...allocate it i.e. capital budgeting. Not only about long term budgeting but also how to allocate the short term resources like current assets. It also deals with the dividend policies of the share holders. Financial management has emerged as a distinct field of study only in the early part of this century, as a result of consolidation movement and formation of large enterprises. Its evolution may be divided into three phases. The Traditional phase, The Transitional phase and The Modern phase The Traditional Phase: This phase has lasted for about four decades. Its finest expression was shown in the scholarly work of Arthur S. Dewing, in his book tilted the Financial Policy of Corporation in 1920s. In this phase the focus of financial management was on four selected aspects. It treats the entire subject of finance from the outsider's point of view (investment banks, lenders, other) rather than the financial decision maker in the firm. It places much importance of corporation finance and too little on the financing problems of non-corporate enterprises. The sequence of treatment was on certain episodic events like formation, issuance of capital, major expansion, merger, reorganization and liquidation during the life cycle of an enterprise. It laid heavy emphasis on long-term financing, institutions, instruments, procedures used in capital markets and legal aspects of financial...
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...See discussions, stats, and author profiles for this publication at: https://www.researchgate.net/publication/235266981 International business and finance scholarship ARTICLE in RESEARCH IN GLOBAL STRATEGIC MANAGEMENT · JUNE 2008 DOI: 10.1016/S1064-4857(08)00001-6 CITATION READS 1 11 1 AUTHOR: Raj Aggarwal University of Akron 203 PUBLICATIONS 1,943 CITATIONS SEE PROFILE Available from: Raj Aggarwal Retrieved on: 23 February 2016 INTERNATIONAL BUSINESS AND FINANCE SCHOLARSHIP Raj Aggarwal ABSTRACT This chapter explores how scholarly work in the fields of Finance and International Business (IB) can be mutually supportive. First, it is clear that technology has been a major driver of modern developments in both Finance and IB. Second, Finance can provide many insights into IB scholarship since it has much to say about firm operations and strategy. Third, IB scholarship with its focus on culture also provides significant opportunities for a better understanding of the global aspects of Finance. Finally, it is contended that transaction-costs economics provides an excellent theoretical and fundamental basis for bringing together IB concepts and Finance scholarship. However, while the potential for Finance and IB scholarship to contribute to each other is great, such advances must await the removal of cultural barriers between the two disciplines. INTRODUCTION The field of IB generally focuses on inter-national business, that is, business across national boundaries and...
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...Hypothesis Methodology Data collection methods Sample Statistical method Findings/result Conclusion Islamic Finance and the Afterlives of Development in Malaysia Daromir Rudnyckyj To describes some of the actions that have taken to position Kuala Lumpur as the central node in this emerging financial system. It also highlights the key principles of Islamic finance and the debates in which practitioners are engaged while developing a shariah-compliant financial system. Four aspects of Malaysia’s Islamic finance project reflect the afterlives of development. A novel approach to capitalism has been created to show how the efforts build on prior legacies of develop mentalism. First, state plans to build an Islamic...
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...1. What is Islamic Finance? Islamic Finance Definition Islamic Finance is differs from conventional finance in that Islam prohibits charging interest on loans. It involves the provision of financial products and services by institution offering Islamic Financial Services (IIFS) for Shariah approved underlying transaction and economic activities, based on contract that comply with Shariah law. Shariah is the factor that distinguish Islamic Finance from Conventional Finance. . Islamic finance is a form of finance that is based on Shariah, or the body of Islamic law. Shariah, “the way to the source of life” is filled with moral purpose and lessons on the truth, and is more than just a set of legal rules. Shariah represents the idea that all human beings and governments are subject to justice under the law. It is common to use the term “Shariah-complaint” to describe anything that is permissible under Islamic law. Shariah prohibits the acceptance of a specific interest or fees (Riba) for loans of money. Islamic finance involves structuring financial instruments and financial transactions to satisfy traditional Muslim strictures against the payment of interest and against engaging in gambling. It is a field of growing importance for conservative Muslims, especially in the Middle East, who are uncomfortable with Western-style bonds and banking that involve explicit payments of interest Shariah, the law of Islam, originates from two principal sources: the Quran, the Holy Book...
