In this study, an investment decision-making model called the profit, dividend, and free cash flow (PDF) model was established based on companies’ profitability, dividend yield, and free cash flow. This study analyzed the stocks purchased and retained for a long period of time, and compared the PDF model with the Taiwan Capitalization Weighted Stock Index (TAIEX) and the F-score model modified by Lai, Doong, Yang, and Miao (2011). The empirical results indicated that the average cumulative return on TAIEX in 2004 was higher than that on the PDF and F-score portfolios. However, from 2005 to 2007, the cumulative return on the PDF portfolio increased from 14.35% to 121.36%. Although the cumulative return dropped to 1.23% in 2008 because of the financial crisis, the figure rose to 134.04% in 2009 and to 310.23% in 2013. The performance of TAIEX and the F-score portfolio was substantially lower than that of the PDF portfolio, but the performance of TAIEX was superior to that of the F-score portfolio. Although TAIEX and the F-score portfolio exhibited a similar trend, the cumulative return on the F-score portfolio was consistently negative. The F-score portfolio demonstrated the lowest performance among the 3 models. In addition, the annual cumulative or excess return on the PDF portfolio was higher than that on the F-score portfolio. Key Words: Value Investing, Profit, Dividend, Free Cash Flow.

The present research has been conducted to assess the mediating role that education through different modes could play in formulating sustainable consumer behavior. A non-probability judgmental survey approach has been used in the study. This way of sampling has intended to include 161 respondents in total as a focus group where all the respondents are professionals either from business firms or from educational institutions. The research instrument in this study has been pretested and developed by the researcher based on an interview guide for unstructured interviews that elicited first-hand information; the information obtained has been linked with concurrent researches. The study has revealed that environmental orientation and sustainability as innovation can lead to a sustainable consumer behavior. Moreover, all different modes of education play a role of mediation between sustainability innovation and sustainable behavior but no mediation has been reported between environmental orientation and sustainable behavior. Key Words: Consumers Behavior, Sustainability, Education, Marketing, Environment.

The reason for this study is to assess the relationship between the corporate social responsibility and the corporate financial performance. CSR is the ethical necessity of business to take after the hierarchical arrangements and to take choice good for public opinion. It considers the vital factor for the accomplishment of business. The CSR is taken as independent variable and is measured by the utilization of firms for the prosperity of public opinion. The benefit of organizations is reliant variable which is controlled by the profit for stakes, return on value and income for every offer. Food sector from the sustenance segment of Pakistan is chosen as specimen for exploration. Qualitative as well as quantative methods are used in this study to evaluate the impact of corporate social responsibility and corporate financial performance. Nvivo test is applied in qualitative analysis. The conclusion shows the positive relationship of CSR and CFP. It shows that if the firm expand its using on the social exercises it can enhance picture in the clients' brain and hence firm can attain high benefits. Key Words: Corporate Social Responsibility, Corporate Financial Performance, Social Activities. NVivo.

The recapitalization of the capital base of banks in 2005 constituted the first phase of the reform policy in the entire banking sector of the Nigerian economy. The key elements in the agenda included minimum capital base of N25 billion with a deadline of 31st December, 2005. Most of the banks were able to meet the deadline through mergers and acquisitions amongst other alternatives. This paper examines the trend and the effects of bank recapitalization on deposit money banks in Nigeria in terms of performance and more specifically profitability and cost of equity. The data used for this study were processed using Paired Sample test technique for difference between two periods before and after the recapitalization era in addition to the E-view electronic packages. The test of difference of mean helped us to compare the means of the variables before and after recapitalization to see if there is any significant difference between the two periods. The evidence from the study shows that recapitalization is significant to performance of deposit money banks but has not shown increasing impact on their profitability. We therefore recommend that recapitalization should be part of the integrating process to the development of the banking sector and the banks should put in place proactive measures and policies to enable it boost its profitability level. Key Words: Capitalization, Performance, Profitability, Cost of Equity, Deposit Money Bank

This study offers a conceptual framework which relates the influence of spiritual leadership on employees spiritual well-being and job satisfaction. Spiritual leadership is a relatively new concept in leadership literature. It aims to intrinsically motivate the leaders and the followers for their spiritual well-being. Job satisfaction is a critical concept with various antecedents and consequences. The situational and dispositional factors or the combination of both factors determine the level of satisfaction of the employees toward their job. How the leaders spiritual leadership influences employees spiritual well-being; and its relationship with the employees job satisfaction are discussed. The framework suggests that spiritual leadership is directly influences employees spiritual well-being and job satisfaction. It is also hypothesized that spiritual well-being is also directly influences job satisfaction and mediates the influence of spiritual leadership on job satisfaction. Key Words: Spiritual Leadership, Spiritual Well-Being, Job Satisfaction.

