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This thesis investigates the efficiency levels of the Jordanian, Egyptian, Saudi Arabian and Bahraini banking systems. The empirical evidence on bank efficiency in these markets aims to highlight the features associated with the role of economic and financial reforms that have taken place in these countries over the past decade. Our sample comprises information on 82 banks operating in Jordan, Egypt, Saudi Arabia and Bahrain over the 1992-2000 period. We use the stochastic frontier and Fourier-flexible form to estimate cost and profit efficiency levels in these banking systems. In addition, we also estimate the scale elasticity and scale efficiency levels in the banking sectors under study. The sample size represents 78% of the banking sector of Jordan, just under 90% of the Egyptian banking sector, 63% of that of Saudi Arabia and over 50% of the banking sector of Bahrain. To derive efficiency levels, we employ three distinct economic efficiency concepts (cost, standard profit and alternative profit efficiencies), using a number of different measurement methods (including the stochastic frontier approach, specification of the Fourier-flexible functional form versus the translog form, and inclusion of a banks' asset quality and financial capital in a number of different ways) to a single data set. In choosing the 'preferred' cost and profit models to estimate efficiency levels, we follow various contemporary methodologies that use a variety of hypotheses tests to arrive at preferred model specifications. Given cost efficiency, the preferred model is the Fourier-truncated form that excludes the control variables (capital adequacy, asset quality and the time trend) but includes all the environmental variables. Given the standard and alternative profit function, the preferred model is the Fourier-flexible that includes the control as well as the environmental variables. The technical cost efficiency averaged around 95%, based on our preferred model, over the 1992-2000 period. Standard and alternative profit functions estimates reveal technical efficiency on average around 66% and 58% respectively. Islamic banks are found to be the most cost and profit efficient while investment banks are the least (cost and profit efficient). This result perhaps reveals the fact that the cost of funds for Islamic banks is relatively cheaper than the cost of funds for other financial institutions. Large banks, in assets terms, appear to be relatively more cost and profit efficient. This possibly signals the ability of large banks to utilise more efficient technology with less cost, the ability of these banks to introduce more specialised staff for the most profitable activities and the ability of these banks to provide (presumably) better quality outputs for which they can charge higher prices. Geographically, Bahrain is the most cost and profit efficient while Jordan is the least (cost and profit efficient). The scale efficiency results reveal that, on average, banks in the countries under study are around 65% scale efficient in terms of cost. In terms of profit efficiency, estimates are around 60% for both standard and alternative profit function but with rather dissimilar movements overtime for scale efficiency scores using both sets of measures. Both cost and profit functions report Islamic and commercial banks as the most scale efficient types of banks. Based on asset size, the results of the alternative profit function estimates, in particular, indicate that large banks are more scale efficient than small banks. Geographically, Saudi Arabian and Egyptian banks appear to be the most cost and profit scale efficient. The derived efficiency levels for the banks operating in the countries under study, however, provide little evidence to suggest that the economic and financial reforms undertaken in Jordan, Egypt, Saudi Arabia and Bahrain over the last decade have had a noticeable impact on improvement in banking sector efficiency. The main policy recommendation from this study, therefore, is that these countries need to continue the reform process in order to enhance financial sector performance.

Diss. Uppsala : Univ., 2003.