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...the world over were used for the development of small and meduim scale enterprise, which has been described as the springboard for sustainable development. In all emerging economies like Nigeria, the government has shown a great concern for the development of small and meduim scale enterprise because of the underlying socio economic factors plaguing the nation. some of the reasons include: the past policies failed to generate efficient self sustaining impetus needed to uplift the country to the ‘take-off’ stage of growth, the increased emphasis on self-reliant approach to the development and the recognition that dynamic and growing petty-business can contribute substantially to a wide range of developmental objectives. However, the full potential of the micro business in the development process have not been realized owing to numerous bottlenecks. In the light of this, the Central Bank of Nigeria (CBN) as part of its reform agenda, initiated Micro Finance Banks, a policy initiative aimed at bringing credit to the door step of the poor who do not have such access under the conventional financial system. The thrust of this project is to articulate the prospects of the micro finance banks towards boosting the performance thereby reducing the level of poverty and enhancing employment generation. Micro finance banking institution were conceived and came into been in December 2007. It was packaged to address the issue of cultivating appropriate modern banking habits in the rural area...
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...Public Finance and Administration The budget being a planning tool that estimates resources available and resources required for a particular program or project, careful study and understanding of how it came to existence is important. The budgeting process in an institution enhances accountability as perceived through budgetary practices. The history of accounting has developed over the decades with financial and budgeting theories being constructed. The construction and development of these theories resulted due to the expansion of social programs and healthcare leading to increased deficits. To counter these effects, it became inevitable for the decision makers to come up with strategies that could bring to a balance all the monetary issues. Budgeting thus grew to become a public affair rather than an inside oriented practice. The traditional public finance theory had no political or constitutional restrictions to be adhered to. Developments featuring the budgetary and financial theories gave rise to rules that had to be adhered to strictly to aid in the decision making processes in matters regarding finances (Musgrave, 1973). As a result of the developments and theories that were introduced, the budgeting environment that was initially characterized by optimism for growth shifted to an environment characterized by constraints and cutback management. In addition to that, various agencies had to follow suit and change the norms and strategies of budgeting. Today, the situation...
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...Network Finance " Network Finance" is for the entire electronic commerce, based on network technology, helping enterprises to achieve financial and business collaboration, build remote statements, accounting, audit, audit and other remote processing. Its necessity is explained as follows. The rapid development of e-commerce: In chapter 4, we realized anticipating significant new developments and changes that will have a major impact on the industry largely took into account of strategic planning by many firms. For example, Over the last 10 years, e-commerce has become bigger and bigger. Electronic Commrerce refers to use systematic electronic tools, engaging in various economic activities in the whole process of commodity exchange. As e-commerce enterprises need to have the financial system which is based on the network, the rapid popularity of e-commerce is bound to promote the emergence and development of Network Finance. Thus, Network Finance plays a decisive role in electronic commerce The further development of network finance will give rise to the great development of electronic commerce as well. The necessity of a business process: In Chapter 12, the author highlights that for contemporary financial management, internal control systems must be expanded and updated to face a fast-changing, high-technology system of receiving payments and making disbursements nowadays, For a long time, due to technical limitations, how to strengthen the financial enterprise internal...
