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Analysis the Effect of Household Consumption Expenditure, Investment and Labor to Economic Growth: A Case in Province of North Sumatra

Abstract

This research is important because the commencement of the Asean Economic Community (MEA) has a positive impact that is spurring the growth of investment from within and outside the country, so that domestic investment has the potential to increase which will increase the number of employment for Indonesian workers especially in province of North Sumatera.This study aims to: identify the effect of household consumption on economic growth, identify the effect of investment on economic growth, identify the influence of Labor on economic growth, and identify the effect of interest rate on economic growth . The data used in this research were secondary data in 2006-2016 in Province of North Sumatera. Data obtained from various agencies, namely: Department of Labor and Transmigration, Central Statistics Agency of Province of North Sumatra, some other sources such as journals and relevant research results. Methods of analysis using Two Stage Least Square method (TSLS). The results of this study found that: Household consumption has a positive and significant effect to economic growth, Investment has positive and significant effect to economic growth, Labor has positive and significant impact to economic growth, and Interest rate has a negative and significant effect on economic growth.

Open access
Application of Aaker’s Brand Personality Scale on Human Brands in Surf Sports

Abstract

Purpose: This research explores the application of Aaker’s brand personality scale on human brands in surf sports. It investigates the potential for detecting differences in the brand personality profile used on human brands. Aaker (1997) developed a brand personality framework consisting out of five dimensions of brand personality and fifteen brand personality attributes. This framework has been used in several studies; however, it has been criticized by researchers for its lack of applicability as a general scale. This paper addresses this issue by testing all forty-two original brand personality attributes, used by Aaker, on professional surfers as human brands. A second objective was to establish an ultra-short scale for practical reasons since brand personality is often only one of several measures in a questionnaire.

Methodology: In order to determine what attributes were the most appropriate when describing a professional surfer, a web survey with a 7-point Likert scale was conducted, which resulted in a convenience sample of n=219 respondents. In this study, the author conducted principle factor analysis and compared the results of an oblique rotation with Aaker’s results in order to investigate whether Aaker’s brand personality scale provides similar results on human brands as it does on product brands.

Findings: This paper concludes that partially different facets than Aaker’s (1997) brand personality framework apply to human brands in the surf context. The more appropriate facets for human brands in the surf context include: real, wholesome, good-looking, secure, Western, and up-to-date.

Research limitations/Implications: Further research on specific athletes in different contexts is needed. It could incorporate other brand personality scales e.g. Geuens et al. (2009), Braunstein and Ross (2010) and Tsiotsou (2012) scales.

Practical Implications: The findings of this study are useful for sports marketers to better understand athletes as human brands as well as their facets, in order to develop target positioning with specific marketing strategies.

Open access
Book Review
Open access
Continuity of Narratives: Reinterpretations of Polish Business History

Abstract

Purpose: This article seeks to identify the similarities and differences in the narratives of corporate histories published in different periods of time.

Methodology: This study is based on a comparative content analysis of corporate histories of three pharmaceutical plants operating under the “Polfa” Union of the Pharmaceutical Industry based in Poland.

Findings: Corporate histories change depending on the period in which a given history is published. The study reveals that corporate history depends on the nature of the state authority in power at a given time.

Research limitations and implications: This exploratory study concentrates on examination of four corporate histories and contributes to the research on the “uses of the past” in organization studies. Nevertheless, it has several limitations, including a limited number of companies included in the analysis and the adoption of a qualitative approach only.

Originality and value: This is the first article that focuses on a comparative content analysis of corporate histories published at different times in search of the similarities and differences in the domain of corporate narrative.

Open access
A Discrepancy Between “What Should You Choose?” and “What Do You Choose?” in Intertemporal and Risky Decision-Making

Abstract

Purpose: When facing important decisions, people often ask themselves “What should I choose?” This question may involve intertemporal and risky decisions. The aim of our study was to test a potential discrepancy between the normative and descriptive perspective, that is, between “What should you choose?” and “What do you choose?”.

Methodology: In this study we assessed the rate of delay and probability discounting of 236 participants. The design was a 2 (“choose”/”should choose”) × 2 (small/large) × 5 (delays or probabilities) factorial design in delay and probability discounting.

Findings: People are less impulsive when taking the normative perspective than when they take the descriptive one. This phenomenon occurs in relation to large payoffs. However taking the normative rather than descriptive perspective makes no difference in risky decisions.

Research limitations: In further research it would be beneficial to study real outcomes as choice consequences and to control for variables that might moderate the impact of our manipulation, such as addictions.

