Global Business & Economics Anthology

Volume I, December 2007

The Global Business & Economics Anthology is an international refereed publication, published

annually (December) by the Business & Economics Society International, with original papers selected

from the Society’s annual Conference.

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EDITOR:

Demetri Kantarelis

REVIEWERS:

(In Alphabetical Order)

Al-Hoory, Mothanna T.I. Allen, David Angresano, James Anon Higon, Dolores Ashford, Robert Ayadi, Mohamed Barac, Zeljana Basar, Banu Berg, Nathan Bertrand, Jean-Louis Bhaskar, Vashishta Bildirici, Melike Borrmann, Jorg Boustras, George Bragues, George Bruna, Karel Bubic, Jasenka Burgess, Stephen Cailleau, Thierry Cantarella, Anthony Clinton, Ide Costa, Roberta Daly, Shawn Das, Kshiti B. Daskou, Sofia de Marcellis-Warin, Nathalie De Mel, Sandy Demediuk, Peter Desmarais, Fabrice Desmarais, Melanie Didehvar, Fatemeh Efstathiades, Andreas Elger, Thomas El-Wassa, Kamal A. Evangelista, Felicitas Ewang, Fritz Faux, Jeffrey Gentzoglanis, Anastasios

Gikas, Grigorios Godinho, Pedro Gripaios, Peter Harman, Keith Hart, Neil Harun, Azhar Hoffman, Sabine Hogan, Warren Holman, Robert Hongcharu, Boonchai Hyz, Alina Islam, Mazharul Joiner, Therese Kolakovic, Marko Konya, Lazlo Kosmidou, Kyriaki Koufopoulos, Dimitrios Kuenzel, Sven Kurihara, Yutaka Lai, Ming Ling Leitao, Nuno, C. Leveson, Lynne Li, Jiatao Llorca, Matthieu Lo, Hing-Po Makris, Ilias Mamudi, Mohit Maniatis, Paraschos Manolopoulos, Christos Margret, Julie Marks, Andrew McKenzie, Brent Moloney, Richard Mowatt, Simon O’Donovan, Gary O’Neil, Charles Oktay, Sadiye Panday, Priniti

Papadopoulos, Theo Paul, Sanjay Petrochilos,.George Petsas, Iordanis Pires, Guilherme Potocan, Vojko Pranicevic, Daniela Radder, Gerrit. Rafferty, Michael Rajagopal Raju, V. Rodgers, Timothy Rose, Graeme Roslak, Thomas Salavrakos, Ioannis-Dionysios Sell, Friedrich L. Sellitto, Carmine Springler, Elisabeth Stanton, John Stanton, Patricia Stilwell, Frank Tangas, Pericles Tannous, Kathy Tao, Yu-Hui Teachout, Mark Tetik, Nilufer Topyan, Kudret Umutlu, Mehmet Van der Bank, Riana C.M. Vemuri, Ram S. Viswanathan, G Vo, Xuan Vinh Vuco, Tina Wan, Allan Weston, Rae Whitefield, Despina Wise, Victoria Yan, Ho-don Yeh, Rosa

Global Business & Economics Anthology

Volume I, December 2007

CONTENTS

Foreign Direct Investment & International Business / Economics

Can France, Germany And Italy Continue To Afford Generous Welfare States? 1

James Angresano, Albertson College Of Idaho, USA.

Business History And Conflicting Entrepreneurial Culture As Explanatory Factors Of

Success And Failure Of FDI In Transition Economies. 14

Ioannis-Dionysios Salavrakos, University Of Ioannina, Greece & Visiting

London Metropolitan University, UK.

GCC, China And The US – A Well Oiled Relationship. 32

Michael Thorpe & Sumit Mitra, University Of Wollongong In Dubai, UAE.

Symmetry Of Shocks And Trade Integration In The Enlarged European Union. 47

Athina Zervoyianni & Athanasios Anastasiou, University Of Patras, Greece.

Loyalty Program As A Formal Institute Of Russian Small And Medium-Sized

Businesses WTO Adjustment. 62

Larissa S. Shachovskaya, Volgograd State Technical University And

Bureau Of International Economic Communications, Russia; &

Irina V. Prazyan, Volgograd State University, Russia.

Trade Imbalance And Capital Flows. 67

Tadashi Inoue, Hiroshima Shudo University & Hassouna Moussa,

Acadia University, Canada.

Human Resources

The Tale Of A Thousand Needles. 90

Tom Cockburn, University Of New South Wells, Australia;

Fabrice Desmarais & Melanie Desmarais, Waikato University, New Zealand.