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...The thesis of central bank This semester we learn the central bank course with Miss Qin. Miss Qin tell us many knowledge of The Central Bank which have caused me to think about it. The Central bank is a special finance organization which be in central position, present a country government to regulate and control finance and the development of economy. Most countries of world have implement central bank system. The Central Bank have a special atrributes determined by it position in national economy. It is the leader and brain of national finance. For the characteristic of The Central Bank's businessl. It have special business object. It business object is government and finance institution, not general people. And it have a special purpose of operation. It's the national government authority. Not for the money but the need of national macroscopic economy. The Central Bank have a series of business privilege. For the fuction of The Central Bank,it stable the development of finance and regulate and control macroscopic economy. With the development of modern economy, the position of The Central Bank have become more and more important. The function of The Central Bank is special also. First, it is issue bank. It is the only bank to issue currency. The power to issue currency is the basic and essential symbol of The Central Bank. The Central Bank will issue currency according to the demand of economy. Regulate and control the gross and circulate of...
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...Question-1: What is finance? Ans: Finance is the life blood of every corporation. In the era of modern trade and commerce, business firm have to decide from where they will raise fund, where they will invest and how much of the profit will be distributed among the shareholders. “Finance” Came from Latin word “finis” means “dealing with the money”.finace is called the art and science of managing money. At the micro level, finance is the study of financial planning, asset management and fund raising for business and financial institutions. At the macro level, finance is the study of financial institution and financial markets and how they operate within the financial systems in both the domestic and global economics. Scholar’s view: “Finance consists of providing and utilizing the money, capital rights, credit and funds of any kind which are employed in the operation of an enterprise.” _George R Terry “Finance is concerned with the process, institutionsmarkets and instruments involved in the transfer of money among and between individuals, business and governments”. _Lawrence J Gitman From the above discussion, it can be said that finance is the process of financial planning, identification of sources of fund raising, investment of fund, protection of fund, distribution...
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...Income Tax Law explain changes in tax struc-ure of an economy over time under t the impact of economic development and of political and social factors. Tax structure is affected by economic development in three ways: (a) tax base undergoes a change as the develop- ental process m proceeds; (b) change in the tax base brings about changes in the revenue system: and (c) economic development leads to changes in the objectives of tax policy. Bangladesh Government collects taxes on account of custom duty, sales tax, value added taxes, excise duty, cess, fees, fines, penalties, income tax, advalorem duty, etc. It appears that to fulfill the objectives of tax policy the Government every year brings some changes in various tax laws to collect more taxes on the basis of above tax structure. be established for those items to repair or servicing and thus to reduce the unemployment problems in the country. National Budget Every year before preparing National Budget the National Board of Revenue holds series of meetings with various trade bodies, trade associations, groups of people, various academic and professional Institutions. It seems that this year the discussions have been held on various scopes and opportunities of collecting more taxes. The discussions, of course, have been held in various dimensional scopes. In such a meeting organized by Management and Researches Development Initiative (MRDI) the Chairman of NBR opined on 25th April, 2010 that the Government was very much eager...
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...COMPANY BACKGROUND McDonald's is the world's leading global food service retailer with over 36,000 locations serving approximately 69 million customers in over 100 countries each day. More than 80% of McDonald's restaurants worldwide are owned and operated by independent local business men and women. Overall vision is for McDonald's to become a modern, progressive burger company delivering a contemporary customer experience. Modern is about getting the brand to where we need to be today and progressive is about doing what it takes to be the McDonald's our customers will expect tomorrow. To realize this commitment, they are focused on delivering great tasting, high-quality food to our customers and providing a world-class experience that makes them feel welcome and valued. Activity | Description | Inbound Logistic | * Raw material, recipe and meal offer provided by HQ (mc Donald). * Order from branch (manager) sends to HQ to refill stock. * HQ will send to every branch (mc Donald). | Operation | * Raw food and recipe provided and specify. * Operate worldwide and have a franchised every region. * Food prepared when the branch open. | Outbound Logistic | * Customer come to branch to enjoy the meal. * Customer searching for the branch (mc Donald). | Marketing & Sales | * Targeting mainly to the single and working person. * Can save time to prepare meal. * Marketing and advertising same with other. General and centralize to the HQ. | ...
