GRSMAB-2017 · Data for the analysis are obtained from Bureau Van Dijk Amadeus database of comparable ﬁnancial information for public and private companies across Europe, as well

March 02-03, 2017

Cape Town, South Africa

Volume 02, Issue 01

GRSMAB-2017

International Conference onGlobal Research Issues inSocial Sciences, Management andApplied Business

CONFERENCE BOOK OFABSTRACT PROCEEDINGS

ANISSHAkademika Nusa Internasional Association for Social Sciences & Humanities

ii

TABLE OF CONTENTS

SCIENTIFIC COMMITTEE vii

SCIENTIFIC COMMITTEE viii

SCIENTIFIC COMMITTEE ix

ORGANIZING COMMITTEE x

CONFERENCE TRACKS xi

CONFERENCE CHAIR MESSAGE xii

CONFERENCE SECHDULE xiii

Conference Day 02 (March 03, 2017) 1

TRACK A 2

INTERDISIPLINARY STUDIES 2

System Brazilian Health: Interface with the Intersectoral and Interprofessional Health Ed-ucations 3

TRACK B 4

SOCIAL AND COMMUNITY STUDIES 4

Competitiveness, Consumer Confidence and Election Outcomes 5

Empirical Evidence(s) of Human Capital Investments and National Welfare in EU Countries 6

Consumer Confidence Indicator in Managers Production Expectations Leading or Coinci-dence Indicator? 7

Antecedents of Traditional and Electronic Word-of-Mouth Communication: Student Population-Based Study 8

Online Marketplace VS E-Commerce 9

Destination Price Perceptions of Departing Foreigners to South Africa 10

TRACK C 11

ECONOMIC, FINANCE AND ACCOUNTING 11

Comparison of Stock Volatility Estimates Using Open, High, Low and Close Prices 12

Realized Variance Forecasting with High-frequency Data 13

UP COMING EVENTS 14

iii

Book of Abstracts Proceedings

International Conference on Global Research Issues in Social Sciences, Manage-ment and Applied Business (GRSMAB)

Cape Town,South AfricaMarch 02-03, 2017

Head Office:JI. Pasirlayung Selatan VIII No. D69Bandung 40192, West Java IndonesiaPhone: +62-812- 2430-0811Email:[email protected]: www.anissh.com

iv

All rights reserved. Without the consent of the publisher in written, no individual orentity is allowed to reproduce, store or transmit any part of this publication throughany means or in any possible form. For obtaining written permission of the copyrightholder for reproducing any part of the publication, applications need to be submitted tothe publisher.Proceedings of the International Conference on Global Research Issues in Social Sci-ences, Management and Applied Business (GRSMAB)

DisclaimerAuthors have ensured sincerely that all the information given in this book is accurate,true, comprehensive, and correct right from the time it has been brought in writing.However, the publishers, the editors, and the authors are not to be held responsiblefor any kind of omission or error that might appear later on, or for any injury, dam-age, loss, or financial concerns that might arise as consequences of using the book. Theviews of the contributors stated might serve a different perspective than that of the ANI.

v

6th International Conference onGlobal Research Issues in Social Sciences, Management

and Applied Business (GRSMAB)

Venue:The Westin Cape Town Hotel, South Africa

Conference Theme: Institutional Challenges and Implications:Management, Education and Social Sciences Research

vi

SCIENTIFIC COMMITTEE

Assoc. Prof. Doc Edgar R. EslitSt. Michael’s College/ English Dept., CAS, Philippines

Mr. Mohd Azhar Bin Abdul RahmanUrban Development Authority of Malaysia (UDA), Malaysia

Assistant Professor Jitender GroverUniversity, Sadopur, Ambala (Haryana), India

Assist. Prof. Doc Surendra KansaraSymbiosis Institute of Operations Management, India

Associate Professor Melinda V. AbichuelaCatanduanes State University/College of Business and Accountancy/Virac, Catandu-anes, Philippines

