The article is devoted to topical aspects of the content of postgraduate education of heads of general secondary education institutions, who work in the forward zone of the modern educational changes.In the context of key postgraduate education objectives and its characteristics such as a focus on sustainable professional development, adaptability to socio-cultural conditions, and prognostic and advanced kind are considered emphasis on certification training of school managers, in particular in the formats of formal, non-formal, and informal education.The role of postgraduate pedagogical education institutions in the processes of the professional standard of the school managers’ implementation and gradual transition of schools functioning in the mode of organizational, personnel, academic and financial autonomy is emphasized.The status of the autonomous educational institution director raises urgent issues of administration, material, technical and financial support of the institution, which expands the list of manager professional competencies. Formation, improvement, and strengthening of such competencies lie in the plane of postgraduate education tasks, which for this purpose is a resource-filled space.Attention is also drawn to the need for managers to master the technology of building an individualized professional development trajectory, which will help strengthen their vitality.The content of school managers’ postgraduate education on a flexible educational route should also be focused on their individual educational needs and include issues of self-knowledge and personal-professional self-improvement.The article emphasizes the importance for postgraduate education institutions to play a facilitative role in the dialogue between school leaders, the founders and other social institutions, which to some extent affect the functioning of the school.Lifelong education is noted as an important investment in school managers’ competitiveness and professionalism.
 Keywords: professional development; postgraduate education; lifelong learning; manager of general secondary education institution; formal, non-formal, informal education; modernization of education; professional standard of the director of general secondary education institution; trajectory of professional development; motivation; self-improvement.
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Abdelhamid, Ahmed M. "Does Demand Uncertainty Moderate the Relationship of Risk Attitude and Sticky Cost? Evidence From Egypt." International Journal of Financial Research 12, no. 3 (2021): 356. http://dx.doi.org/10.5430/ijfr.v12n3p356.
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The current paper explores the relation between managers’ risk attitude and cost stickiness behavior and the role of demand uncertainty as a moderation variable in the Egyptian business environment. Managers’ risk attitudes are measured using Bo and Sterken (2007) proxy measure [Bo, H., & Sterken, E. (2007). Attitude towards risk, uncertainty, and fixed investment. The North American Journal of Economics and Finance, 18(1), 59–75]. Demand uncertainty is measured by the standard deviation of firms’ sales over the sample period. The study sample includes 114 Egyptian-listed firms over a 14-year period (2004 - 2017) which results in 1,419 firm-year observations. The study models are estimated using the ordinary least squares (OLS) with a fixed-effects model. Findings show that in the presence of high demand uncertainty, risk-averse managers respond to sales decrease by cutting resources which lowers cost stickiness. One of the limitations is that some factors like firms’ policies, corporate governance mechanisms, and board of directors’ characteristics could dilute the effect of manager’s risk attitude on cost stickiness. The current research emphasizes the importance of considering the firm’s operating environment when selecting a manager for the firm, and the role of directed training to align the manager’s personal characteristics with the firm's objectives. The current research contributes to the previous literature by documenting the effect of manager’s risk attitude on cost stickiness and the role of a firm’s demand uncertainty as a moderating variable between these two variables.
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FAYE, Oumar. "Influence of the Manager’s Characteristics on the SME Performance in Senegal." International Journal for Innovation Education and Research 5, no. 1 (2017): 47–57. http://dx.doi.org/10.31686/ijier.vol5.iss1.165.
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The Small and Medium-sized Entreprises (SMEs) represent the most important part of companies in all economies. In Senegal, they constitute 90% of companies, contribute to up to 30% of job creations and participate in the national value added training for up to 20%. In most of the countries, the SME is defined by the number of employees, the turnover and the investment; but what characterizes it, in particular, is the manager’s central position (Julien, 1997). It is him who assumes the responsibility for defining the vision, combining the different resources and setting up strategies to lead the SME towards performance.In Senegal, very little work basically focuses on the SME manager and namely his or her personal characteristics. The ambition of this paper is also to study the manager’s characteristics which influence the performance of his company. It is based on the theoretical framework of the Upper Echelons Theory (UET) developed by Hambrick and Mason (1984).The results which are obtained from a sample of 202 Senegalese SMEs show that the manager’s characteristics namely the age and the high level of education have a positive impact on the SMEs performance.
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Sasrawan Mananda, I. GPB, and Luh Gede Leli Kusuma Dewi. "DEVELOPMENT STRATEGIES OF UBUD VILLAGE AS A CULTURAL M.I.C.E. (MEETING, INCENTIVES, CONVENTIONS, EXHIBITIONS) DESTINATION IN BALI." Jurnal IPTA 6, no. 1 (2018): 84. http://dx.doi.org/10.24843/ipta.2018.v06.i01.p09.
