...There are a number of ways in which economic policy could influence the success of the tourism industry. First, there are ways that economic policies a government takes can have a direct impact on tourism. This type of impact would occur when a government makes policies explicitly aimed at the tourism industry. For example, if a local government subsidises the building of a resort in a beach town, the tourist industry in that town will, presumably, benefit. Second, there are ways economic policy can indirectly affect tourism. For example, government monetary policies are most likely not aimed at tourism. However, if a government's monetary policies cause the exchange rate for its currency to fall, tourism will likely benefit. This is because the country's currency will become cheaper and vacations in that country will become less expensive for people in other countries. SELECTED PRESENTATIONS, SUMMARY AND RECOMMENDATIONS - SEMINAR ON TOURISM POLICY AND ECONOMIC GROWTH Introduction 1. This note presents the record of a seminar held on 6 and 7 March 2001 in Berlin, aimed at exploring the relationships between economic growth and tourism policy. The Seminar was organised by the OECD in partnership with the Canadian Tourism Commission, the Federal Ministry of Economics and Technology of Germany, the Secretariat of State for Tourism of Mexico and the State Secretariat for Economic Affairs of Switzerland. 2. The objectives of the seminar were: * To learn more about...
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...parametric method of productive efficiency frontier (Stochastic Frontier Analysis ) and nonparametric method (Data Envelopment Analysis) are taken. Introduction The financial system is the lifeline of the economy. The changes in the economy get mirrored in the performance of the financial system, more so of the banking industry. The banking system in India is significantly different from that of other Asian nations because of the country’s unique geographic, social, and economic characteristics. India has a large population and land size, a diverse culture, and extreme disparities in income, which are marked among its regions. There are high levels of illiteracy among a large percentage of its population but, at the same time, the country has a large reservoir of managerial and technologically advanced talents. Between about 30 and 35 percent of the population resides in metro and urban cities and the rest is spread in several semi-urban and rural centers. The country’s economic policy framework combines socialistic and capitalistic features with a heavy bias towards public sector investment. India has followed the path of growth-led exports rather...
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...University, Bhatewar, Udaipur-India, 313601 b CHRONICLE Article history: Received September 10, 2013 Received in revised format 10 December 2013 Accepted February 25 2014 Available online February 27 2014 Keywords: Cement Industry Sustainability Financial Information Environment Accounting Reporting Sustainable Reporting Practices ABSTRACT Cement is the single most important and profitable product in the building material sector. With the economic boom, in India, Indian cement industry is a market of opportunities waiting to be tapped. However, at the same time cement industry is also experiencing a surge in demand. Production of Cement will always release carbon dioxide and change in the climate of the earth that is why despite its profitability, the cement industry faces many challenges regarding environmental concerns and sustainability issues. In order to minimize the impact of all of the above mentioned issues, it is clear that the cement and construction industry will have to adapt to remain sustainable and in this process a number of innovative and new practices have to be adopted. The objective of this paper is to analyze the gap between the existing reporting practices and level of disclosure desired by stakeholders of cement companies and to identify the areas...
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...Public Policy and Administration Research ISSN 2224-5731(Paper) ISSN 2225-0972(Online) Vol.4, No.11, 2014 www.iiste.org Relationship between Capital Structure and Ownership Structure: A Comparative Study of Textile and Non Textile Manufacturing Firms Muhammad Arslan* M.Phil (Management Sciences) Bahria University Islamabad, Pakistan, PO box 44000, E-8, Islamabad, Pakistan Email: MuhammadArslan73@gmail.com Rashid Zaman M.Phil (Management Sciences), Bahria University Islamabad, Pakistan Email: Rashidzamantanoli@gmail.com Abstract The current study explores the impact of ownership structure on capital structure in textile sector and rest of the manufacturing sectors (non-textile) in Pakistan using regression analysis with fixed effect model. As textile sector is the largest manufacturing sector in Pakistan and having diversified financial characteristics, however, there exists a gap whether textile sector’s ownership and capital structure relationship matches with other manufacturing sectors or not. Current study tries to fill this gap. The results indicate that in textile sector, no significant relationship exists between ownership concentration and capital structure whereas a significant negative relationship is found between these two variables in case of non-textile firms in Pakistan. However, institutional ownership variable was found to be non-significant in both textile and non-textile sectors. Other control variables were found to have the results as hypothesized. Period...
