ビジネスと経済ジャーナル

This study move from the necessity to cover the need by professionals and public or private organization to reduce the high costs involved in some inefficient performances level. Today more than past working settings are very complex (also due by todays company competitiveness needs, cultural differences of workers, different educational and university course, personal goal setting, personal attitudes and other relevant aspect). High costs are involved in not efficiently in human resource management or by not rapid introduction of the new UR the new staffs. The total cost of human resource can be reduced of about 30% using a correct management strategic planning in order to obtain a more rapid and efficient introduction in the working places. Rationalize it is a golden endpoint as well as a real competitive advantages for the same company and organizations and instrument to well-being for the same professionals. The cost due by inadequate behavior or psychological profile and HR Management is crucial instrument of company competition. Observing the new kind of works in example in ICT technology, social networks and other market we can see that the creativity and workers wellness are successful tools to differentiating Technologies Products by different producers giving improvement of sales volume. (Old and new economy differs also by the different concept of works: in new economy we can have less strictly working condition but more results oriented. Less hierarchic control vs. old economy industry).The aim of this work is to observe the actual situation of education in field of emotional intelligence field and then to give some instruments that can be used by professionals in the different working settings in order to have a good and rapid introduction and to obtain improvement also in global performances. (Instruments for well-being for the same professionals: Stressing working conditions easy gives also stress in private life.) Today more than past working activities are under great competition and rapid change (according to the company competitive needs), less defined and with more fluid roles , the working time in office/or out of office can change a lot, more new technologies available then past, more functional organizations towards hierarchy roles. All this new condition creates a hard environment (more than past results oriented).So the organization researches the best professionalism available (with right HR management skills, Hig E.I. LEVEL, high behavior and psychological resilience ability and other skills useful for today jungle). So there is a great need to reduce the gap represented by behavior and psychological skills level required by company and the level of the professionals obtained in their educational life (schools, university, post university course). To be in condition to obtain high performances since first working experiences. Everyone can see that many professionals start their professional activity without a minimal level of emotional or social intelligence skills. Training systems and coaching can help but are needed deep knowledge in human resource management, and practical application.In the working places today there is the need to have great skills in communications, conflict management, and proactivity, resilience, learning by errors, perseverance, critical thinking and much other discipline. Psychological attitudes and skills can influence the working performance level. In example is known that often negative thinking attitude (tunnel thinking) can create in mind preferential ways easy to be run and this can create problems in the management of their thinking process with low performances level. (Some mindfulness strategy can help to improve psychological attitudes and reducing negative stress). The same thinking in the present time (observing too much the past gives trouble thinking while thinking too much the future can gives anxiety) help the mind can reinforce itself. Creativity can reduce anxious attitudes.About 70% of works ability and success depends on emotional intelligence versus 30 % technical abilities (Remember Pareto paradigm 20/80 similar). The emotional intelligence theory shows that the emotional brain can be more rapid in responding to some stress stimulus then the rational thinking. For example studies showed that Amygdala physio-pathology is involved in E. I. management and can give in this situation rapid response without waiting for the cortical brain control. (neo-cortex/reptilian brain) [1]. When in the same time many strong emotions stimulation arrives too fast to amygdala the neo cortex is not involved [1]. An easy reactive amygdala can results in working difficulties in relationship in equip.Low level of social intelligence gives isolation and depression and low working performances. Conflict are natural in all context and so in working setting. The self-motivation is strongly involved in professional development. Successful status is related with high emotional, social and political attitudes. But even if the technical competences are subjects of usual educational and university policy we see a real gap for the emotional social and relational development in student curriculum. So in this work, we try to give some elements for improving behavior skills to be active and efficient part of a professional team or to prevent and resolve conflict. In our opinion some theory are to be post under right light: and for example: De Bono Seven hats and Lateral thinking (problem solving approach), E. Goldratt TOC Theory of constraints, about psychological limits (a management theory), translational analysis, emotional and social intelligence, Pareto paradigm, GANTT diagram, Eisenhower matrix, Deming cycle (total quality management), MASLOV hierarchy of need, but they only the first of many other.