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The concept of mass tourism has two seasons namely high season and low season to determine the number of tourist visits each year, therefore the tourism industry to try to conduct a vigorous promotion by carrying out activities that can bring tourists to stay in one tourist destination. One of the activities that entrepreneurs do in the low season is to conduct activities M.I.C.E. (Meetings, Incentives, Conventions and Exhibitions). This research uses descriptive qualitative analysis technique by applying the participatory principle involving M.I.C.E stakeholders, destination manager, travel agent managers and tourists. Ubud Village as a tourist destination also has potential for M.I.C.E activities has not had a convention bureau, this is due to the characteristics of the tourists who come to Ubud and the needs required by the tourism industry managers are different from other tourist destinations in Bali such as Badung regency and Denpasar municipality. During this time, the implementation activities of M.I.C.E. dominated by incentives tourism activities (56.57%), exhibitions (31.72%) and meetings (11.71%). The SWOT results concluded that Ubud Village is still S> W and O?T thus requiring internal consolidation, but seeing O?T has potential for further development. Development strategy were using grand strategy which make the results such as growth, dominance, and maximum investment.
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Hughes, Arthur, Michael A. Urban, and Dariusz Wójcik. "Alternative ESG Ratings: How Technological Innovation Is Reshaping Sustainable Investment." Sustainability 13, no. 6 (2021): 3551. http://dx.doi.org/10.3390/su13063551.
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Environmental, Social and Governance (ESG) rating agencies have been instrumental in mainstreaming sustainability in the investment industry. Traditionally, they have relied on company disclosure and human analysis to produce their ratings. More recently however, technological innovation in data scraping and Artificial Intelligence (AI) have undercut the traditional approach. Tech-driven Alternative ESG ratings are becoming increasingly influential yet remain critically underexplored in sustainable finance scholarship. Grounded within financial geography and using mixed methods, this paper fills this gap by comparing a set of Traditional ratings, sourced from MSCI ESG, with an Alternative AI-based set of ESG ratings sourced from Truvalue Labs. Our results expand upon recent research on ESG ratings by shedding new light on low commensurability between Traditional and Alternative ESG ratings. Specifically, we show that differences in ratings are driven by four main factors: differences in ESG theorisation based on key issue selection, differences in data sources analysed, differences in weighting structures for rating aggregation, and finally differences in controversy analysis. Our findings are contextualised using participatory observations collected during fieldwork at a leading asset manager in the City of London. Overall, we show that the advantages of Alternative ESG ratings include higher levels of standardisation, a transparent ‘outside-in’ perspective on ratings, a more democratic aggregation process, and rigorous real-time analytics. We argue that these characteristics reflect a geographic reconfiguration of ESG rating construction, expanding from financial agglomerations to technological and digital spaces of innovation. While Alternative ESG ratings make major promises on how technology can reform sustainable investing, we recognise that risks remain.
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Шевченко, О. М., та М. М. Шовкалюк. "РОЗРОБКА ІНВЕСТИЦІЙНИХ ПРОЄКТІВ ПІДВИЩЕННЯ ЕНЕРГОЕФЕКТИВНОСТІ СТУДМІСТЕЧКА КПІ ТА ІНТЕГРАЦІЯ У ОСВІТНІЙ ПРОЦЕС". Bulletin of the Kyiv National University of Technologies and Design. Technical Science Series 148, № 4 (2021): 77–86. http://dx.doi.org/10.30857/1813-6796.2020.4.7.
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Development and analysis of the main indicators of the investment project of the thermo-modernization of the student campus KPI and energy consumption management for the development of monitoring and integration in the educational process. Method. The technical and economic analysis with use of engineering methods of calculation, experimental measurements with use of the laboratory equipment is executed. General scientific methods of analysis and synthesis, specific methods (grouping, comparison, generalization), statistical data processing, modeling in specialized software products are used. Results. Reduction of total consumption of energy resources, as well as monetary costs for their payment; creation of conditions and tool base for research works; improving the quality of educational services, involving students in energy audits; software development and creation of an automated energy consumption monitoring system. Scientific novelty. A comprehensive approach to the development of investment projects to improve the energy efficiency of campuses, taking into account technical, economic and environmental indicators with in-depth engineering analysis of the characteristics of buildings and their engineering systems. New approaches to the development of an autmated workplace of an energy manager with structural elements of the software of the energy monitoring system are proposed. Practical significance. An investment project of complex thermal modernization of student campus buildings and modernization of engineering networks of individual buildings with a choice of equipment and development of placement schemes has been developed. The main technical, economic and environmental indicators of the project are determined. An important educational direction is to involve students in the process of developing investment projects using modern technologies on the example of campus facilities, which will create an environment for comfortable learning conditions and research. The implementation of the investment project will allow to create a modern energy-efficient site with the use of innovative solutions on the basis of the existing old building stock.