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...growth in a favored group of countries. The richest modern economy are now ten to twenty times wealthier than the 1800 average. For Clarks the biggest beneficiary of this revolution has been the unskilled workers, the poorest. Just as the Industrial Revolution reduced in come inequalities within societies, it has increased them between societies, in a process recently labeled the Great Divergence.1 For example African countries, in certain case, would have been better never discover the industrial revolution, because they remained trap in the Malthusian Era creating an higher divergence between population, and driving down standards to subsistence. * Why did the Malthusian Trap persist for so long? * Why did the initial escape from that trap in the Industrial Revolution occur on one tiny island, England, in 1800? * Why was there the consequent Great Divergence? "Thus I make no apologies for focusing on income. Over the long run in come is more powerful than any ideology or religion in shaping lives. No God has commanded worshippers to their pious duties more forcefully than income as it subtly directs the fabric of our lives " The Malthusian Trap: Life to 1800 The crucial factor was the rate of technological advance. As long as technology improved slowly, material conditions could not permanently improve, even while there was...
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...background on Zara is provided in order to familiarise reader with the business model they implement. Secondly, the PESTEL framework is utilised as the base for analysis of external environment and its potential effects on company’s performance. Further, the Porter’s 5 forces are identified in order to assess where the competitive advantage stems from. After assessment of external environment, this paper provides the overview of internal factors which might be crucial for success, as well as drawbacks of Zara’s internal organisation. Assessment of internal environment starts from the evaluation of Zara’s resources and capabilities, followed by the critical analysis of manufacturing and logistics processes. Further discussion of the PR issues and its effects on company performance is provided. In addition, the benefits of corporate socially responsible policies are discussed. Overall conclusions on Zara strategic steps that are to be taken are suggested based on the conducted analysis of the internal and external characteristics of the environment Zara is doing business in. Zara background Zara is the flagship chain store of Spanish company Inditex Group which incorporates other brands such as Zara Home, Massimo Dutti, Pull and Bear, Oysho, Uterqüe, Stradivarius and Bershka. Zara is present in 86...
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...Public Disclosure Authorized WPS6107 Policy Research Working Paper 6107 Public Disclosure Authorized Financial Literacy around the World An Overview of the Evidence with Practical Suggestions for the Way Forward Lisa Xu Bilal Zia Public Disclosure Authorized Public Disclosure Authorized The World Bank Development Research Group Finance and Private Sector Development Team June 2012 Policy Research Working Paper 6107 Abstract Financial literacy programs are fast becoming a key ingredient in financial policy reform worldwide. Yet, what is financial literacy exactly and what do we know of its effectiveness? This paper collects insights from the literature thus far and summarizes global evidence on financial literacy, its correlates, and existing and upcoming causal investigations. The authors conclude with a synthesis of policy advice and practical suggestions for the way forward in this fast growing area of research. This paper is a product of the Finance and Private Sector Development Team, Development Research Group. It is part of a larger effort by the World Bank to provide open access to its research and make a contribution to development policy discussions around the world. Policy Research Working Papers are also posted on the Web at http://econ.worldbank.org. The author may be contacted at bzia@worldbank.org. The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development...
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...Ethics and Social Responsibility in International Business 1 Ethics and Social Responsibility in International Business Ethics and Social Responsibility in International Business 2 Table of Contents Introduction ..................................................................................................................... 3 Defining Ethics and Social Responsibility ....................................................................... 3 Do Countries with Lower Ethical Views Attract Businesses? .......................................... 5 Can Ethical Business Practices be Applied Globally? ...................................................... 7 Which organizations are safe guarding ethical practices and is it working? ...................... 9 What are the Ethical and Social Responsibilities of Outsourcing? .................................. 12 What is Outsourcing? ................................................................................................ 13 Outsourcing is Beneficial........................................................................................... 15 What a Company Needs to Know Before Outsourcing .................................................. 17 What Are the Facts Regarding Child Labor?.................................................................. 18 Child Labor Global Statics......................................................................................... 18 Conclusion .................................................
