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International Conference on Business and Economic Development (ICBED)

25-26th March 2013

New York-USA

Co-hosted by the

Academy of Business & Retail Management (ABRM) &

Journal of Business & Retail Management Research (JBRMR)

Conference Programme

Method - Integrity – Camaraderie

www.abrmr.com

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Executive Board Members Dr P R Datta, Executive Chair

Professor P R Banerjee, Head of Research & Development, ABRMR Dr. B.R.Chakraborty-Project Director

Mark T Jones, Executive Director of HABA Prof. G. Dixon, Review Editor

Prof. Gairik Das, Review Editor Dr Soumitra N.Deb, Review Editor Prof. Fon Sim Ong, Review Editor

Editorial Advisory Board Prof. G. Dixon, Prof. A. Jayakumar, Professor N.P Makarkin, Dr. Sudaporn Sawmong, Dr. John

Dung-Gwom, Prof. Victor Braga, Prof. Luiz Alberto Alves dos Santos Prof. Mariia Sheluntcova, Professor N.D Gooskova, Professor P R Banerjee, Prof. Dr. Hayri

Ulgen, Dr. Saumitra N. Deb, Professor Gairik Das, Professor A.C Panday, Dr Nripendra Singh, Prof. Fon Sim Ong, Prof. S. Rangnekar, Prof. C. Michael Wernerheim, Prof, Srini Srinivasan, Prof. Lothar Auchter, Prof. Radhika Lobo, Dr (Capt) C M Chitale, Dr. Ha Viet Nguyen, Dr Azlina Hanif, Prof. Justin Henley Beneke, Prof. Purushottam Neha, Prof. Teemu Kokko.

Session Chairs

The Growth & Economic Development Professor Ricardo Peters

The Globalisation and International Trade Professor Ephrahim Kahana

The HRM, Marketing & Information Technology Dr P. R. Datta

Research Fellows/Associates

Ashru Bairagee-Project Manager& Research Fellow M Agalya - Research Associate

Suchitra R Datta - Research Associate Rabindra C Bhowal - Research Associate

Sanjay Patil - Research Associate

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International Conference on Business and Economic Development (ICBED)

25-26th March 2013

Holiday Inn-Soho 138 Lafayette Street

New York, NY 10013 USA

Dear Conference Participants, It is my pleasure to welcome to this International Academic Conference in Business & Economic Development (ICBED), New York. Many of you have travelled thousands of miles to be with us here today and we trust that during your time at the Conference will gain fresh insights and forge new friendships. Some of you may well be familiar with E.F Schumacher’s seminal work: Small is Beautiful – A study of Economics as if People Mattered, well whilst this gathering of academics is select, we believe that it is of very great importance as it allows individuals from different traditions to come together in a spirit of sharing. I believe that we all will benefit from our time together and I trust that all concerned will have a stimulating and enjoyable stay in the USA. With every good wish, Dr B R Chakraborty

Project Director

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Contents

Agenda & Articles International Conference on Business and Economic Development (ICBED)

25-26th March 2013 Sr. No Articles Page

Agenda for ICBED conference i

1. Causality between financial depending, economic growth and poverty in Nigeria 1

2. Financial capital and business growth among entrepreneurs in a developing nation, with specific reference to South Africa

13

3. Preferences, spatial prices and inequality 15

4. Impact of brain drain immigration on the economic development in Sudan 1973 to 2005 16

5. Empirical findings on the prevalence of SMEs against MNCs in Nigeria 27

6. Towards a strategic innovation management framework, the interplay of business, technology and management innovation

35

7. Succession Problems in Family-Owned Businesses: An Example from the Czech Republic 36

8. The entrepreneur`s mental capacity and firm performance 45

9. Analysis of Relationship between Military Expenditure and Economic Growth 55

10. Education and SMME business growth: a gender perspective from South Africa 63

11. Production Efficiency among Rice Farmers in North-Eastern Niger 64

12. High frequency trading and market quality: Causal evidence from HFT entry 65

13. Shale Gas: Energy Policy for the Next Wave of Globalization 66

14. Incomplete specialiszation & trade in parts and components 85

15. The Impact of Globalization on Income Inequality: Within Countries, Between Countries and Between Individuals Worldwide