This research work appraises the exchange rate volatility, stock market performance and aggregate output nexus in Nigeria. Making used of quarterly time series data with the use of ARCH and GARCH model, Bayesian VAR, VAR causality and Granger Causality model. The research work found that Exchange Rate and Stock price are Volatiles and the dwindling grossly affect the aggregate output. Also, there is high degree of positive relationship between Exchange rate, Stock Price Movement and Aggregate output. More so, Exchange rate volatility granger cause Stock price movement and Aggregate Output and vice versa. Furthermore, Exchange rate volatility and Stock Market performance has a positive significant impact on Aggregate output. Finally, there is joint causal impact of volatility of exchange rate, stock price, reserve on aggregate output in Nigeria. conclusion was made that there is a clear causal relationship between exchange rate volatility, stock market performance and Aggregate Output in Nigeria. Economic growth is achieved through sound an effective exchange rate that encourages FDI and financial inflow in the stock market. However, conclusion was made that there is presence and persistency of volatility shocks in the exchange rates for naira vis-à-vis US dollar in Nigeria between 1985 and 2015. This implies that the conventional monetary management policies instituted have proved ineffective in stabilizing the exchange rate of a unit US dollar to naira over the years. This therefore calls for the need of other forex management measures especially in terms of meeting the high demand for foreign currency which characterized and dictate the performance and trade balance and overall economic performance in Nigeria.

In this paper, observed that impact of monetary policy on development of under developing country like Pakistan. For this purpose, we have utilized the OLS model and taken data from 1982 to 2009. Our results are showing that there is negative association between monetary policy and inflation and there is positive association with GDP and Bop. The most effected recommendations are that for better growth there is need of best favorable investment climate for appropriate interest rate, liquidity management and money market.

Banks are the company which serves the society on the financial services. Banque populaire du Rwanda (BPR) is the one in providing such activity in Rwanda. Different means are provided to consider BPR activities. The main aim to this study is to analyze the financial indicators and business sustainability determinant of predicting future outlook of BPR Ltd during the period 2011 to 2015. BPR improves its services if it is aware of the sustainability index and the financial indicators as well as the relationship between financial indicators and factors of BPR business sustainability. After the employment of techniques in collecting both primary and secondary data on the sample of 83 out of 1606 total population, the financial indicators and business sustainability were analyzed using Bank Analysis Fact sheet (BAFs) and Statistical Package for Social Sciences (SPSS). The results indicate there are indications that the positive relationship is only true for low and moderate sustainability performers. The recommendation such as BPR recapitalization, cost cut-off for unnecessary expenditure and more were suggested as strategies for business sustainability.

In this paper we propose an integrated model combines Fuzzy Logic (FL) and Genetic Algorithm (GA), utilizing their applications in order to minimize the traffic congestion and traffic delay, through controlling traffic light system in three proposed traffic intersections. The proposed model in this paper will adjust the timing and phasing of the green traffic lights according to the current situation in the proposed traffic intersections; each intersection is supposed to be controlled by traffic signals that will apply the model. The green light interval time length shall provide at an intersection will be decided by FL. the outputs of FL will be optimized by GA, in order to obtain a higher performance. This performance can be measured considering the reduction in the waiting time and the total amount of vehicles that arrived to the Queue of the three intersections. The proposed model expected to provide a significant improvement to the traffic light system performance which might be very important to be applied in the metropolitan areas in Malaysia.

This article considers the structure of interest rate, applied for discounting of risky cash flows. The purpose of the article is a presentation of ways of reflecting inflation and risks in the calculation of risk discount rate. In introduction on base of well-known dependences is shown that risk premium depends on inflation rate and (for multiplicative-type models) risk free rate. In the first part of the article three Interest rate algebras are presented. They describe the attitude between nominal discount rate, risk free rate, inflation rate and risk-premium. This algebras can presents in additive-type or multiplicative-type versions and have given risk premium value without detailed description the structure of risk premium. The second part of the paper has more detailed attitude between risk premium, risk free rate and mathematical expectation of losses because of bankruptcy/default. It is shown that the obtained dependences are slightly different and depends on the initial preconditions calculation: the principle of arbitration or the principle of certainly equivalent.