The Effect Of Mergers And Acquisitions On Employee Benefit Plans:

The Case Of Turkey. 100

Beliz Dereli, Istanbul Commerce University, Turkey

The Use Of Human Resource Information System (HRIS) In Croatian Hotels

On Adriatic Coast: A Survey. 109

Josip Arnerić, Daniela Garbin Praničević & Ivana Tadić,

University Of Split, Croatia.

The Effectiveness Of Traditional Leadership In Thailand. 121

Therese A Joiner, School Of Business, La Trobe University, Australia; &

Steve Bakalis, School Of Economics, Victoria University, Australia.

Environmental Issues

An Empirical Study On The Impact Of Environmentally-Friendly News

On Stock Prices In Japan. 129

Shohei Nagayama & Fumiko Takeda, University Of Tokyo, Japan.

Economic Growth And Emission Reduction: A Comparative Analysis With

And Without Emission Rights Banking Between Periods. 138

Francisco Cabo, Maria Jesus Jimenez-Herrero &

Guiomar Martin-Herran

University Of Valladolid, Spain.

Macroeconomic & Monetary Issues

Macroeconomic Policy Formulation In The European Union: A Critical View. 150

Neil Hart, University Of Western Sydney, Australia.

Sustainability And Financing Of The U.S. Current Account Deficit:

The Role Of Asian Central Banks. 160

Matthieu Llorca, University Of Burgundy, LEG/FARGO France.

Fluctuations In The International Currency Reserves Of Less Developed Countries:

HIPC Vs Non-HIPC. 172

Augustine A. Boakye & Hassan Molana, University Of Dundee, UK.

Industrial Organization & Government / Regulation Issues

Differences And Similarities In Mergers & Acquisitions Activity And Strategic

Intentions In The Global Pharmaceutical Industry. 183

Christopher B. Kummer, PricewaterhouseCoopers, Zurich, Switzerland.

The Demand For Public Spending: Implications Of A

Behavior Public Finance Perspective. 197

Philip Jones, University Of Bath, UK.

Tax On Property, Real Estate Valuation And The Impact For Housing Prices. 209

Elisabeth Springler, Vienna University Of Economics And

Business Administration, Austria.

Globalization

Market Globalization, Civic Duties, And The Invisible Hand Controversies

From The Time Of Adam Smith. 220

Arthur Schiller Casimir, Western New England College, USA.

The Globalization Syndrome: Transformation And Challenges

For Sub-Saharan Africa. 227

Jumi Familoni, Covenant University, Nigeria.

New Paradigms & Approaches

Universalizing The Right To Acquire Capital With The Earnings Of Capital:

Binary Economic Strategies For Empowering Poor And Working People

And Achieving More Sustainable Growth. 234

Robert Ashford, Syracuse University College Of Law, USA.

Peoples’ Capitalism: A Plan For Prosperity And Economic Justice. 245

James S. Albus, http://www.james-albus.org, http://www.peoplescapitalism.org.

Artificiality In The Laboratory: An Ontological Perspective. 252

Marc Ohana, Groupe ESC Troyes, Champagne School Of Management, France.

Accounting

Sustainable Business: Directors’ Governance And The Risk Of Discontinuity. 263

Julie Margret, La Trobe University, Australia.

Performance Prediction Model For Listing Companies. 275

Vinko Belak & Zeljana Aljinovic Barac, University Of Split, Croatia.

Regulations And Accounting Aspects Of Leasing In Turkey. 283

Nilufer Tetik, Akdeniz University, Turkey &

Saime Once, Anadolu University, Turkey.

Timeliness Of Annual Financial Statements: Empirical Research In Croatia. 291

Jasenka Bubic, University Of Split, Croatia &

Vlasta Roska, Total Balance LTD, Zagreb, Croatia.

Audit Opinions And Account Manipulations: Evidence From Croatia. 304

Zeljana Aljinovic Barac & Tina Vuko, University Of Split, Croatia

Management

Organizational Competitiveness Through Innovation: A Case Study Of

Cypriot Manufacturing Sector. 312

Andreas Efstathiades, George Boustras & Alexandros Michaelides

Cyprus College, Cyprus RTD Talos Ltd, Cyprus.

Risk Management Strategies In Business Systems. 323

Dulcic Zelimir, University Of Split, Croatia;

Stimac Milan, Conel, Croatia; &

Ercegovac Roberto, Societe Generale Splitska Banka, Croatia.

The Environmental Dimension Of The Corporate Social Responsibility In Small

And Medium Size Enterprises: Case Study In Cyprus. 333

Athanasios Hadjimanolis,