Mr. Bright Lumor MENSAHJilin University, School of International and Public Affairs (SIPA), China

Assoc. Prof. Doc Sharifah Hayaati Syed IsmailUniversity of Malaya.Kuala Lumpur, Malaysia

Dr. LakshmikanthSrishti International, India

vii


Dr. Fararishah binti Abdul KhalidUniversiti Teknikal Malaysia Melaka, Malaysia

Head of department Odupitan Kolade MattiasOshodi/Isolo Local Government, Nigeria

Prof. Doc Golda Aira V. CrisostomoUniversity of Santo Tomas, Philippines

Assistant Professor. Intekhab N KhanMA. Jauhar University, Rampur, India

Assistant Professor. Chulaporn SotaKhon Kaen University, Thailand

Dr. Halimah Mohamed AliUniversiti Sains Malaysia, Malaysia

Assoc. Prof. Wong Ming WongUniversity College of Technology Sarawak, Malaysia

Prof. Erni TaniusUniversity of Selangor, Malaysia

viii


Dr. Supaporn ChalapatiI-Shou University, Australia

Assoc. Prof. Nor Aznin Abu BakarUniversiti Utara Malaysia, Malaysia

Assoc. Prof. Normala DaudUniversiti Teknologi Mara, Shah Alam, Selangor, Malaysia

Prof. Nurul Wahida Binti AbdullahPoliteknik Muadzam Shah, Malaysia

ix

ORGANIZING COMMITTEE

Dr. Sukri PlauttriConference ChairEmail: [email protected]

Santi RahmawatiConference SupervisorEmail: [email protected]

Desintha Dwi AsriniConference SupervisorEmail: [email protected]

x

CONFERENCE TRACKS

• Social and Community Studies• Arts• Humanities• Civic and Political Studies• Cultural & Global Studies• Environmental Studies• Organizational Studies• Educational and Communication Studies• Economics, Finance & Accounting• Business and Management Studies

xi

CONFERENCE CHAIR MESSAGE

Dr. Sukri Palutturi“International Conference of Akademika Nusa Internasional Association of Social Sci-ences and Huminities” is a platform that thrives to support the worldwide scholarlycommunity to analyze the role played by the multidisciplinary innovations for the bet-terment of human societies. It also encourages academicians, practitioners, scientists,and scholars from various disciplines to come together and share their ideas about howthey can make all the disciplines interact in an innovative way and to sort out the way tominimize the effect of challenges faced by the society. All the research work presentedin this conference is truly exceptional, promising, and effective. These researches aredesigned to target the challenges that are faced by various sub-domains of the socialsciences and applied sciences.I would like to thank our honorable scientific and review committee for giving their pre-cious time to the review process covering the papers presented in this conference. I amalso highly obliged to the participants for being a part of our efforts to promote knowl-edge sharing and learning. We as scholars make an integral part of the leading educatedclass of the society that is responsible for benefitting the society with their knowledge.Let’s get over all sorts of discrimination and take a look at the wider picture. Let’s worktogether for the welfare of humanity for making the world a harmonious place to liveand making it flourish in every aspect. Stay blessed.

Thank you.Dr. Sukri PalutturiConference ChairEmail: [email protected]

xii

CONFERENCE SECHDULE

ANISSH-2017

Venue: The Westin Cape Town Hotel, South Africa

Time: Registration & Kit Distribution (8:30 - 9:30 am)Day: Thursday

Date: Thursday 02, 2017

Venue: Room 109:30 am - 9:40 am Introduction of Participants09:40 am - 09:50 am Inauguration and Opening address09:50 am - 10:00 am Grand Networking Session

Tea/Coffee Break (10:00 am- 10:30 am)

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DAY 01 Thursday ( March 02, 2017)

First Presentation Session (10:30 am - 12:30 pm)

Venue: Room 1Session Chair: Dr Sukri Plauttri

Track A: Interdisciplinary Studies

Presenter Name Manuscript Title Paper IDMaria Isabel BarrosBellini

System Brazilian Health: Interface with the IntersectoralAnd Interprofessional Health Education

GRSMAB-037-ANI101

Track B: Social and Community StudiesVelibor Maki Competitiveness, Consumer Confidence and Election Out-

comesGRSMAB-037-ANI104

Natasa Kurnoga Consumer Confidence Indicator in Managers Production Ex-pectations Leading or Coincidence Indicator?