Implications: The manipulation with the perspective may be applied not only in financial decision making. Our results may find a practical implementation to help impulsive people make more sensible decisions.

Originality: We demonstrated the internal conflict between the descriptive and normative mode in delay discounting decision making.

Open access
The Dynamics of Public and Private Debt in Ghana

Abstract

This paper explores the dynamics of public and private debt in Ghana for the past 32 years. Ghana’s total public debt stock to Gross Domestic Product (GDP) ratio has remained above the 60.0% sustainability threshold recommended by the West Africa Monetary Zone (WAMZ) since 2013. Implemented bank reforms in the country show an upward trend for domestic credit to private sector by banks as a percentage of GDP. Using exploratory review approach, the paper identified fiscal dominance, cost of borrowing, deterioration in export earnings, ineffective fiscal, monetary and debt management policies coordination as factors responsible for changes in total public debt stock. On the other hand, increased domestic borrowings by government from the banks, and Deposit Money Banks’ (DMBs)’ adverse selection in private sector credit allocation affect changes in domestic credit to the private sector by banks. Of these causes, fiscal dominance is the major determinant of public and private debt in Ghana. The study, therefore, recommends that government should pursue fiscal operations that are necessary to put public debt on a declining path. In addition, effective coordination of fiscal, monetary and debt management policies need to be strengthened together with the autonomy of the Bank of Ghana in the use of its monetary policy instruments.

Open access
An Evaluation of the Discriminatory Power of Selected Polish Bankruptcy Prediction Models As Part of the Validation Process

Abstract

The purposes of this article are to present validation techniques according to their discriminatory power, while indicating the reservations about such techniques, and to check the adjustment of the existing Polish bankruptcy prediction models in the context of their discriminatory power. This is the first study that performs a validation of such models. Based on the analysis, it was found that the fifth model developed by Hadasik was characterised by avery high discriminatory power. The decision was made to base the evaluation of the discriminatory power of the modules on the Gini index, the Kolmogorov-Smirnov statistic, the H measure, the information value (IV), and the precision of the estimates of bankruptcy.

Open access
The Evolution of the Importance of the True and Fair View (TFV) Principle. The Case of Poland

Abstract

The aim of this paper is to analyse matters of truth, which is inherent issue of accounting (and therefore in reporting, as its part), which is reflected in the true and fair principle (TFV). The paper demonstrates the essence of the TFV principle and the evolution of its role and place among the set of qualitative characteristics of financial statements. After examining the changes in the development of the perception of TFV the paper makes an appraisal, gives the author’s comments and contribution by providing direct implications for regulators and the setters of standards. With respect to typical limitations regarding behavioural studies, the paper provides practical as well as social implications about understanding of the TFV concept and its effect on both the preparers and users of financial statement.

Open access
Expensive and Cheap Funds – Polish Stock Mutual Fund Fees in 2017

Abstract

Mutual fund fees are extraordinarily high in Poland – almost three times higher than in Western Europe and almost five times higher than in the United States. In fact is that from among 183 Polish open-ended stock mutual funds as many as 81 impose a management fee of 4%, which is the highest value in the sample. The question arises whether it is really worth to invest in funds from the more expensive group. Comparing funds charging the highest fees (4%) with the cheaper ones it seems that there is no statistically significant difference between rate of return, risk and efficiency. However, more expensive funds have on average higher costs, are three years older and have almost 70% bigger assets. This may suggest that a well-established market position – not performance – is the trigger for raising their fees. Interestingly, funds with a relatively high minimal initial contribution level (5,000 PLN) have significantly lower management fees with similar costs, total assets value and performance results. Further analysis has also indicated that the costs level (Total Expense Ratio) is higher for older funds, while it is not related to funds’ size.

Open access
Forecasting Currency Risk in an Enterprise Using the Monte Carlo Simulation

Abstract

A non-financial enterprise with receivables or liabilities denominated in a foreign currency is exposed to currency risk. Wanting to calculate a financial reserve in order to secure its receivables or liabilities, an enterprise can introduce the concept of the value at risk. To determine value at risk, an enterprise has to know the probability distribution of the future value of the receivable or the liability for a specific moment in future. Using a geometric Brownian motion to reflect exchange rate changes is among the possible solutions. The aim of the paper is to indicate that using the Monte Carlo simulation for forecasting the currency risk of an enterprise is a clear, easy-to-implement and flexible in terms of the assumptions approach. The flexibility of the Monte Carlo approach relies on the possibility to take up the assumption that the currency position changes caused by currency fluctuations have an other than normal probability distribution.

Open access