Small and medium enterprises (SMEs) are recognised as important for the economic success of countries all over the world because of their contribution to the gross domestic product (GDP), to innovation, to export revenue, to the provision of goods and services to society and large enterprises, to social stability, to employment creation, and to the improvement of economic welfare. These organisations operate within an economic environment characterised by volatility, highly demanding dynamism and tough competition, which often seriously threaten their performance and their survival. The South African business environment in general is constantly changing in the face of an unreceptive economic environment and a subtle political setting which breeds a highly competitive market. For SMEs to withstand the hazards of such a precarious and unfavourable competitive climate, they need to engage in market-oriented strategies. While market orientation research in large organisations has been studied etensively, little attention has been paid to the market orientation of SMEs. Market orientation models have been developed and tested only for developed countries, which recognise the substantial importance of market orientation in the modern business arena. Despite its importance, market orientation and its implementation and relationship with business performance has not been widely researched in developing economies. This need for a market orientation model that is applicable to developing countries underlies this research, the principal purpose of which is to develop a market orientation–business performance conceptual model and test it in a developing country setting. For this purpose, the researcher applied the market orientation constructs as guided by various proponents in the field. Market orientation was identified from the large body of literature and a conceptual framework of market orientation–business performance was proposed. The conceptual framework considered barriers to market orientation, determinants and enablers of market orientation and market orientation with its dimensions (customer emphasis, information generation, intelligence dissemination and intelligence responsiveness or taking action) and economic and non-economic performance as consequences. This framework was then tested in order to identify the link between barriers to market orientation, determinants of market orientation, overall market orientation and business performance. Such efforts have been observed in previous market orientation literature but those studies did not distinguish barriers from determinants. The objective of this study was to establish the relationship between market orientation and the performance of SMEs measured by financial and non-financial measures of business performance. It also sought to ascertain the barriers to market orientation and the determinants/enablers of market orientation and their relationship with market orientation. Another objective was to examine the extent to which SMEs in South Africa have adopted market-oriented practices. A quantitative method was used. Surveys were conducted with 273 SMEs respondents, which were identified using a convenience sampling method. Data from owners/managers of these SMEs were collected using structured questionnaires. This study is different from previous studies on various grounds. Firstly, this study on market orientation is particularly focused on SMEs. Secondly, this study considered barriers to market orientation and determinants of market orientation separately, as having two divergent effects on market orientation. Thirdly, this study considered both the economic and non-economic performance measures as business performance indicators, factorising all the dimensions and modelling the relationship structures. Finally, this study was conducted in a developing economy (South Africa) where limited market orientation studies have been carried out with emphasis on market orientation among SMEs. Quantitative research methods were used to arrive at a valid and convergent conclusion about market orientation and its relationship with business performance. For this purpose, quantitative survey data were obtained from officials of both marketing and non-marketing departments of SMEs in the Vaal Triangle (South Africa). The hypotheses of the study were tested using t-tests statistics, analysis of variance (ANOVA), confirmatory factor analysis (CFA), and structural equation modelling (SEM) goodness of fit. The findings of the study supported the hypotheses of the study and confirmed the applicability of the proposed market orientation framework. The findings also indicated that the market orientation of SMEs in South Africa is determined by four fundamental factors (top management emphasis, market-based reward system, inter-departmental connectedness and management risk posture). In addition, the findings identified four key barriers to market orientation (centralisation and formalisation, inter-departmental conflict, competitive intensity and turbulence). The study also found a significant effect of market orientation on business performance. The findings of this study are consistent with those of previous market orientation studies undertaken in developed countries. At the final stage, the first conceptual model of market orientation–business performance applicable to SMEs in a developing country (South Africa) was offered on the basis of the findings of this study. This conceptual model provides insights and groundwork for further research. Therefore, in order to verify its generic application, it is hoped that this model will be used as a starting point for further studies and be tested in other countries in the world, both developed and developing. / PhD (Business Management)|cNorth-West University, Vaal Triangle Campus|d2013

Corporate investment decisions are among the most important decisions of a firm. Internal capital markets play a key role in facilitating the allocation of capital resources in order to finance investment projects within diversified firms. This thesis investigates internal capital markets and its relationship with analysts earnings forecast errors in three countries with two distinct financial systems, namely, the market-based and bank-based financial system. Using segment level data for public listed companies in the UK, France and Germany between 2005 and 2010, we examine the operation and efficiency of internal capital markets in market- and bank-based systems. We also examine the impact of the financial crisis of 2008 on internal capital markets and analysts earnings forecasts errors, namely, the accuracy, bias and dispersion. The findings indicate internal capital markets actively facilitate the allocation of resources within diversified firms and, in general, operate inefficiently. Furthermore, internal capital markets appear to be more active in France compared with the UK. On the other hand, their role appears to be limited in Germany, as segments appear to rely more on their own resources and less on internal capital markets for investments. In addition, we find that internal capital market activity declines and efficiency improves during the financial crisis in UK. In contrast, there is no significant evidence to suggest that efficiency improves during the crisis in France or Germany. This research also finds some evidence to suggest internal capital markets operations aggravate firm complexity and, in turn, negatively affect short-term forecast accuracy in the UK. In addition to this, our analysis shows there is a positive relationship between the size of internal capital markets and dispersion in analysts earnings forecasts. In general, our study shows analysts are optimistic about firms future performance; however, the level of optimism significantly declines during the financial crisis. Lastly, we report a positive relationship between efficiency of internal capital markets and optimism in earnings forecasts.

