Journal of Contemporary Issues in Business Research

ISSN 2305-8277
Table of Contents: Vol. 2, Issue No. 1, january 2013 Volume 2, Issue 1, January 2013

Research Articles

Cointegration and Causal Relationship among Crude Price, Domestic Gold Price and Financial Variables: An Evidence of BSE and NSE

Author(s): Amalendu Bhunia

Abstract: The present study investigates the cointegration relationships among crude oil price, domestic gold price and selected financial variables (exchange rates and stock price indices) in India. Increasing crude oil prices will increase the production costs which will affect cash flow and will decrease stock prices. Investors are showing fewer concerns in the stock markets and investing in yellow metals due to increasing trend in gold prices on account of no fear and no future loss. Again, exchange rate fluctuations will affect international trades, thus influence the stock market. This study is based on secondary data obtained from various data sources including BSE database, NSE database and World Gold Council database for the period from January 2, 1991 to October 31, 2012. In the course of analysis, ADF unit root test, Johansen cointegration analysis and Granger causality test have been designed. Johansen cointegration test result indicates that there exists a long-term relationship among the selected variables. Granger causality test result shows that there must be either bidirectional or no causality among the variables.

Keywords:Crude oil price; Gold price; Exchange rates; Stock price indices; Johansen cointegration test.

[Compelete Article-pdf]   [pp: 01-10]   Article first published online: January 2013

Factors Influencing Corporate Working Capital Management: Evidence from an Emerging Economy

Author(s): Kamal Naser, Rana Nuseibeh, and Ahmed Al-Hadeya

Abstract:The main purpose of this study is to explore factors that influence working capital management by non-financial companies listed on Abu Dhabi Securities Exchange. The cash conversion cycle is used to proxy working capital management where short cycle implies effective management. Six factors frequently employed in previous research were used to explain variations in cash conversion cycle. The factors included industry type, sales growth, operating cash flows, return on equity, leverage and size. The latest annual reports for all non-financial companies listed on Abu Dhabi Securities Exchange and operate in the UAE were used to achieve the purpose of the study. The result of the analysis revealed that the effectiveness of working capital management of the companies covered in the study are influenced by sales growth, size and the level of corporate leverage.

[Compelete Article-pdf]   [pp: 11-30]   Article first published online: January 2013

An Interview with Roger Kaufman: Mega Thinking and Planning in the Business/Industry World‏

Author(s): Michael F. Shaughnessy

Brief Bio:Roger Kaufman is professor emeritus, Florida State University, Director of Roger Kaufman & Associates, and Distinguished Research Professor at the Sonora Institute of Technology (Mexico). He received ASTD’s Distinguished Contribution to Workplace Learning and Performance award. Also, he is a past president, honorary member for life and Thomas Gilbert Award winner, all with ISPI, Kaufman has published 41 books and over 280 articles on strategic planning, performance improvement, quality management and continual improvement, needs assessment, management, and evaluation. He consults world-wide with public, private and NGO organizations. At Florida State he created the Center for Needs Assessment and Planning that did applied research and development. The literature often sites him as “the father of needs assessment.” He is a Fellow of the American Psychological Association and the American Educational Research Association.

[Compelete Article-pdf]   [pp: 31-36]   Article first published online: January 2013

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