Open Access Original Research Article

Economic Integration Problem of Turkey: An Evaluation about Shanghai Cooperation Organization within the Frame of Alternative Searches

İlhan Eroğlu, Meltem Uçgunoğlu, Nalan Kangal

Journal of Economics, Management and Trade, Page 1-18
DOI: 10.9734/BJEMT/2016/24230

When the economic developments analyzed after World War II, the economic integration movements, which include the liberalization of countries’ economic relations between each other, draw attention. In terms of world trade, globalization tendencies on one hand and regionalization tendencies on the other hand are being experienced. While global trade is shaped by Customs Tariffs and GATT, which propose the elimination of the limitations for customs tariffs and other trade limitations between countries, regional economic integrations are shaped differently between the countries that are geographically close to each other. Turkey has been found in the global and regional economic integration initiatives; and it’s in the negotiation phase for the EU membership, while the country is already a member of World Trade Organization (WTO), The Economic Cooperation Organization (ECO), The Organization of the Islamic Conference (OIC), D-8 Organization for Economic Cooperation (D-8), Organization of the Black Sea Economic Organization (BSEC), Organization for Economic Co-operation and Development (OECD). The fact that Turkey’s attempts for global-regional economic and political integrations did not give the expected results has brought different searches. This study contains an evaluation of Turkey’s seek for new integrations as determinants of democracy in the scale of democratic index, which consists of some criteria like free and fair elections, pluralism, good governance, political participation, political culture and freedom, and an evaluation between EU and SCO alternatives. In the light of the assessment it has been concluded that SCO is not a suitable alternative for Turkey because of the fact that its priority is zone’s safety, it does not contain economic cooperation and its inefficient democratic foundation comparing with the EU. According to these facts, Turkey should continue with the EU membership negotiations and it should show necessary sensitivity for adjusting to Copenhagen political criteria which forms EU’s political criteria, and Maastricht economic criteria which forms EU’s economic criteria.


Open Access Original Research Article

Corporate Governance and Business Ethics Structural Failures for Kingdom Bank Africa Limited (KBAL) Botswana

Conelia Farai Mazhambe

Journal of Economics, Management and Trade, Page 1-6
DOI: 10.9734/BJEMT/2016/19852

The thrust of this study is to investigate the corporate governance and business ethics structural failures for Kingdom Bank Africa Limited (KBAL) Botswana. The research reviewed various literature elaborating on the various causes of failure of corporate governance within KBAL. Both quantitative and qualitative methods manipulating both random and non random sampling methods were used to gather data in the form of questionnaire, telephone interviews of the  cross sectional sampling frame from KBAL’s top management to the banking clients. The triangulation methodology was employed for manipulating both probability and non-probability methods, research questions based on corporate governance report (Kings Report III – Raft principles), data collection techniques based on Descriptive statistics, and the electronic data analysis processing. The study revealed that majority of the respondents highlighted that they were no effective risk management policies set in place to provide proper guidelines against unethical conduct and insolvency. All efforts and stop gap measures by the shareholders to recapitalize the institution in order to comply with minimum capital requirements and maintain liquidity failed to yield positive results. Results also depict that the other reasons that contributed to the collapsing of the bank were non performing loans extended to top executives and serial debtors. The study also revealed that there was no full disclosure of remuneration and incentive schemes for key executives and middle management, with reference to the best practice corporate governance reports. The research of KBAL therefore revealed that there was no evidence of at least implementing the corporate governance framework best practices to safeguard the new shareholders and the general banking public. Lack of accountability and non-disclosure of financial information took its heavy and negative toll on KBAL, thereby disadvantaging the banking clients and staff. This study therefore recommends a further study on KBAL Enterprise Risk Management (ERM) policies, the role of external auditors in the collapse of the bank and its resultant effect on the banking confidence in Botswana.