Šiame rašto darbe analizuojami Europos Sąjungos šalių narių nacionaliniai centriniai bankai ir jų vaidmuo vykdant finansinio stabilumo užtikrinimo funkciją. Šios, vienos iš pagrindinių funkcijų vykdymas, atliekamas naudojant įvairius finansinio stabilumo užtikrinimo instrumentus, kurių įvairiapusiškas tyrimas yra pagrindinė diplominio darbo ašis. Darbo pagrindinis tikslas yra apibendrinti nacionalinių centrinių bankų teisinį savarankiškumą ES erdvėje, ištirti naudojamų finansinio stabilumo užtikrinimo instrumentų rinkinius ir įvertinti naudojamų rinkinių veiksmingumą. Diplominį darbą sudaro trys pagrindinės dalys. Pirmoje dalyje atliekama finansinio stabilumo sampratos ir centrinių bankų veiksmų, siekiant finansinio stabilumo užtikrinimo, mokslinės literatūros analizė. Antroje dalyje pristatoma atliekamo tyrimo problema, pateikiama tyrimo logika bei metodologija. Trečioje dalyje apibendrinami tyrimo rezultatai, pateikiamos išvados ir autoriaus rekomendacijos nustatytose probleminėse srityse. Darbe atliktas tyrimas patvirtina pakankamai didelį ES nacionalinių centrinių bankų teisinį savarankiškumą bei jų disponuojamų finansinio stabilumo užtikrinimo instrumentų skaičių. Taip pat tyrimo rezultatai leidžia daryti išvadą, jog centrinių bankų finansinio stabilumo užtikrinimo efektyvumas priklauso nuo disponuojamų instrumentų skaičiaus ir jų pobūdžio. / This paper work analyses EU national central banks and their role performing financial stability maintenance function. Implementation of one of central banks’ key functions is exercised through special financial stability instruments which are the hinge in accomplished research in this paper. The main objective in this diploma work is to measure national central banks’ legal independence in EU area, examine different usable sets of financial stability instruments in member countries and estimate efficiency of these sets. This paper work consists of three main parts. Theoretical analysis of financial stability and central banks’ actions in maintaining it, is presented in the first part. Second part covers the main problem and methodology of fulfilled research. All results of the research, their evaluation and authors proposals in the situation are presented in the third part. Accomplished research confirms that nation central banks in EU have considerable legal independence and dispose major part of possible financial stability instruments. The research also affirms that there is a quantitative dependence between disposed financial stability instruments number and their complexion.

Small and medium enterprises (SMEs) are recognised as important for the economic success of countries all over the world because of their contribution to the gross domestic product (GDP), to innovation, to export revenue, to the provision of goods and services to society and large enterprises, to social stability, to employment creation, and to the improvement of economic welfare. These organisations operate within an economic environment characterised by volatility, highly demanding dynamism and tough competition, which often seriously threaten their performance and their survival. The South African business environment in general is constantly changing in the face of an unreceptive economic environment and a subtle political setting which breeds a highly competitive market. For SMEs to withstand the hazards of such a precarious and unfavourable competitive climate, they need to engage in market-oriented strategies. While market orientation research in large organisations has been studied etensively, little attention has been paid to the market orientation of SMEs. Market orientation models have been developed and tested only for developed countries, which recognise the substantial importance of market orientation in the modern business arena. Despite its importance, market orientation and its implementation and relationship with business performance has not been widely researched in developing economies. This need for a market orientation model that is applicable to developing countries underlies this research, the principal purpose of which is to develop a market orientation–business performance conceptual model and test it in a developing country setting. For this purpose, the researcher applied the market orientation constructs as guided by various proponents in the field. Market orientation was identified from the large body of literature and a conceptual framework of market orientation–business performance was proposed. The conceptual framework considered barriers to market orientation, determinants and enablers of market orientation and market orientation with its dimensions (customer emphasis, information generation, intelligence dissemination and intelligence responsiveness or taking action) and economic and non-economic performance as consequences. This framework was then tested in order to identify the link between barriers to market orientation, determinants of market orientation, overall market orientation and business performance. Such efforts have been observed in previous market orientation literature but those studies did not distinguish barriers from determinants. The objective of this study was to establish the relationship between market orientation and the performance of SMEs measured by financial and non-financial measures of business performance. It also sought to ascertain the barriers to market orientation and the determinants/enablers of market orientation and their relationship with market orientation. Another objective was to examine the extent to which SMEs in South Africa have adopted market-oriented practices. A quantitative method was used. Surveys were conducted with 273 SMEs respondents, which were identified using a convenience sampling method. Data from owners/managers of these SMEs were collected using structured questionnaires. This study is different from previous studies on various grounds. Firstly, this study on market orientation is particularly focused on SMEs. Secondly, this study considered barriers to market orientation and determinants of market orientation separately, as having two divergent effects on market orientation. Thirdly, this study considered both the economic and non-economic performance measures as business performance indicators, factorising all the dimensions and modelling the relationship structures. Finally, this study was conducted in a developing economy (South Africa) where limited market orientation studies have been carried out with emphasis on market orientation among SMEs. Quantitative research methods were used to arrive at a valid and convergent conclusion about market orientation and its relationship with business performance. For this purpose, quantitative survey data were obtained from officials of both marketing and non-marketing departments of SMEs in the Vaal Triangle (South Africa). The hypotheses of the study were tested using t-tests statistics, analysis of variance (ANOVA), confirmatory factor analysis (CFA), and structural equation modelling (SEM) goodness of fit. The findings of the study supported the hypotheses of the study and confirmed the applicability of the proposed market orientation framework. The findings also indicated that the market orientation of SMEs in South Africa is determined by four fundamental factors (top management emphasis, market-based reward system, inter-departmental connectedness and management risk posture). In addition, the findings identified four key barriers to market orientation (centralisation and formalisation, inter-departmental conflict, competitive intensity and turbulence). The study also found a significant effect of market orientation on business performance. The findings of this study are consistent with those of previous market orientation studies undertaken in developed countries. At the final stage, the first conceptual model of market orientation–business performance applicable to SMEs in a developing country (South Africa) was offered on the basis of the findings of this study. This conceptual model provides insights and groundwork for further research. Therefore, in order to verify its generic application, it is hoped that this model will be used as a starting point for further studies and be tested in other countries in the world, both developed and developing. / PhD (Business Management)|cNorth-West University, Vaal Triangle Campus|d2013