The main purpose of this study is to investigate the volatility of international oil prices and stock market of emerging markets. Emerging markets of Asia has been investigated and evidence is taken from China and Pakistan. The data is collected from 1st January 1998 to 31st December 2013. The monthly data is used for Brent oil prices, stock market (KSE and SSE), CPI and exchange rate of respective countries. Multivariate Cointegration Analysis is being applied along with Vector Error Correction Model. For the sake of analysis, firstly, OLS regression is being applied to test the immediate effects. On second step, unit root test is applied to check the stationarity of data. The results shows that all the variables are integrated at first difference i.e. I(1). When variable are non-stationary and became stationary a differencing then cointegration analysis applied which suggests cointegration equation which further leads the analysis to Granger causality the variables are granger causes each other. Then the VECM model is applied which shows that oil prices negatively impact the stock markets in emerging markets as these countries are oil importing countries. Lastly Impulse Response and Variance Decomposition which forecast the impact of oil effect on stock markets. After that asymmetric effects have been observed in the stock markets. Key Words: Strategic Oil Prices, Stock Exchange, Emerging Markets, Vector Error Correction, Impulse Response, VAR, Variance Decomposition.

This paper deals with a case study on the Shiwha Coastal Development Project in terms of cost-benefit analysis. The project had carried out for 20 years (1987-2006) in attempting to reclaim the Shiwha wetland area surrounded by shallow sea waters. Many economists and environmentalists argued that this huge project would result in marine environmental damage serious enough to offset the targeted economic benefit. Consequently, there have been many attempts to evaluate this project economically. In this study, the major costs include construction costs and loss of living marine products while the major benefits come from the reclaimed land for the purposes of agriculture, industrial complex, and residence. Since the technological progress over time is assumed to reduce the costs associated with this project, some what-if analyses were performed in terms of different development time and purpose. The primary conclusions resulting from this cost-benefit analysis on the Shiwha Coastal Development Project are two important elements. 1: It is not so good idea to launch the huge coastal development project like the case of Shiwha area without considering the irreparable damage of living marine resources. As a result, the investor is required to take into account the marine environmental protection technologies that allow reducing the relevant costs as well as increasing the economic benefits. 2: In performing the huge coastal development project, the investor also needs to make proper decision on the development scale and purposes. This case analysis reveals that multi-purpose development approach is better than single-purpose one economically. Finally the factor of scale merit should be taken into consideration in carrying out the gigantic coastal development project in view of demand for and supply of the reclaimed land. Key Words: Cost-Benefit Analysis, Coastal Development, Technological Progress, Environmental Protection, Development Scale and Purposes.

This paper discusses on an analysis of Technology Acceptance Model of Learning Management System for an ODL university in Malaysia towards the e-satisfaction and e-retention of the students. The factors being used to measure the satisfaction and retention of students are perceived ease of use, perceived usefulness, enjoyment, design features, security and privacy, and internet connection. The result of the study indicated that for the LMS factors, the Internet connection and security and privacy have a significance positive influence on e-satisfaction. Although the design feature of LMS was demonstrated to have little influence on e-satisfaction, this factor may have influence on specific type of e-learning system. In contrast, only Internet connection has a significance positive influence on e-retention, while the design features and the security and privacy are shown to have less influence on e-retention. Key Words: Teachnology Acceptance Model, Learning Management System, E-Satisfaction, E-Retention, Malaysia, Adult learner, On-line learning.

According to the conventional theory, portfolio management models are exclusively based on the twain criteria of expected return and risk, with the latter being generally measured by the variance. Nonetheless, such models have been shown to be fraught with anomalies. Hence, we propose in this paper an original methodology for the assessment of stock market shares using multicriteria decision methods. We consider an exhaustive set of criteria accredited in the financial literature and used by the professional of portfolio management to boot. The ranking of financial securities as well as their sorting out into three different categories involving attractive shares (to buy), uncertain shares (to keep) and non-attractive shares (for sale) are both a common practice for portfolio managers. This paper focuses on the application of multicriteria decision aid for the ranking and sorting out of 194 shares listed on the U.S. market. Key Words: Portfolio Management, Multicriteria Decision Aid, ranking, sorting out, MINORA and ELECTRE TRI.

The objective of this study is to determine the relationship between climate of change and success of change management in government sectors in Kedah, Malaysia. Thus, this study use factors of climate for change as independent variables that will contribute to the success of change management (dependent variable). Additionally, the factors of climate for change will be examined according to the four factors: personal competence, commitment, opportunities for development and growth, and respects in workplace. Based on the research objectives, the researcher established four research hypotheses. An analysis of 120 respondents revealed that climate of change has a positive and significant influence on success of change management. The findings may help managers to direct efforts toward the variables that influence employees’ climate of change, which will lead to the success of the implementation process of change program. Key Words: Climate of Change, Success of Change Management, Management of Communication.