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...www.ccsenet.org/ijbm International Journal of Business and Management Vol. 6, No. 7; July 2011 Financial Reform, Ownership and Performance in Banking Industry: The Case of Bangladesh S. M. Sohrab Uddin PhD Student, Graduate School of Asia Pacific Studies Ritsumeikan Asia Pacific University, Japan & Assistant Professor, Department of Finance and Banking, University of Chittagong, Bangladesh E-mail: smsohrabcu@yahoo.com Yasushi Suzuki Professor, Graduate School of Management Ritsumeikan Asia Pacific University, Japan E-mail: szkya@apu.ac.jp Received: December 17, 2010 Accepted: January 20, 2011 doi:10.5539/ijbm.v6n7p28 Abstract Bangladesh entered into the era of financial reform during the early 1980s. Most of the reforms initiated by the government have concentrated predominantly on the banking sector. Consequently, many changes relating to ownership, market concentration, regulatory measures and policies have taken place primarily to enhancing bank performance. In this regard, this study is undertaken to investigate the performance of commercial banks after the implementation of significant financial reform. Data Envelopment Analysis based frontier measures income and cost efficiency and traditional non-frontier measures non-performing loans and return on assets have been used for assessing bank performance. The findings indicate that income and cost efficiency of sample banks have increased by 37.84 percent and 15.28 percent respectively in 2008 compared to 2001...
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...Globalization Note Series Pankaj Ghemawat and Sebastian Reiche National Cultural Differences and Multinational Business The eminent Dutch psychologist, management researcher, and culture expert Geert Hofstede, early in his career, interviewed unsuccessfully for an engineering job with an American company. Later, he wrote of typical cross-cultural misunderstandings that crop up when American managers interview Dutch recruits and vice versa: “American applicants, to Dutch eyes, oversell themselves. Their CVs are worded in superlatives…during the interview they try to behave assertively, promising things they are very unlikely to realize…Dutch applicants in American eyes undersell themselves. They write modest and usually short CVs, counting on the interviewer to find out by asking how good they really are…they are very careful not to be seen as braggarts and not to make promises they are not absolutely sure they can fulfill. American interviewers know how to interpret American CVs and interviews and they tend to discount the information provided. Dutch interviewers, accustomed to Dutch applicants, tend to upgrade the information. To an uninitiated American interviewer an uninitiated Dutch applicant comes across as a sucker. To an uninitiated Dutch interviewer an uninitiated American applicant comes across as a braggart.”1 Cultural differences, while difficult to observe and measure, are obviously very important. Failure to appreciate and account for them can lead to embarrassing...
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...Firm Profitability A study examining the impacts of different company characteristics Authors: Hampus Björkman & Micael Hillergren Supervisor: Lars Lindbergh Student Umeå School of Business and Economics Spring semester 2014 Degree project, 30 HP Abstract Many argue that there is a trade off between profitability and liquidity. However, many studies have found that the profitability can increase with an efficient Working Capital Management. Correctly allocating cash flows to where and when it is needed increases liquidity and simultaneously increasing profitability. The purpose of this study is to develop the research on the relationship between Working Capital Management and profitability by investigating how it is affected by different company characteristics. A quantitative method was applied with philosophical stances in objectivism and positivism and deductive theory was used to approach the subject. From the theoretical framework, five hypotheses were established and statistically tested in order to answer our research question. The first hypothesis was formulated to confirm previous research, while the remaining two aimed at providing both a theoretical and practical contribution to existing knowledge. The thesis centers on the Cash Conversion Cycle, a metric of how fast a company turns purchased products into profit, with Gross Profit Margin as the measure of profitability. The data analyzed is financial information from 2012...
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...Globalization Note Series Pankaj Ghemawat and Sebastian Reiche National Cultural Differences and Multinational Business The eminent Dutch psychologist, management researcher, and culture expert Geert Hofstede, early in his career, interviewed unsuccessfully for an engineering job with an American company. Later, he wrote of typical cross-cultural misunderstandings that crop up when American managers interview Dutch recruits and vice versa: “American applicants, to Dutch eyes, oversell themselves. Their CVs are worded in superlatives…during the interview they try to behave assertively, promising things they are very unlikely to realize…Dutch applicants in American eyes undersell themselves. They write modest and usually short CVs, counting on the interviewer to find out by asking how good they really are…they are very careful not to be seen as braggarts and not to make promises they are not absolutely sure they can fulfill. American interviewers know how to interpret American CVs and interviews and they tend to discount the information provided. Dutch interviewers, accustomed to Dutch applicants, tend to upgrade the information. To an uninitiated American interviewer an uninitiated Dutch applicant comes across as a sucker. To an uninitiated Dutch interviewer an uninitiated American applicant comes across as a braggart.”1 Cultural differences, while difficult to observe and measure, are obviously very important. Failure to appreciate and account for them can lead to embarrassing...