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Geleta, Negash, and Sileshi Talegeta. "Determinants of Micro and Small Enterprises Growth in Selected Towns of West Shoa Zone, Oromia Regional State, Ethiopia." International Journal of Small and Medium Enterprises 2, no. 2 (2019): 20–32. http://dx.doi.org/10.46281/ijsmes.v2i2.413.
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MSEs have an important contribution to economic growth and employment creation in Ethiopia. However, due to different bottlenecks that hinder the growth, MSEs found in these three towns were not grown as it was expected. Therefore, this study aimed at identifying the major determinants of MSEs growth in West Shoa Zone, Oromia region, Ethiopia. In the study, both qualitative and quantitative research methods were used. Primary data was obtained using questionnaires. Stratified sampling was used to select proportional number of samples from the study area. The study used Chi-square and logistic regression to measure the association and determine growth probability of MSEs, respectively. The result of the study revealed, Entrepreneurial competency, managerial skills, market access, innovation, high initial investment size, access to finance and manufacturing sector variables were identified as a major determinant of growth of the MSEs in the study area. MSEs Owner/manager characteristics such as gender and age were found not to have an influence on the growth of the enterprises as the descriptive result showed. The probability of growth of MSEs were positively influenced by entrepreneurship competency, management skill, market access, initial investment size, and sector in manufacturing; however, getting access to finance and engaging in innovation activity have negative impact on the growth probability of MSEs based on the binary logit model result. The variables included in the model explain about 73.38% of the influences on the MSEs Growth so as, the model is fit. The study recommends that proper understanding of these factors constitutes an essential starting point and important for the Owner/manager of MSEs, government and non-governmental organizations to formulate policies and strategies in order to reduce unemployment, poverty and income inequality thereby promote MSEs and their growth in the country and particularly in West Shoa Zone.
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Marzano, Mariella, Paul Woodcock, and Christopher P. Quine. "Dealing with dieback: forest manager attitudes towards developing resistant ash trees in the United Kingdom." Forestry: An International Journal of Forest Research 92, no. 5 (2019): 554–67. http://dx.doi.org/10.1093/forestry/cpz022.
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Abstract European ash (Fraxinus excelsior L.) is a highly valued native species in the UK and elsewhere. The rapid spread and predicted impact of ash dieback (caused by Hymenoscyphus fraxineus), has led researchers to explore a range of responses from introducing non-native ash to use of Genetic Modification (GM) technologies to develop disease resistance. To support decisions over which approaches should receive further investment to encourage adoption, it is necessary to understand what is acceptable to forest practitioners. Interviews with 22 forest advisors and managers revealed ash is highly valued for the multiple benefits it provides but past experiences with pest and diseases have encouraged a more cautious (‘wait and see’) attitude to approaches for dealing with ash dieback. These practitioners showed a strong interest in the concept of resistant ash but emphasized that any ‘new’ varieties should have similar characteristics, retain genetic diversity and be able to withstand future pests. There was limited support for planting non-native ash and use of GM methods and greater support for traditional breeding, though views varied dependent upon objectives and could evolve with experience countering the disease. There were concerns about the time required to produce resistant varieties and more information was needed about the costs, benefits and impacts of the different approaches. These findings point to the need for continued communication and engagement with stakeholders in the refinement of responses to dieback and any development of resistant ash.
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Bortoluzzi, Mirian, Marcelo Furlan, Simone Geitenes Colombo, et al. "Combining Value-Focused Thinking and PROMETHEE Techniques for Selecting a Portfolio of Distributed Energy Generation Projects in the Brazilian Electricity Sector." Sustainability 13, no. 19 (2021): 11091. http://dx.doi.org/10.3390/su131911091.
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This article aims to propose a multi-criteria model to support decision-making from a portfolio in selecting technologies for Distributed Generation of Energy (DGE) projects based on the characteristics of the geographic space in Brazil. The decision model involves using multi-criteria to support the evaluation, prioritization, and selection of projects under a multistage decision-making process that fits into a strategic management cycle within the energy sector of Mato Grosso do Sul (Brazil). The over-classification techniques Preference Ranking Organization Technique for Enrichment Evaluations (PROMETHEE) II and V were applied under the Value-Focused Thinking (VFT) approach, reflecting the decision-maker or manager preferences among several conflicting criteria in the investment context of sustainable distributed energy generation projects. Based on real data, a numerical application is employed to view the steps of this decision model and illustrate the adequacy and effectiveness in practical issues of portfolio management.