Open Access Original Research Article

Competitiveness of Higher Education Institutions in Hong Kong: The Mediating Effect of Student Satisfaction, School Image and Student Loyalty

Canon Tong, Anthony Wong, Arison Woo

Journal of Economics, Management and Trade, Page 1-20
DOI: 10.9734/BJEMT/2016/23422

A rapid expansion of higher education in last ten year in Hong Kong, especially in the development of self-financed programmes, it is necessary to address the issue of the qulaity of education, student satisfaction and image of institutions. Despite extensive studies in the areas of school image, student satisfaction and student loyalty respectively, an integrated model of these variables with mediating effects of school image, student satisfaction and loyalty is still lacking. To carry out the investigation, full-time students from higher education institutions were randomly selected as the targeted participants in this research. The questionnaire survey elicited a response from 297 students from 320 students in four self-financed higher education institutions, which gave a response rate of 92.8%. The research found that student satisfaction has full mediating effect on the relationship between teaching quality and the respective school image, school reputation and student loyalty. Further, both student loyalty and school image have a partial mediating effect on the relationship between student satisfaction and school reputation.


Open Access Original Research Article

Currency Devaluation and Fiscal Adjustment in Nigeria

Ezeh Matthew Chinedum, Obi Kenneth

Journal of Economics, Management and Trade, Page 1-13
DOI: 10.9734/BJEMT/2016/25328

This study empirically examined currency devaluation and fiscal adjustment in Nigeria. Specifically it also examined the extent to which currency devaluation affects government expenditure and revenue in Nigeria. Cointegration, Vector Error Correction, Ordinary Least Square and Granger Causality methods were adopted in the analysis. The data spanning between 1981 and 2014, and essentially sourced from the Central Bank of Nigeria Statistical Bulletin were also used. The result of the empirical study principally shows that a positive and causal relationship exists between currency devaluation and some selected fiscal variables. Given the observed direct relationship between government expenditure and currency devaluation, it is recommended that the Nigerian government should rationalize and restructure her expenditures towards productive economic activities and reduce fiscal deficits significantly.


Open Access Original Research Article

Pension Fund Administration and Infrastructure Financing in Nigeria

Micah Leyira Christian, Obah Godpower Wobiaraeri

Journal of Economics, Management and Trade, Page 1-13
DOI: 10.9734/BJEMT/2016/22534

The study investigated the relationship between pension fund administration and infrastructure financing in Nigeria. The study answered four research questions and also tested four hypotheses. The correlational research design was used for the study. The population of the study consisted of all the licensed pension fund administrators in Nigeria. A simple random sampling was used to select 108 respondents for the study. The secondary data and questionnaire was used to elicit information from the respondents after the reliability and validity test. The research questions were analyzed using descriptive statistics, while the hypotheses were tested using Pearson Products moment correlation vie SPSS at 95% level of confidence. Findings from the study show that there is Relationship between Retirement Pension Account and Return on Economic and Social Infrastructural Financing; also the study found that there is a significant Relationship between Superannuation Pension Account and Economic and social Infrastructural Financing in Nigeria. With the pool of pension funds, investment in infrastructure projects will be very meaningful and relevant to the growth of Nigeria’s economy.


Open Access Short Research Articles

Benchmarking Study of the Global and Ukrainian Trends in Nanotechnologies’ Scientific Research for the Future NBIC-Society

Mykola Kyzym, Igor Matyushenko, Olga Polyakova, Viktoriya Shlykova, Yuri Moiseienko

Journal of Economics, Management and Trade, Page 1-24
DOI: 10.9734/BJEMT/2016/24812

Aims: In the conditions of advanced countries industrial markets’ competition escalation the issue of creating new economy on the basis of nanotechnologies as Nano-bio-info and cogno(NBIC)-technologies is becoming more and more important. As all developed countries, Ukraine conducts fundamental and applied research in the field of nanotechnologies, and the research priorities to be agreed with solving both global and specific national problems in view of building-up a modern NBIC-civilization.