The aim of this study is to assess the role of risk management on financial performance in Rwanda institutions: Case study of Unguka bank Ltd undertaken within period 2012-2016. The data were collected through a questionnaire designed for 30 staff’s members of Unguka bank Ltd where both quantitative and qualitative techniques were employed. The interviews were conducted with key informants from like the Unguka bank Ltd staffs. Findings shows that the determinants of risk management in Unguka bank Ltd are credit risk, operational risk, and interest rate and liquidity risk are the determinants of risk management. The results shows that Unguka bank Ltd is profitable during the covered period because the standard ratio of return on asset is 1% may factors are the cause of that profitability but the quality service are the main cause of the increase of its profitability. The researcher also found out that there is a very strong relationship between risk management and financial performance. The role of risk management in Unguka bank Ltd is to improve profitability which accounted for 43.3% of the responses. It was found that the four independent variables moderately predict the performance of Unguka bank Ltd that means the model explains 69.5% the variance on the performance of Unguka bank Ltd. The results confirm the hypothesis because the linear regression F-test results (F = 8.741; and 5df) are significant at p < 0.05. The study conducted a multiple regression analysis so as to determine the regression coefficients (β) which shows that β0=10138 and which means that all the independent variables have a significant contribution to Unguka bank Ltd-Nyarugenge branch. After analysis, it is recommended that Unguka bank Ltd should emphasize more on training its personnel continuously particularly those in risk management in order to enable them apply accepted tools of risk management in a professional manner and to enable them give relevant and reliable answers to questions credit risk management.

This research examines the time series characteristics of stock price indices for Hong Kong, Tokyo and Singapore Equity Markets or stock exchanges during the lengthy period from before 1997, 1997 to 2007 and after 2007. Specifically, we calculate the rate of return and the volatility of return for all three markets and estimate co-movement of the three markets. We find that the average rate of return varies dramatically for the three equity markets and across time. Further, we find that stock prices are positively serially correlated in general. In the multivariate regressions, we find that there is little evidence to show that either the rate of return in certain markets universally affects the rate of return in other equity markets. We suggest based on the evidence that the three markets are co-integrated but not universally across time and with each other in pairwise dimensions. Lastly, we studied and made conclusions concerning the mean and variation in the volatility of the rates of return in the three equity markets studied.

The impact from sales control systems on individual and organizational effectiveness has been a major issue for scholars since these systems were conceptualized by Anderson and Oliver and Jaworski. Salesperson behavioral performance appears as an antecedent of outcome performance, and both are connected to sales unit effectiveness. This paper focuses on a deep literature review during the period 1983-2014, based on the control systems’ typologies found, and summarizes the multiple evidences found, connecting this systems with the salesperson behavioral performance and the outcome performance –and between them-, and both individual results with the sales unit effectiveness, including its managerial implications. After the review of the 142 articles in the field, a cluster of four research directions are identified, namely: (1) the impact of the different variables and activities on the control systems and the performance levels, (2) the methodological variables, (3) the measures of the level control system or performance, and (4) the multisectorial, multicultural and multinational sales environment.

This paper aims to examine the role of economic growth, human capital and the environment in attracting FDI inflows using the dynamic (Sys-GMM) panel data approaches for a panel of 4 African Mediterranean countries over the period 1990– 2013. Our empirical results pointed out that higher human capital attracts FDI inflows in the African Mediterranean countries. They also indicate that weak environmental regulations increase FDI inflows. On the other hand our findings demonstrated that FDI inflows in African Mediterranean countries do no react to the economic growth.

Muhoza sector, Musanze District in Northern Province of Rwanda was taken under the study to analyze the role of access to finance for small and medium enterprises (SMEs) performance within a period from 2012-2015. The sample size of the study was 133 SMEs from the total population of 2128 SMEs. In order to achieve the objectives, this study employed a descriptive case study design and the data were collected using questionnaires and interview techniques. Data was analyzed using descriptive statistics and linear multiple regression analysis and then presented in statistical tables. The results show that the factor influencing access to external finance was Simple application procedures for loan with 84%. Also the results confirmed the role of access finance such as improve profitability (91%) improve firm efficiency (87%), prevent liquidity problems (72%), improve firm solvency (69%) and increase of assets quality (64%). Other role of access to finance by SMEs is to meet expenditures which accounted for 39 percent of the responses. The results confirm the hypothesis because the linear regressions are significant at p<0.05. The study conducted a multiple regression analysis from which means all the independent variables have a significant contribution to SMEs. There is therefore the need to design short courses in the area of financial management practices for entrepreneurs, particularly those with lower educational background as education is an important factor in accessing finance. Size of the firm was also found to be a significant factor affecting access to finance and therefore small firms should come together to form bigger firms in order to attract sources of finance. Banks and other financial providers should have a department solely devoted to the financing needs of SMEs and develop products purposely for SMEs which contribute to economic development of Rwandans society.