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Hsieh, Heng-Hsing. "A Review of Performance Evaluation Measures for Actively-Managed Portfolios." Journal of Economics and Behavioral Studies 5, no. 12 (2013): 815–24. http://dx.doi.org/10.22610/jebs.v5i12.455.
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In the recognition that investment management is an on-going process, the performance of actively-managed portfolios need to be monitored and evaluated to ensure that funds under management are efficiently invested in order to satisfy the mandate specified in the policy statement. This paper discusses the primary performance evaluation techniques used to measure a portfolio’s basic risk and return characteristics, risk-adjusted performance, performance attribution and market timing ability. It is concluded that the Treynor measure is more suitable for evaluating portfolios that are constituents of a broader portfolio, while the information ratio is useful for evaluating hedge funds with an absolute return objective. Although the Sharpe ratio and M-squared arrive at the same evaluation result, M-squared provides a direct comparison between the portfolio and the benchmark. With regard to the analysis of portfolio performance attribution, it is found that the return-based multifactor model of Sharpe (1992) is not suitable for analyzing the performance of hedge funds that engage in short-selling, leverage and derivatives. Additional factors generated by factor analysis could be used as factors in the extended model of Sharpe (1992) to analyze hedge fund return attributions. Finally, the Treynor and Mazuy (1966) model and the Henriksson and Merton (1981) model essentially distinguish the market timing ability from the security selection ability of the portfolio manager.
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Murugesu, John, and Chandra Sakaran. "The Interaction of Market Risk and Idiosyncratic Risk on Equity Mutual Fund Returns." International Journal of Financial Research 10, no. 6 (2019): 1. http://dx.doi.org/10.5430/ijfr.v10n6p1.
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This study examines the importance of idiosyncratic and systematic risks in explaining equity fund returns in Malaysia. The level of market and idiosyncratic risk in a mutual fund depends on what asset class it invests in. Equity type asset classes are exposed to both systematic and idiosyncratic risk but research generally suggest that only systematic risk is relevant in mutual fund selection since idiosyncratic risk can be reduced through fund diversification. This study attempts to expand the insights of the risk-return relationship by providing additional evidence on the direct and indirect effects of investment risk on equity mutual fund returns. Employing partial least squares structural equation modelling (PLS-SEM), we also explore if idiosyncratic risk moderates the relationship between market risk and mutual fund returns. A sample of 150 Malaysian domestic equity mutual funds comprising of large, mid & small-cap equity funds were selected from the Morningstar website. The results indicate that market risk does not influence mutual funds returns but idiosyncratic risk has a significant and positive effect. Idiosyncratic risk is proxied by fund characteristics comprising of size, age, expenses and fund manager ability. This study shows that fund size, age or expenses are not significant and only the fund alpha which measures fund manager ability is relevant in predicting fund returns. The study also finds that the fund alpha moderates the influence of market risk on returns by changing the nature of the relationship from positive to negative.
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Jovanovic, Petar, and Ivana Beric. "Analysis of the Available Project Management Methodologies." Management:Journal of Sustainable Business and Management Solutions in Emerging Economies 23, no. 3 (2018): 1. http://dx.doi.org/10.7595/management.fon.2018.0027.
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The paper is an analysis of the available project management methodologies from the standpoint of their applicability. Our aim is to establish specific characteristics of the today available methodologies (PMS, APM, PRINCE2, YUPMA, etc.) that can ensure realistic foundations on which an adequate methodology for a certain group of similar projects can be defined. The use of an adequate project management methodology brings a numerous advantages and benefits to project manager and project team and it shows them the right route towards project completion. This paper gives a review of the most recognizable methodologies proposed and implemented in the project management practice. Specific features of these methodologies were analysed bearing in mind the possibilities of implementation. It was found that general characteristics of traditional methodologies (PMI, IPMA, APM,YUPMA) make them more adequate to be implemented in larger and more complex projects such as: investment, military, manufacturing, overhaul, etc. projects. On the other hand, general characteristics of agile methodologies lead to a conclusion that these methodologies are more suitable to use for IT projects as well as for some smaller and less complex projects, such as devising various studies, project reports, etc. The research presented in this paper should be treated as a basis for further research oriented towards defining specific methodologies adequate for certain groups of similar projects.
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Ilkiv, O. V. "The legal nature of the relationship for the acquisition of certificates real estate fund." Uzhhorod National University Herald. Series: Law, no. 64 (August 14, 2021): 123–27. http://dx.doi.org/10.24144/2307-3322.2021.64.23.