The main purpose of the research is to analyze the modern perspectives and to perform benchmarking study of the Global and Ukrainian trends in nanotechnologies development as part of NBIC-technologies’ scientific domain to identify priority areas of scientific and technical policy of Ukraine.

Study Design: The reviews were carried out in the period 2010–14 on the basis of studying the world countries nanotechnologies development trends as well as on the basis of the research results obtained by Ukrainian academic institutions.

Place and Duration of Study: Scientific Research Center for Industrial Development Problems of the National Academy of Science of Ukraine, Department of Foreign Economic Relations and Touristic Business of V.N. Karazin Kharkiv National University conducted the research between January 2014 and December 2015.

Methodology: Content analysis and bibliographic retrieval have been used as the main methods of research, which allowed making a meaningful analysis of classic papers and researches of modern economists-practitioners devoted to the peculiarities of the Global and Ukrainian trends in NBIC-civilization emergence. Models of time series, including also trend analysis, were used for forecasting. Computations were performed in Application Software Package “Statistica 8”.

Results: The article demonstrates main practical results of various economic sectors development achieved through implementing comprehensive scientific-technical programs to develop nanotechnologies during 2010–2014 in Ukraine. Benchmarking analysis of the researchers’ publishing activity in the field of nanotechnology in the leading world countries and in Ukraine has shown that in general, the dynamics of research in Ukraine correspond to the global trends, but is much slower. Development of nanomaterials, nanobiotechnology and nanoelectronics are the main fields of nanoscience research. Nanomedicine & nanobiology are specific features of Ukrainian research field that allows us to consider those areas to have competitive advantages of nanotechnology development in Ukraine. At the same time a very small number of publications in the field of nano-electronics and nano-energy engineering testifies of a substantial lagging behind the main global trends. The low level of patenting in nanotechnology development in Ukraine satates the need, on the one hand, to stimulate applied research, and on the other hand, to improve procedures for obtaining intellectual property rights protection.

Conclusion: The priorities of Ukrainian nanotrechnology studies, as part of NBIC-technologies’ scientific domain, need to be clarified in accordance with the global problems to be solved by any country and in accordance with the existing potential and possibilities of nanotechnology research as regards the emergence of NBIC-society. In order not to lose the existing potential in the field of nanoelectronics and nano-energy engineering the government should support the local development, especially at the stage of basic research. Institutional support to the interaction of science and business is required at the stage of applied research. Consequently, to revitalize high-tech engineering, the developments in the field of nanoelectronics should become a priority for the government support. Lack of international patents in Ukraine speaks of the need to ensure more active cooperation between Ukrainian, European and international patent organizations, particlualry under the Patent Cooperation Treaty.


Open Access Policy Article

Prospects of Nigeria’s ICT Infrastructure for E-Commerce and Cashless Economy

Kehinde Oluwaseun Omotoso, Adelowo Caleb Muyiwa

Journal of Economics, Management and Trade, Page 1-10
DOI: 10.9734/BJEMT/2016/24432

The contribution of Information and Communication Technology (ICT) to socio-economic growth and development is well-established. Global economies of the 21st century have come to realise that no country can become competitive in terms of trade, industry, manufacturing and service without adopting, deploying, integrating and utilising ICT in various sectors. This paper assessed the level of preparedness of Nigeria for e-commerce using the level of ICT adoption, usage and infrastructure available in the country. Data was sourced from International Telecommunication Unit (ITU) database with a reference period of 13 years (2000 to 2012). The result showed that Nigeria's investment and business prospects in ICT sector have improved over the years and particularly since the deregulation of the sector. The Internet and mobile cellular subscriptions are on the increase and show a great expansion potentials, which the private sector can exploit for further investment and growth of the ICT sector. The paper concluded that ICT policy needs to be fully implemented and public-private sectors collaboration or partnership should be strengthened to facilitate the e-commerce and cashless policy. Also, the spate of cybercrime and internet fraud within the sector must be adequately addressed to encourage young entrepreneurs.