The paper aims at finding the role of discrimination in recreation institutions in development of hostile attitudes among Christian minority children. The study was carried in three Christian colonies namely Yousafabad Colony, Forest Colony and University Colony located in District Peshawar, Pakistan. A total of 205 children from age group 12-18 were randomly selected from total population of 365 children living in these colonies. The conceptual framework for the study includes independent variable (discrimination in recreation) and dependent variable (hostile attitude among minority children). Data was collected on an interview schedule based on a three level Likert scale to measure variables. Frequency and percentage (%) proportions were used for uni-variate analysis and chi-square test was used to test the association between independent and dependent variables. At bivariate level, children sentiment towards prejudice in choosing sport pattern on religious grounds (p=0.006), similar hindrances in recreational activities was founded highly significant (p=0.026), moreover recreation activities creates positive outcomes such as confidence and prejudice (p=0.000) and In addition social activities help to increase contact with people (p=0.000) were recommended in light of this study.

The aim of this research is to analyze from the perspective of the theory of entrepreneurship, which are the characteristics of a "Start-up" and how is considered a new type of company within the economic context due to its specific characteristics. Based on a literature review, it is identified the historical context of entrepreneurship until reach the specific context of the conditions of MAG to generate the creation and development of Startups, evaluating the variables that are important to consider given assessments of other ecosystems of successful entrepreneurship. Also considering those, which are optimal conditions that trigger entrepreneurship and creating Startups based on technology and innovation? Concluding that Mexico from their national policies and the state of Jalisco from state development plan has resulted in the GMA has created the conditions to promote the entrepreneurial ecosystem; however, there are key indicators that slow detonation and growth of start-ups based on technology and innovation.

“Consumption plays a central role in economic theory. The most popular theories and models in economic consumer research portray consumers as somewhat passive and rational decision makers and assume that well-defined and insatiable desires for goods and services drive consumer behaviour in the market”. But it may change due to the influence of various economic, cultural and environmental factors. It is vital to find out the determinants of the behaviour and intention of the customer in purchasing a small car. This study may help the car manufacturers to understand their position in service quality, manufacturing and marketing systems. So the manufacturers can boldly enter into the venture of small car production by involving suitable strategies commensurate with the expectations of customers and give them satisfaction. The hypothesis “There is no difference of perception between male and female customers in respect of variables under Affordability” was partially rejected with regard to the above two variables. But with regard to other ten variables, it is accepted. Inspite of ambition and need for a car, the customer should have affordability to purchase a car. So, to suit their affordability, the price of the car and their initial costs should be within the limit of the customer’s income or savings. Also even after purchase a car, the customer has to bear expenditure on fuel, maintenance of engine and repairs. Therefore, according to the availability of funds with the customer, he has to restrict his expenditure in reasonable way and choose the car fit in to their economic condition.

The main target of this paper is to discuss a short-term trading strategy for ETF instruments (as technical market inefficiencies; "momentum effects") and for this purpose, temporal warning dynamics and triggering trading functionalities (TTF) for the daily time-domain (short-term trading) are introduced. The proposed trading strategy is not a fully documented trading system, because it is derived, as well as it has been back-tested on USA Markets sample data (2000-2016) with an initial formal definition and documentation. According to the back-tested sample data, leveraged ETF short-term trading, with a strategy based on these TTF functionalities, offer great profit opportunities. The current paper contributes to corporate finance literature by examining, analyzing and defining these TTF functionalities. For this purpose, four categories of shareholders are regarded: The long-term investors, the short-term swing traders, the short-term momentary speculators, and the intraday speculators. Paper concludes that, in daily and intraday leveraged ETF trading, the short-term swing traders -if they apply the proposed TTF in their trading plans and strategies- are benefit at the expense of momentary and intraday speculators, while the long-term investors in leveraged ETFs are always the big losers.