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The article analyzes the legal nature of relations and the content of rights that arise on the basis of agreements for the acquisition of certificates of the real estate fund, and in particular the procedure for their implementation. The author considers the nature of the legal relationship, in which the main purpose is for the manager to perform the duties of the trustee with the greatest benefit and in the interests of the holders of certificates of real estate funds. An analysis of the relationship of participation in the real estate fund allows us to conclude that the trust relationship can be transformed into an absolute property right of the manager of the real estate financing fund, and investors (holders of real estate fund certificates) finance the construction.The funds invested in the real estate financing fund are used to finance a specific object. In the further investment process other participants take part, including the developer with whom the owner of the certificate of fund of real estate operations, is not in contractual relations. The owner of the certificates of the real estate fund has the right to require the manager to comply with the restrictions of the right of trust ownership in the process of fund management.The characteristics of the relationship for the acquisition of certificates of the real estate fund, where the basis of the binding relationship is property, is emphasized by differences and commonalities. The difference is that in contrast to property relations, which mostly involve the existence of the object, the moment of their occurrence, the inclusion of the object in the legal relationship is carried out by performing actions that must or may be performed by their participants, or from which you need to refrain.It is concluded that the agreement on the acquisition of FON certificates belongs to the generic type of property management agreements and the application of this agreement in the field of housing construction is due only to the fact that in this way funds are raised for its financing. transfer of ownership of housing.
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Mygind, Niels, Natalia Demina, Aleksandra Gregoric, and Rostislav Kapelyushnikov. "Corporate governance cycles during transition: A comparison of Russia and Slovenia." Corporate Ownership and Control 3, no. 4 (2006): 52–64. http://dx.doi.org/10.22495/cocv3i4p3.
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The governance cycle – here defined as the changes in the identity of the dominant owner and ownership concentration - is marked by the key phases of firm life-cycle, including start-up, growth, an eventual restructuring or exit stage. Privatized firms in transition countries, however, experience somehow specific cycles, which reflect the characteristics of the economic and institutional environment in transition: i) the type of privatization that initially often introduced a high proportion of employee ownership (like in Russia and Slovenia); ii) strong pressures for restructuring and ownership changes; iii) limited possibility for external finance due to the embryonic development of the financial system. The hypotheses on the development of the governance cycles in transition are tested upon a sample of Russian enterprise data for 1995-2003 and Slovenian data covering 1998-2003. In spite of the differences in institutional development concerning privatization and development of corporate governance institutions, we find that governance cycles are broadly similar in the two countries. Employee ownership is rapidly fading in both countries. While change to manager and non-financial domestic outsider ownership is typical for Russia, this is not the case in Slovenia. Instead, change to financial outsiders in the form of Privatization Investment Funds is more frequent. Foreign ownership, which is especially rare in Russia, is quite stable. The ownership diversification to employees and diversified external owners during privatization did not fit well to the low development of institutions. As expected, we observe a subsequent concentration of ownership on managers, external domestic and foreign owners in both countries
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Nurbaihaqi, Fariz Fardani, Enok Maryani, and Rini Andari. "ECOTOURISM DEVELOPMENT STRATEGY OF TANGGAMUS REGENCY, LAMPUNG PROVINCE (CASE STUDY: TELUK KILUAN)." JHSS (JOURNAL OF HUMANITIES AND SOCIAL STUDIES) 6, no. 2 (2022): 149–55. http://dx.doi.org/10.33751/jhss.v6i2.5398.
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This research was conducted to identify the potential of ecotourism in Tanggamus district in optimizing the role of tourism in the economy and community welfare, it is necessary to develop a sustainable tourism development based on an adequate understanding of the characteristics, conditions and constraints faced by tourism business actors. This development needs to be supported by appropriate financing and investment schemes. This research is qualitative research with a descriptive method with an inductive approach or solving existing problems and finding a complete understanding of the object being observed with research, as well as collecting data through direct observations made by researchers on 25-28 February 2022, interviews and documentation. In collecting qualitative data, the author conducted interviews with 20 informants using the snowball method consisting of the Head of the Tourism and Culture in Tanggamus Regency, Communities around tourist objects, tourists, managers, and MSME business actors. The development of tourist areas has not involved stakeholders outside the village, such as universities and the private sector. The absence of regulations on the management of ecotourism areas, the lack of budget allocations, the absence of a uniform cost system related to entrance tickets and profit sharing between the village and the manager, the opportunistic behavior of a small part of the community are institutional obstacles in the development of the ecotourism area. Based on the results of the study in this study, the proposed development of coastal ecotourism areas is sustainable tourism, which involves local governments, the private sector, academics, local communities, and the mass media.
