EXAMINATION OF DIGITAL AND NON-DIGITAL FACTORS ON PERCEPTION OF MOBILE BANKING CUSTOMERS: A CASE OF DEVELOPING ECONOMY

The purpose of current study is to examine perception of mobile banking customers about digital and non-digital factors in Pakistan. The population of current study consists of current and future users of mobile baking in Pakistan. In this study, mobile banking usage is considered as dependent variable and seven variables (5-digital & 2-non-digital) have been selected as independent variables. The SPSS version 16 was used to analyse and report the data collected through an administrative questionnaire. The results of current study indicated that non-digital factors (Need of service and service quality) has insignificant relationship with perception of the mobile banking customers. Also, results indicated a significant relationship between digital factors (Performance expectancy, effort expectancy, relative advantage, trust and security) with perception of mobile banking customers. As a practical implication of the study, current study facilitate banking sector to facilitate their customers and retain their customer base. Banks used these results to identify the social norms of their banking customers and link them with mobile banking technology to facilitate them.

What Drives Individual Investors to Invest in Mutual Funds in a Developing Economy

Purpose: The aim of this study is to investigate factors that influence investment in mutual funds by individual investors in a developing economy. Drawing insights from the theory of planned behaviour, the study identified and tested the effect of awareness, attitude, financial literacy and preference for other competing investments on intention to invest in mutual funds by individual investors. Design/Methodology/Approach: Data was collected from 280 respondents in Zambia. Data was analysed using correlations and hierarchical regression models. Findings: The study reveals that awareness and attitude towards mutual funds significantly influence intention to invest in mutual funds. Surprisingly, financial literacy and preference for other investments do not significantly affect an individual investor’s intention to invest in mutual funds. Implications/Originality/Value: This study contributes to the financial services marketing literature by increasing understanding of individual investors’ investment decisions and drivers that influence intention to invest in mutual funds in Zambia. The study recommends that mutual funds marketers should invest more in building awareness and positive attitude towards investment in mutual funds in order to develop retail demand. Also, investment companies and financial services marketing policy makers should carefully consider their financial literacy programmes as the study reveals that financial literacy and competing investments are not significant drivers.

NEED FOR GROWTH AND DEVELOPMENT OF SMALL AND MEDIUM ENTERPRISES TOWARDS PRODUCTIVITY AND SELF RELIANCE IN THE NIGERIAN ECONOMY

The present level of unemployment in the nation is worrisome, to say the least. Graduates of tertiary institutions are roaming the streets in search of never - to- come jobs. There can be no real economic empowerment in any developing economy until certain fundamental issues have been put right. The growth and development of Small and Medium Enterprises (SME’S) present a way out of this doldrums. Aggressive efforts are needed to bring about the sustenance and survival of these SME'S paramount of which is a peaceful environment. This paper highlighted the significance of SME subsector in developing economies, challenges and prospects of SMEs in Nigeria as a developing economy in order to enhance economic empowerment by sustaining the growth and development of SME'S with a view to reducing unemployment and decisively address security challenges that has been a source of serious concern to potential foreign and indigenous investors alike, thereby setting in motion an unprecedented growth and development in this all-important sub-sector. KEYWORD: Unemployment, SME’s, Productivity, Entrepreneurial.

Family business valuation in emerging economies: the arcor case

Learning outcomes This case can be used to help students achieve the following objectives: To project financial statements and assemble different pieces of financial information to create a valuation model (objective #1, create), To calculate a value for Arcor shares, supporting the estimated value with the chosen assumptions and methodologies (objective #2, evaluate), To draw connections between four different approaches to valuation (DCF, EVA, RV and VI), contrasting them and weighting their advantages and limitations (objective #3, analyze), To examine the relationship between forecasted financial statements and valuation (objective #3, analyze), To discuss the calculation of the Weighted Average Cost of Capital in a new situation as is an emerging economy, with the corresponding country-risk adjustment (objective #4, apply), To discuss the sources of value creation in a family-owned private company in a developing economy (objective #4, apply), To understand the dilemma that the head of a company was facing, identifying the three possible financing alternatives discussed in the text as follows: corporate bonds, earnings reinvestment and an IPO (objective #5, understand). To recall basic facts, as the main character’s opinion on the direction of the local economy or the fact that Arcor already complies with the information requirements of a public company (objective #7, remember). Case overview/synopsis This case is based on the valuation of the world’s largest candy maker, Arcor S.A.I.C., originally a Latin American company, which remains a private family business. The key problem presented by the case is the use of different valuation approaches to price Arcor shares, in view of a possible Initial Public Offer. The case illustrates the application of four main valuation approaches as follows: Discounted Cash Flow (DCF), Economic Value Added (EVA), Relative Valuation (RV) and Value Investing (VI). Additionally, it includes a fundamental analysis of eight years of historical financial information and the preparation of forecasted financial statements. Set in a developing economy, the Arcor case introduces the complexities of calculating the cost of capital with the inclusion of country risk, as well as the financial analysis distortions caused by an environment of high inflation. Complexity academic level The Arcor case is appropriate to be used in graduate courses of Corporate Finance, Valuation or Private Equity. Supplementary materials Teaching notes are available for educators only. Subject code CSS 1: Accounting and Finance.

PSYCHOLOGICAL DEPENDENCIES BETWEEN JOB SATISFACTION AND GENDER-ROLE DIFFERENTIATION

In the conditions of the rapidly developing economy, the fine and the reprimand are not enough for the successful management of the employees in the organization. High qualification, active participation of the manager, as well as the creation of a favorable working environment in the organization are needed. Therefore, the attitude of employees to work as a whole and to its individual aspects is essential. This attitude affects the motivation for work, work activity and achieving higher results in work.