86

16. Corporate effeciency in Europe 87

17. MEFTA as a Win Win situation for all the actors in the regions and its impact on counterterrorism

88

18. Technology Transfer in Nurturing the Manufacturing Sector-Focusing on Global Marketing Perspective as the Engine of the Economic Growth of Japan

89

19. Watershed resources conservation using biological management programs 90

20. Uncovering Knowledge Management Practices in Organisations 102

21. Effects of Employee Training and Development on job Satisfaction and Turnover Intentions in Fast Food Franchises of Saudi Arabia

121

22. Estimate of the Job Market Needs for the Outcomes of the Colleges of Education at the Saudi Universities

122

23. The Effect of Cognitive Ability on Consumption Behavior 124

24. The Relationship between Individualism-Collectivism and Organizations’ Espoused Values 125

25. Devising Tools and Techniques for improving Work-Life Balance of Marketing Field Force in Oil sector in India

136

26. The effect of individual Locus of Control on internet buying behavior: A study in individualist vs. collectivist cultures

149

27. Investigating the Application of Six Sigma Methodology and Quality Control Tools and Techniques in Sepanhan Oil Company

166

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International Conference on Business and Economic Development (ICBED)

25-26th March 2013

Holiday Inn-Soho 138 Lafayette Street

New York, NY 10013 USA

SCHEDULE FOR THE CONFERENCE 2013

Saturday 23rd March, thru Sunday 24th March, 2013 Arrival and Independent traveling days in New York, USA MONDAY, 25th March, 2013 8.00 AM -9.00AM Registration Monday 25th March 2013, 2013 9.00am-9.15am OPENING ADDRESS & WELCOME 9.15am-13.00 pm (Tea and coffee Break: 11.00 am -11.15 am) Track: The Growth & Economic Development

Session Chair: Professor Ricardo Peters I Causality between financial depending, economic growth and poverty in Nigeria

Goodness C. Aye, University of Agriculture, South Africa and University of Pretoria, Pretoria, South Africa

II Financial capital and business growth among entrepreneurs in a developing nation, with specific

reference to South Africa

Pradeep Brijlal, School of Business and Finance, University of the Western cape, South Africa

III Preferences, spatial prices and inequality

Manisha Chakrabarty, Indian Institute of Management Calcutta, Kolkata, India Amita Majumder, Indian Statistical Institute, Kolkata India Ranjan Ray, Department of Economics, Monash University, Melbourne, Australia

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IV Impact of brain drain immigration on the economic development in Sudan 1973 to 2005

Haga Abdelrahman Ibrahim El Imam and Nadia Yusuf, King Abdul Aziz University, Jeddah

V Empirical findings on the prevalence of SMEs against MNCs in Nigeria Bakare Akeem Adewale, Department of Economics and Financial Studies, Fountain University, Osun State, Nigeria

VI Towards a strategic innovation management framework, the interplay of business, technology and management innovation

Leonard Tchuta and Xie Fuji, Antai College of economics and management, Shanghai Jiao Tong University, P.R.China

VII Succession Problems in Family-Owned Businesses: An Example from the Czech Republic

Milan Hnatek, Faculty of Management and Economics, Tomas Bata University in Zlín, Czech Republic

VIII The entrepreneur`s mental capacity and firm performance

Esuh Ossai-Igwe Lucky and Sobri Minai Mohd, College of Business, Universiti Utara Malaysia, Malaysia

IX Analysis of Relationship between Military Expenditure and Economic Growth Tomas Danek, University of Economics Prague, Czech Republic X Education and SMME business growth: a gender perspective from South Africa

Ricardo Peters, Pradeep Brijlal and Visvanathan Naicker, School of Business and Finance, University of the Western Cape, South Africa