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Chariri, Anis, Wibowati Sektiyani, Nurlina Nurlina, and Richa Wahyu Wulandari. "INDIVIDUAL CHARACTERISTICS, FINANCIAL LITERACY AND ABILITY IN DETECTING INVESTMENT SCAMS." JURNAL AKUNTANSI DAN AUDITING 15, no. 1 (2018): 91. http://dx.doi.org/10.14710/jaa.15.1.91-114.
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This study aims to explore important indicators applicable for the early detection of investment scams and to investigate the effect of age, education and financial literacy on the ability to detectinvestment scams. Data were collected using a questionnaire survey with respondents inSemarang, Indonesia. A total of 311 respondents completed the questionnaires, for a 62.2%response rate, but only 304 questionnaires were usable. Confirmatory factor analysis was used toverify the indicators of investment scams, and a regression model was then employed to analyzethe data. The findings show five main indicators applicable for early detection of investmentscams: a) investments with unreasonably-high returns, b) investment involving salespeople thattend to force potential investors to make an immediate decision about the investment, c)investments without reasonable underlying cores of business, in accordance with principles offairness and prudence in financial investment sectors, d) investments with no clear explanationon how the investment funds are managed, and e) investments without any information on thestructure of management, ownership, and business, and the address of the companies. Finally,the finding shows that the level of individual financial literacy positively affects the ability todetect investment scams. However, age and education do not affect the ability to detectinvestment scams.
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Sharma, Renuka, Kiran Mehta, and Vishal Vyas. "Responsible Investing: A Study on Non-Economic Goals and Investors’ Characteristics." Applied Finance Letters 9, SI (2020): 63–78. http://dx.doi.org/10.24135/afl.v9i2.245.
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The notion of rational investment is not attuned with the idea of socially responsible investment. Incongruence with conventional investments, the SRI/sustainable investment/ethical investment is pertained to ethical, environmental and social criteria (Eccles and Viviers,2011). All investors are not single-minded for an objective of wealth creation. The welfare of society and the environment are among the other drivers of investment. In certain cases, investors do prefer sustainable development to personal financial aspects (Beal et al., 2005). The present study has primarily focused on assessing the relationship between individual investors’ attributes and their noneconomic goal in order to comprehend their socially responsible investment behaviour specifically in Indian scenario. The findings of study are useful for fund managers, regulators and researchers as study has provided useful insights regarding behaviour of Indian investors for responsible investments.
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Nobre, Liana Holanda Nepomuceno, John E. Grable, Wesley Vieira da Silva, and Fábio Chaves Nobre. "Managerial risk taking: a conceptual model for business use." Management Decision 56, no. 11 (2018): 2487–501. http://dx.doi.org/10.1108/md-09-2017-0892.
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Purpose The purpose of this paper is to establish a conceptual model for managerial risk taking that considers objective measures related to an organization’s characteristics and subjective factors related to a decision maker’s profile. Design/methodology/approach A multilevel process-centered managerial decision-making framework was developed based on previously published risk taking models. The framework accounts for the conflict between agents and principals, as well as the macro- and micro-level environments in which risky decisions are made. Findings The integrative model presented in this paper provides a theoretically robust tool that can be used to further explore the interrelationships among known risk concepts that influence decision making in corporate settings. Research limitations/implications The present research is a conceptual model for managerial risk-taking. Further research is needed to test the linkages and propositions within the model, developing measures of the constructs and empirically testing the relationships among the dimensions of risk. Practical implications The proposed model can help firms define what manager profile is most suitable in terms of a match to the company’s investment strategy. Originality/value This paper is theoretically valuable in describing the relationships among several elements of risk: risk need, risk capacity, risk profile, risk perception, and risk tolerance. Future directions for empirical research are also presented.
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Messmore, Tom, and Travis L. Jones. "Pricing three cases of performance fees using options methodology." Managerial Finance 46, no. 1 (2019): 56–71. http://dx.doi.org/10.1108/mf-03-2019-0143.
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Purpose Prior research has demonstrated that investment management performance fees have the characteristic of a call option. It is important to examine whether these performance fees are consistent with traditional fee structures used by investment managers. It is also worth examining whether clients or managers benefit significantly more than the other party under performance fee structures. The paper aims to discuss these issues. Design/methodology/approach The authors use Black-Scholes options pricing methodology to examine three cases of performance fee structures. The Absolute Hurdle case examines the fee structure where the manager receives a portion of the return over a pre-defined absolute rate of return. The Benchmark Relative Hurdle case shows a fee structure based on performance in excess of the return of a benchmark portfolio. The Breakeven Relative Hurdle case illustrates the fee structure where there is revenue neutrality with the classic management fees when portfolio performance matches the benchmark. Findings The findings of this paper illustrate that a particular performance fee structure can be designed to have the same revenue as a traditional investment management fee structure. Such a structure is equally beneficial to both the investment manager and to the client and should have salutary motivational effects to improve investment results, while simultaneously rewarding the manager for value added at a fair price for both the manager and the investor. Originality/value This study is unique in that it examines three cases of performance fees and provides a comparison between performance fee structures and traditional investment management fee structures. The findings will assist investment portfolio managers in better setting management fees they charge clients. In addition, this study help with clients who feel they are being charged excessive management fees by their investment manager.