One of the more pressing long-term concerns for parents of children with a neurodevelopmental disorder (NDD), such as autism, is financial management (Abbott & Marriott, 2012). Few of these people ever manage to attain a level of financial literacy that allows them to become fully independent. Value, in it’s current form, is just too abstract for many (Cheak-Zamora, et al. 2017). This problem is augmented by our financial institutions, who have neglected to offer these groups any form of accessible financial products, rendering any aspirations of becoming “financially independent” by these groups, as unattainable. This is detrimental to their well-being and sense of self. (Abbott & Marriott, 2012). With this in light, this thesis will firstly highlight the obstacles faced by these groups in achieving financial independence, secondly, it will present a new paradigm through which to look at value. A paradigm that understands that money isn’t about a number, but rather the complex social interactions that that govern our liberties as members of society. Finally, this thesis will present an example of a new breed of fiancial system, Olive. Making use of emerging distributed technologies, Olive presents a system that enables us to produce products that recognises the spectrum of needs and abilities our community contains.

Decentralized digital currencies are emerging in today’s society. Bitcoin was the first to surface in late 2009, and today there are thousands of digital currencies with various properties. The vast amount of transaction data being generated from decentralized systems can be difficult to comprehend. Information visualization can be used to simplify this apprehension difficulty. It is a tool that allows us to effectively understand complex data by projecting it to a visual medium. This is a research study on multiple stakeholders for a web-based real-time decision support system for visualizing transaction data in a global decentralized financial system and set out to explore the stakeholders requirements in order to provide them support. To achieve this, an exploratory interview was conducted in order to gain knowledge of the requirements for each type of stakeholders. After which, a prototype of the decision support system was made, built upon the requirements and fundamental principles in information visualization. The prototype is web compliant with room for configurations to personalize. It is best suited for an overview. Complementary research could be additional studies on the stakeholders to improve the usability or develop additional supportive features to make it a smart system. / Decentraliserade digitala valutor växer fram i dagens samhälle. Bitcoin var den första som skapades i slutet av 2009 och idag finns det tusentals digitala valutor med olika egenskaper. Den stora mängd transaktionsdata som genereras från decentraliserade system kan vara svår att förstå. Informationsvisualisering kan användas för att förenkla denna förståelsen. Det är ett verktyg som gör det möjligt för oss att effektivt förstå komplex data genom att projicera det till ett visuellt medium. Detta är en undersökning på multipla användare för ett webbaserat realtid beslutstödssystem för att visualisera transaktionsdata i ett globalt decentraliserat finansiellt system med mål att utarbeta användarnas krav för att kunna ge dom stöd. För att uppnå detta genomfördes en förberedande intervju för att få kunskap om kraven för varje typ av användare. Därefter gjordes en prototyp av beslutsstödsystemet, byggt på kraven och grundläggande principer för informationsvisualisering. Prototypen är webkompatibel med utrymme för konfigurationer för att personifiera. Den passar bäst för att ge en översikt. Kompletterande forskning kan vara ytterligare studier på intressenterna för att förbättra användbarheten eller utveckla ytterligare stödfunktioner för att göra det till ett smart system.

No description available.