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No. 1

Promoting Local Acceptability of International Oil Companies (IOCS) Through Corporate Social Responsibility (CSR): The Case of Tullow Oil in Ghana

Pages: 27-52
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Promoting Local Acceptability of International Oil Companies (IOCS) Through Corporate Social Responsibility (CSR): The Case of Tullow Oil in Ghana

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DOI: 10.18488/journal.89/2015.1.1/89.1.27.52

Evangelia Fragouli , Aiden Yengbalang Danyi

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Evangelia Fragouli , Aiden Yengbalang Danyi (2015). Promoting Local Acceptability of International Oil Companies (IOCS) Through Corporate Social Responsibility (CSR): The Case of Tullow Oil in Ghana. Financial Risk and Management Reviews, 1(1): 27-52. DOI: 10.18488/journal.89/2015.1.1/89.1.27.52
Ghana discovered oil in commercial quantities in 2007 following intense exploration works by Tullow Oil Plc and Kosmos Energy. Ghanaians are expecting more benefits from government and the International Oil Companies (IOCs) in particular. This study is aimed at assessing the global integration and local responsiveness strategies of IOCs in Ghana and how that impacts on the acceptability of the operations of these IOCs by locals presenting Tullow as a case study. Main research questions refer to how these local expectations can be properly managed, how IOCs can design and properly implement their CSR obligations and the extent to which the pursuit of CSR activities by IOCs can help promote their local acceptability in Ghana. An empirical study with a qualitative analysis approach was applied to obtain primary information from Tullow Oil Plc, government agencies, Civil Society Organisations (CSOs), and local communities. The study established a positive relationship between good CSR practice and local acceptability. Even though some of the local people acknowledged the benefits of Tullow’s CSR activities, others do not, but express a continuous desire for IOCs and Tullow in particular to do more.
Contribution/ Originality

The Impact of Dividend Policy on Shareholders’ Wealth before and After Financial Melt down: Evidence from FMCG Sector in India

Pages: 8-26
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The Impact of Dividend Policy on Shareholders’ Wealth before and After Financial Melt down: Evidence from FMCG Sector in India

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DOI: 10.18488/journal.89/2015.1.1/89.1.8.26

Citation: 3

Sandanam GejaLakshmi , Ramachandran Azhagaiah

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Sandanam GejaLakshmi , Ramachandran Azhagaiah (2015). The Impact of Dividend Policy on Shareholders’ Wealth before and After Financial Melt down: Evidence from FMCG Sector in India. Financial Risk and Management Reviews, 1(1): 8-26. DOI: 10.18488/journal.89/2015.1.1/89.1.8.26
Dividend policy (DP) of corporate sector is widely researched topic in finance however; it remains a debatable issue to decide what factors determine the DP. The objective of this paper is to analyze the impact of dividend policy (DP) on shareholders’ wealth (SW) of Fast Moving Consumer Goods (FMCG) sector in India. Out of 16 firms listed on National Stock Exchange (NSE) 13 firms that have been paying dividend consecutively for the past ten years are considered for analysis. In the light of the prior literature, key predictor variables such as earnings per share (EPS),dividends per share (DPS), retained earnings per share (RPS), price earnings ratio (PER), lagged price earning (LAGPER), earnings (EAR), and lagged market value (LAGMPS) are considered for analyzing the impact of DP on SW. The descriptive statistics reveals that the data form in to normal.  Whereas when the assumptions needed to be fulfilled for the Ordinary Least Square method (OLS), the data are found to be homoskedastic and are free of autocorrelation.Augmented Dickey Fuller Test (ADF), White - Heteroskedasticity Test, Auto Correlation, Breuch-Godfrey Serial correlation LM test, Durbin-Watson, Lagrange Multiplier (LM) for Autoregressive conditional heteroskedasticity (ARCH-LM), Correlation, Ordinary Least Square Regression and Chow test are applied using Eviews 7 Econometrics software package for analysis. Regression result proves that DPS (121.65) and RPS (9.68) have significant positive co-efficient on EPS(SW) of FMCG firms in India before global financial melt down, while DPS (76.74), LAGPER (1.52) and LAGMPS (0.27) have significant positive co-efficient (76.74) on EPS(SW) of FMCG firms in India after global financial melt down. The results of the Chow test proves that the FMCG firms have significant shift-in-structure (positive improvement) in respect of SW after global financial melt down.


Contribution/ Originality
The study used new estimation methodology such as Augmented Dickey Fuller Test, White - Heteroskedasticity Test, Auto correlation, Breuch-Godfrey Serial correlation LM test, Durbin-Watson and ARCH-LM test and Chow test for analysis. Very few studies, which have investigated the impact of DP on SW before and after financial melt down studied the structural changes. However, the present study proved that the DP is significantly and positively related to retained earnings per share and earnings per share (SW).  The result of the study is consistent with the findings of Gul et al. (2012), Salman (2013), Bawa and Kaur (2013), Azhagaiah and Sabaripriya (2008), etc. 

Influence Internship Learning Effect in Business Service Sector: Using Internship Self-Efficacy as the Mediator Variable

Pages: 1-7
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Influence Internship Learning Effect in Business Service Sector: Using Internship Self-Efficacy as the Mediator Variable

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DOI: 10.18488/journal.89/2015.1.1/89.1.1.7

Chou, Chun-Mei , Shen, Chien-Hua

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Chou, Chun-Mei , Shen, Chien-Hua (2015). Influence Internship Learning Effect in Business Service Sector: Using Internship Self-Efficacy as the Mediator Variable. Financial Risk and Management Reviews, 1(1): 1-7. DOI: 10.18488/journal.89/2015.1.1/89.1.1.7
This study examines 364 tertiary students’ internship learning effect and its influencing factors to serve as a school reference for the development of internship education measures. The results show that students’ internship self-efficacy (ISE) has a significant direct effect on ‘internship learning effect (ILE)’, and ‘internship awareness (IA) ‘has a significant effect on ‘internship learning effect’ through ‘internship self-efficacy’. The influence pattern and empirical data of ‘internship awareness ‘and ‘internship self-efficacy ’ on ‘internship learning effect’ has a good fit.
Contribution/ Originality
This study contributes in the existing literature that students’ internship self-efficacy of internship awareness and internship learning effect have provided them with chances to learn internship competence and attitude, which may be helpful for their future employment.