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Alhammadi, Salah, Simon Archer, Carol Padgett, and Rifaat Ahmed Abdel Karim. "Perspective of corporate governance and ethical issues with profit sharing investment accounts in Islamic banks." Journal of Financial Regulation and Compliance 26, no. 3 (2018): 406–24. http://dx.doi.org/10.1108/jfrc-01-2017-0014.
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Purpose The purpose of this paper is to examine the practices of Islamic banks in managing the so-called profit sharing investment accounts (PSIA) which they offer as a Shari’ah-compliant alternative to interest-bearing deposit accounts using an unrestricted Mudarabah contract. In particular, the paper aims to examine the risk-return characteristics of such accounts and to compare these to the returns and risks of shareholders in the same banks. It is relevant that PSIA holders (unrestricted investment account holders – UIAH) are exposed to losses on the assets in which their deposits are invested, while the bank as asset manager (Mudarib) does not bear these losses and as Mudarib typically receives more than 50 per cent of the profits earned on the PSIA. The issue is whether the UIAH are being treated equitably. The influence of a set of corporate governance variables on this issue was also analyzed. Design/methodology/approach A sample of 28 Islamic banks was selected from five countries for the period 2002-2013, with data being obtained from Bankscope and Bloomberg and, where necessary, from the banks’ annual reports. First, the risk-return characteristics of the UIAHs’ rates of return and shareholders’ rates of return on equity (ROE) were compared by calculating for each bank the coefficients of variation (CV) of the two series of rates of return. Second, a panel data approach was used to evaluate the effectiveness of corporate governance by examining the extent to which the size of the difference between the rates of return for shareholders and for UIAH was associated with a set of corporate governance variables. Third, a comparison was made between the risk-return characteristics of UIAH’s rates of return and shareholders’ dividend yield rate for a sub-sample of 20 banks for which the information was available. Findings For a significant proportion of the banks (9 out of 28), the CVs of the PSIA returns were higher than those of the shareholders’ ROEs, which suggested that in these cases the PSIA holders were receiving inequitable treatment. Likewise, for 7 out of the 20 banks in the sub-sample, the CVs of the PSIA holders’ rates of return were higher than those of the shareholders’ dividend yield rate. In explaining the size of the differences between the rates of return on PSIA and the shareholders’ ROEs, the variable with the greatest explanatory power was the return on assets, implying that when this was high the bank took a maximum Mudarib share of profits. Some other corporate governance variables had the expected signs, as did a country dummy representing the maturity of the market for Islamic banking, but there was little evidence of the effectiveness of corporate governance in protecting the interests of the UIAH. Research limitations/implications A limitation of the research was that the inefficiency of the stock markets in the relevant countries and the fact that a few of the banks were not listed made it impossible to use shareholders’ stock market returns. ROE is not a very good proxy, as it is unclear how much value should be placed on retained earnings. Dividend yield rates provide a better comparison with UIAH rates of return, but the data were available for only 20 of the banks. Nevertheless, the results of the analysis strongly suggest that in a significant proportion of cases, UIAH are not being treated equitably. Practical implications The implication is that the regulation of Islamic banks needs to be improved to provide better protection to UIAH. Social implications Islamic banks operate mainly in emerging markets where the effectiveness of regulation is limited. The ethical basis of Islamic finance provides some mitigation of this problem but apparently fails to do so in a significant proportion of cases. This should be borne in mind when assertions are made about the ethical basis of Islamic finance. Originality/value There is a dearth of empirical studies of the practices of Islamic banks and in particular of their treatment of their customers. This is because of various factors: the relative novelty of Islamic finance, the paucity of data and the relatively small size of the body of researchers in the field. This paper aims to contribute to filling this gap.
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Howe, Thomas S., Vladimir Kotomin, Min-Yu (Stella) Liao, and Abhishek Varma. "A tale of two SMIPs: equity and fixed income." Managerial Finance 46, no. 5 (2019): 636–46. http://dx.doi.org/10.1108/mf-08-2018-0399.