XI Production Efficiency among Rice Farmers in North-Eastern Nigeria

Jacob Fintan Shehu, American University of Nigeria, Yola, Nigeria XII Nexus of economic freedom, migration and trade enhancement: role of cultural similarities

Ayub Mehar, Iqra University, Karachi, Pakistan

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13.00-14.00 BREAK FOR LUNCH

Monday, 25th March 2013 14.00 pm-14.25pm

Key Note Speaker Professor Karen Berger

Professor of Marketing, Pace University, New York, USA Dr. Karen A. Berger is the Associate Dean and Director of Undergraduate Programs for the Lubin School of Business at Pace University in NYC and Westchester, NY. She has occupied this position since 2007. Prior to this, she was Undergraduate Program Chair in Marketing from 1992 – 2006. She is also Professor of Marketing in the Marketing Department and has taught a wide variety of marketing courses in both the undergraduate and graduate programs, including Advanced Marketing Management, Managerial Marketing, Advanced Sales Promotion, Principles of Marketing, Marketing and E-commerce, and Strategic Internet Marketing. Dr. Berger earned her doctorate at New York University and holds Masters’ degrees from the University of Connecticut, Columbia University and New York University. Dr. Berger has authored numerous articles in publications such as the Business Case Journal, Annual Advances in Cases, Marketing Education Review, Journal of Business Ethics, Journal of Marketing in Higher Education, and Advances in Consumer Research. She has also contributed articles at proceedings in various nationally recognized organizations, including the Society for Case Research, American Collegiate Retailing Association, Academy of Marketing Science, the Southern Marketing Association, and the Association for the Advancement in Computing Education. A field experienced professional, Dr. Berger spent almost ten years at such firms as Lever Brothers, Frito-Lay, and Revlon Health Care Group. At her various positions, she supervised a wide variety of new and established brands, such as Caress bar soap, Concentrated All, Lay's Potato Chips, Grandma's Cookies, and the Oxy line of medicines. Dr. Berger's work in managerial marketing has led to consulting assignments with a number of non-profit organizations. Most recently, she was an active member of the Board of Directors of the Advertising Club of Westchester helping to oversee their scholarship programs and Creative Award annual event. Currently, she is President-Elect and a member of the Board of Directors for the Society for Case Research, an organization dedicated to the development and use of case studies in the classroom. Her administrative role as Director of Undergraduate Programs in the Lubin School of Business requires her to regularly formulate strategies and programs that keep pace with the changing landscape of business education.

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14.30 pm – 17.30pm (16.00pm-16.15pm: Tea and Coffee Break) Track: The Globalisation and International Trade Session Chair: Professor Ephrahim Kahana I High frequency trading and market quality: Causal evidence from HFT entry

Anna Pomeranets and Corey Garriott, Financial Markets Department, Bank of Canada,

Ottawa, Canada. Jonathan Brogaard, University of Washington II Shale Gas: Energy Policy for the Next Wave of Globalization

Damir Tokic, ESC Rennes – International School of Business, France

III Incomplete specialiszation & trade in parts and components

Richard Frensch, University of Regensburg & Institute for East and Southeast European Studies; Jan Hanousek and Evzen Kocenda, Charles University & the Czech Academy of Sciences, Czech republic

IV The Impact of Globalization on Income Inequality: Within Countries, Between Countries and Between Individuals Worldwide

Ayman Amer, Mount Mercy University, Iowa, USA

V Corporate efficiency in Europe

Jan Hanousek and Evzen Kocenda, Charles University & The Czech Academy of Sciences, Czech republic; Anastasiya Shamshur, Norwich Business School, University of East Anglia and Charles University & The Czech Academy of Sciences, Czech republic

VI MEFTA as a Win Win situation for all the actors in the regions and its impact on counterterrorism

Ephraim Kahana, Department of Political Science, Western Galilee College, Akko, Israel VII Technology Transfer in Nurturing the Manufacturing Sector-Focusing on Global Marketing