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...The Future of English? A guide to forecasting the popularity of the English language in the 21st century David Graddol First published 1997 © The British Council 1997, 2000 All Rights Reserved This digital edition created by The English Company (UK) Ltd David Graddol hereby asserts and gives notice of his right under section 77 of the UK Copyright, Designs and Patents Act 1988 to be identified as the author of this work. What is this book about? This book is about the English language in of the English language and concludes that forecasting, identifies the patterns which the 21st century: about who will speak it and for what purposes. It is a practical the future is more complex and less predictable than has usually been assumed. underlie typical linguistic change and describes the way large corporations have briefing document, written for educationists, politicians, managers – indeed any decision maker or planning team with a professional interest in the development of English worldwide. The book has been commissioned by the British Council to complement the many texts already available about the teaching and learning of English, the history and used ‘scenario planning’ as a strategy for coping with unpredictable futures. Section three outlines significant global trends which will shape the social and economic world in the 21st century. Section four discusses the impacts these trends are The Future of English? takes stock...
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...opportunities 9 Overview: Nestlé in Latin America 1 1 Agriculture and sourcing 12 Sourcing practices for quality, safety and sustainability Research and development for better yields Knowledge transfer and farm assistance Partnerships for sustainable agriculture 16 17 20 23 Manufacturing and distribution 26 Food safety through improved standards of operations Risk management for food safety — Early Warning System Developing people Labour policies for mutual benefit Creation of development and employment opportunities in the community Improved environmental standards Managing water sustainably 30 31 33 34 Research for consumer benefit Consumer nutrition, health and wellness Knowledge and education for healthy nutrition and lifestyles 52 54 58 Nestlé’s future in Latin America 62 Products and consumers 48 Front, inside and back covers: Farmer Rufino Chindicué (front cover) and son Luis (inside back cover) supply milk to Nestlé. Three decades ago, Nestlé created a milk district in Caquetá, Colombia, to ensure a reliable, high quality supply and create opportunity for area farmers. Within the district, Nestlé supported projects to breed hardier cows and promote grazing on the highly nutritious, native brachiaria grass (inside front cover). With better nutrition, cows now produce five times more milk. 38 39 44...
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...Annual report 2010/11 burberry An iconic british luxury brand established in 1856 leverages its rich heritage, proven strategies and talented team to assure sustainable, profitable growth on a global scale Contents 4 8 12 18 22 28 44 54 58 66 68 71 76 86 87 88 89 90 91 92 93 Financial highlights Chairman’s letter Chief Executive Officer’s letter Executive team Burberry Group overview Strategy Business and financial review Risk Corporate responsibility Board of Directors Directors’ Report Corporate governance Directors’ Remuneration Report Statement of directors’ responsibilities Independent auditors’ report to the members of Burberry Group plc Group income statement Group statement of comprehensive income Group balance sheet Group statement of changes in equity Group statement of cash flows Notes to the financial statements 133 Five year summary 135 Independent auditors’ report to the members of Burberry Group plc 136 Company balance sheet 137 Notes to the Company financial statements 141 Shareholder information 143 Executive team 1 FINANCIAL HIGHLIGHTS DELIVERING RECORD PROFITS Total revenue (Year to March) £1,501m 11 10 10* 09 08 07 0 1501 1,501 1,185 1,280 1,202 995 850 Retail revenue (Year to March) £962m 11 10 10* 09 08 07 0 962 962 710 749 630 484 410 Wholesale revenue (Year to March) £441m 11 10 10* 09 08 07 0 489 441 377 434 489 426 354 Revenue by channel in 2010/11 Retail 64% Wholesale 29% Licensing 7% ...
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