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Purpose The purpose of this paper is to document and compare the characteristics of two student-managed investment funds at the University. Design/methodology/approach This study uses a case study approach to achieve this purpose. Findings Consistent with other studies, this study finds considerable differences in funding, oversight and the structure of the courses in which the students manage the portfolios. This is the case even though the portfolios are managed by students in courses offered by the same department at the same university. Originality/value This study presents different possible ways of obtaining funds and structuring courses in which the students manage investment portfolios.
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Pham, Van Hung, and Thi Yen Le. "Utilization of information technology: An effective means of public investment management at autonomous universities in Vietnam considering the Covid-19 pandemic." International Journal of Data and Network Science 5, no. 4 (2021): 511–18. http://dx.doi.org/10.5267/j.ijdns.2021.8.016.
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Covid-19 has been causing a large-scale pandemic, along with the rapid development of information technology. Information technology means such as digital applications will be one of the effective tools to help manage public investment and investment in general in Vietnam. Public investment management at autonomous universities in Vietnam is in the final stage of completion in terms of procedures, legal documents, and implementation. This study was designed to shed light on the factors that affect the management of public investments at Vietnamese autonomous universities. The study's data was gathered from a survey of 126 public investment managers at autonomous universities in Vietnam. Factor analysis and multivariate regression methods were used to analyze the influence of factors on public investment management at autonomous universities in Vietnam. According to research findings, the capacity of public investment management agencies at autonomous universities; Distribution of funds for the implementation of public investment projects; administrative procedures, legal provisions, and the actual context affect public investment management at autonomous universities in Vietnam. With Standardized Coefficients = 0.482, distribution of funds for implementation of public investment projects at schools at autonomous universities were the most influential factors. The research results are the foundation for proposing solutions to improve the efficiency of public investment management at these universities in Vietnam such as promulgating legal documents, building public investment management processes suitable to the characteristics of universities, developing, and proactively implementing works in investment management and operating results of public investment in autonomous University.
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Biong, Harald, and Ragnhild Silkoset. "Buying CSR with employees’ pensions? The effect of social responsible investments on Norwegian SMEs’ choice of pension fund management." International Journal of Bank Marketing 35, no. 1 (2017): 56–74. http://dx.doi.org/10.1108/ijbm-10-2015-0162.
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Purpose Employees often expect an emphasis on financial aspects to be predominant when their employers choose a fund management company for the investment of employees’ pension fund deposits. By contrast, in an attempt to appear as socially responsible company managers may emphasize social responsibility (SR) in pension fund choices. The purpose of this paper is to examine to what extent managers for small- and medium-sized companies emphasize SR vs expected returns when choosing investment managers for their employees’ pension funds. Design/methodology/approach A conjoint experiment among 276 Norwegian SMEs’ decision makers examines their trade-offs between social and financial goals in their choice of employees’ pension management. Furthermore, the study examines how the companies’ decision makers’ characteristics influence their pension fund management choices. Findings The findings show that the employers placed the greatest weight to suppliers providing funds adhering to socially responsible investment (SRI) practices, followed by the suppliers’ corporate brand credibility, the funds’ expected return, and the suppliers’ management fees. Second, employers with investment expertise emphasized expected returns and downplayed SR in their choice, whereas employers with stated CSR-strategies downplayed expected return and emphasized SR. Originality/value Choice of supplier to manage employees’ pension funds relates to a general discussion on whether companies should do well – maximizing value, or do good, – maximizing corporate SR. In this study, doing well means maximizing expected returns and minimizing costs of the pension investments, whereas doing good means emphasizing SRI in this choice. Unfortunately, the employees might pay a price for their companies’ ethicality as moral considerations may conflict with maximizing the employees’ pension fund value.
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García-Sánchez, Isabel-María, and Emma García-Meca. "Do Able Bank Managers Exhibit Specific Attributes? An Empirical Analysis of Their Investment Efficiency." Administrative Sciences 10, no. 3 (2020): 44. http://dx.doi.org/10.3390/admsci10030044.
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We analyze the association between managerial ability in banks and three different typologies of investments that demand significant resources: capital, research and development (R&D), and acquisition expenditures. We also analyze whether managerial ability is related to increased (reduced) investment in banks prone to underinvestment (overinvestment). The sample for analysis is composed of 877 observations of banks in nine countries over the period 2004–2010. We find evidence that more able bank managers select and implement investment projects more efficiently and confirm the upper echelon theory and resource-based view, which suggests that managers’ characteristics affect financial decisions. The findings are robust to alternative measures of investment efficiency. The evidence confirms that, after controlling for bank and country-specific institutional factors, managers’ abilities influence investment efficiency in banks in a significant way. This paper is a response to the calls for a further exploration of the roles that individual managers play in financial decisions and is the first empirical study to investigate this association in the international financial industry.