Perspective as the Engine of the Economic Growth of Japan Theophilus Asamoah, Kanagawa University, Japan VIII Watershed resources conservation using biological management programs

Masoud Nasri, Ardestan Branch, Islamic Azad University, Ardestan, Iran

17.35pm CLOSING SPEECH FOR THE 1st DAY CONFERENCE

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Tuesday, 26th March 2013 9.00am-9.15am OPENING ADDRESS FOR DAY 2

9.30am -13.00pm (Tea and coffee Break: 11.00am -11.15am) Track: HRM, Marketing and Information Technology

Session Chair: Dr P.R.Datta

I Uncovering Knowledge Management Practices in Organisations Visvanathan Naicker, University of the Western Cape, Cape Town, South Africa II Effects of Employee Training and Development on job Satisfaction and Turnover Intentions in

Fast Food Franchises of Saudi Arabia

Khawaja Jehanzeb, Anwar Rasheed and Mazen F. Rasheed,Department of Management, College of Business Administration, King Saud University, Riyadh, Saudi Arabia

III Estimate of the Job Market Needs for the Outcomes of the Colleges of Education at the Saudi

Universities

Ibrahim Aldawood, King Saud University, Saudi Arabia

IV The Effect of Cognitive Ability on Consumption Behavior

Xiaojia Zhang, Boston University, MA, USA V The Relationship between Individualism-Collectivism and Organizations’ Espoused Values

Ayla Zehra Öncer, Marmara University, Istanbul, Turkey

VI Devising Tools and Techniques for improving Work-Life Balance of Marketing Field Force in Oil sector in India Tanuja Sharma and Kamla Kant Mishra, Management Development Institute, Gurgaon, India

VII The effect of individual Locus of Control on internet buying behavior: A study in individualist vs. collectivist cultures. Mahmud Alkailani, Faculty of Economics and Administrative Studies, Yarmouk University, Irbid, Jordan

VIII Investigating the Application of Six Sigma Methodology and Quality Control Tools and Techniques in Sepanhan Oil Company Masoud Hekmatpanah, Ardestan Branch, Islamic Azad University, Ardestan, Iran

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Tuesday, 26th March 2013 14.00 pm-14.25pm

Key Note Speaker Mark T Jones

Executive Director – Horn of Africa Business Association (HABA) Mark is a fervent internationalist, who is widely travelled. In the year 2000 he initiated and oversaw a major humanitarian venture into war-torn Sierra Leone, and then spent two years in the Middle East where he worked in Jordan (2002 – 2004). An orator of distinction, he is the author of several books and numerous articles, and in 2009 produced a forward strategy for the sericulture sector in Bangladesh entitled: Rajshahi – the Silk Sensation. He is the co-author of Developing the Ministerial Mindset – A Global View (Due for publication Spring 2013) Mark delivers high impact Executive and Legislative Leadership training using his very own Jones Octagon of Success (JOOS) programme, as well as being an advisor on trade and investment in

Africa’s frontier markets. He believes that many of the current economic and geopolitical difficulties in the world are the result of a combination of a poverty of leadership, poor regional/market knowledge and a lack of strategic vision. He sits on the Board of the Kitenge Africa Foundation, a Ugandan charity that works assiduously to assist vulnerable children on the streets of Kampala, as well as being a trustee of Tear Drop Love, a UK based charity that supports the arts as a means of fostering communal harmony within post civil conflict Sri Lanka. Mark also sits on the Advisory Board of the Gumbad Business Review (India) and the Advisory Committee of the International Journal of Contemporary Research in Management & Social Sciences (India) In 1994 Mark was elected a Freeman of the City of London, he is also a Fellow of the Chartered Management Institute.

Tuesday, 26th March 2013 14.30pm-16.00pm

Roundtable discussion on Globalisation Revisited: A global phenomenon under the microscope

16.05pm CLOSING SPEECH FOR THE CONFERENCE

Wednesday, 27th March 2013

There will be no session or function scheduled for today. Please take this opportunity to explore New York