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...Chapter -1 INTRODUCTION RATIONALE OF THE STUDY In order to fulfill the requirement of the MIS course, it has chosen Mercantile Bank Ltd. Our course instructor Rakib has selected the overall topic of the report. The topic of my report is “Management Information System Of Mercantile Bank Ltd”. METHODOLOGY OF THE REPORT Primary objective: The primary objective of this report is to familiar with the working environment of present institutions and also fulfill the requirement of BBA theoretical knowledge gained from the coursework of the BBA program in a specific field. Secondary Objective: To Understand and analyze the overall activities of Mercantile Bank Limited To evaluate the existing MIS activities and techniques of Mercantile Bank Limited To study the operational efficiency of Mercantile Bank Limited To suggest the ways and means for improvement of MIS in policy and techniques SCOPE OF THE STUDY The scope of the repor5t is limited to the overall description of the bank, its services, its position in the industry and its competitive advantages. The scope is also defined by the organizational set-up, functions and performances. Here, Mercantile Bank Limited is compared with the different foreign and local banks as well. LIMITATION OF THE STUDY The one of the main limitations of the report was to conduct a small-scale survey on clients. * ...
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... Part4 Evaluation 19 4.1 The transformation of China Merchants Bank 19 4.11 Introduce financial talents 19 4.12Enhance the service satisfaction 21 4.13Adjust the industrial structure 22 4.14 Promote efficiency 22 4.15 Innovative financial products 23 4.2 GFIC analysis and People Factor 24 5. Suggestions 28 5.1 Diversified financial services 28 5.2 Financial personnel policy after the subprime crisis 29 5.3 Make reasonable risk early warning mechanism 30 6. Conclusion 31 7. Bibliography 32 Student statement 33 I hereby declare that the contents of my thesis on 33 Part 1 Introduction and Problem Statement 1.1Introduction In the development of financial globalization, Shanghai is under construction to become one of the international financial centre. In recent years, with the development of Chinese economy, the essential issue needed to build an international financial centre in Shanghai has been paid more and more attentions. Shanghai has earned a lots of achievements in many financial fields. However, it is not a real mature international financial...
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...1. Do theories of late industrialization explain national differences in the institutional and organizational characteristics of contemporary business? How do these ideas help to explain variations in economic performance? The level of economic development of the country effects development of institutions and characteristics of the business, which in return affect performance. In first part of the essay we will discuss early industrialisation and different theories of late development. After discussion will lead us to key institutions: financial markets, textile industry in relation to business group and labour market and steel industry with relationship to government intervention. In the conclusion we will discuss the current situation, highlight that there is no perfect system. There are many factors that effect economic performance and in order to be successful the changes in the world should be accommodated with the changes in institutions and organisational characteristics. The main characteristics of industrialisation are changes from agricultural to industrial economic structure, substitution of machines for human skills and replacement of home-made by purchased in stores goods. The First Industrial Revolution happened in early 18th century in textile industry in UK, they had technological means, right institutional and organisational characteristics, government encouragement, and a large and varied trade network. Britain became the world's leading industrial...
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...Our time is characterized by the rapid development of information and computer technologies that are significantly reshaping the practice of everyday life. Сhildren today live in a world that is different from the one where their parents grew up. The extensive development of information technology and penetration it into all aspects of society is a global trend of world development in recent decades. Currently, due to the development of computer technology and modern means of communication, the use of IT becomes necessary in almost any field of activity, for example in such traditional areas like games, business and more and more it is about e-learning system of education. One of the priorities of the process of informatization of modern society is the computerization of education - the introduction of new means of information technology in education. It is very important for students of many courses in university, like International Business and finance, e-learning open them an opportunity to develop the intellectual potential, form their own abilities to acquire knowledge, to carry out information and training, experimental - research, various types of independent work of processing information, because they will need this knowledge in future profession on this field. E-learning makes it possible to improve management of the education system through the use of automated databases of scientific and pedagogical information, informational materials, and communication networks...
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