GRSMAB-037-ANI107

Mirjana Cizmesija Consumer Confidence Indicator in Managers Production Ex-pectations Leading Or Coincidence Indicator?

GRSMAB-037-ANI107C1

Natasa Erjavec Consumer Confidence Indicator in Managers Production Ex-pectations Leading Or Coincidence Indicator?

GRSMAB-037-ANI107C2

Lunch Break: (12:30-01:30pm)

xiv

DAY 01 Thursday ( March 02, 2017)

Second Presentation Session (01:30 am - 03:00 pm)

Venue: Room 1Session Chair: Dr Sukri Plauttri

Track C: Economic, Finance and Accounting

Presenter Name Manuscript Title Paper IDJosip Arneric Comparison of Stock Volatility Estimates Using Open, High,

Low and Close PricesGRSMAB-037-ANI102

Tea Poklepovi Realized Variance Forecasting with High-frequency Data GRSMAB-037-ANI103Track B: Social and Community Studies

Mirela Mihi Antecedents of Traditional and Electronic Word-of-MouthCommunication: Student Population-Based Study

GRSMAB-037-ANI109

Anukriti Online Marketplace VS -Commerce GRSMAB-037-ANI118Rene Haarhoff Destination price perceptions of departing foreigners to

South AfricaGRSMAB-037-ANI124

Snjeana Pivac Empirical Evidence(s) of Human Capital Investments andNational Welfare in EU Countries

GRSMAB-037-ANI106

(Ending Note 03:00 to 04:00 pm)

xv

Conference Day 02 (March 03, 2017)

Second day of conference will be specified for touristy. Relevant expenses are borneby Individual him/herself.

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6th International Conference onGlobal Research Issues in Social Sciences, Management and Applied Business

(GRSMAB) Cape Town,South Africa

TRACK A

INTERDISIPLINARY STUDIES

2



System Brazilian Health: Interface with the Intersectoral andInterprofessional Health Educations

* Maria Isabel Barros BelliniPontificia Universidade Catolica, Brasil

Corresponding Email: [email protected]

Keywords: Interprofessional, Education, Intersectoriality

WHO (World Health Organization ), PAHO(Pan American Health Organiza-tion) and the Ministry of Brazil Health has pointed to Interprofessional Education (IPE)and Intersectoriality as strategies as well as innovative can play a significant role in ad-dressing the challenges that not only Brazil, but many countries face. Particularly inthe Brazilian reality these tools can help to break the historical fragmentation of pro-fessional practices in health and between public social policies. This article aims todiscuss on these strategies with emphasis on Brazilian context.

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TRACK B

SOCIAL AND COMMUNITY STUDIES

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—–

Competitiveness, Consumer Confidence and Election Outcomes

1* Velibor Maki,2 Petar Sori3 Ivana Loli 1,2,3 University of Zagreb, Croatia


Keywords: Political Business Cycles, Competitiveness, Consumer Confidence

The literature on the political business cycle (PBC) suggests that politicians sys-tematically manipulate economic conditions in order to increase their chances of re-election. The list of variables that have been found to have a significant effect on theprobability of re-election includes macroeconomic (inflation rate, unemployment rate,output growth rate) and fiscal (budget balance, level of expenditures and tax revenues)outcomes. This paper focuses on the question whether price and non-price competitive-ness indicators together with consumer confidence index have a statistically significanteffect. Thus, this paper addresses two empirical questions. First, in light of the global-isation process and on-going comparisons among national economies, could price andnon-price indicators serve as a proxy for voters when deciding on whether to penaliseor reward the incumbent? And second, based on the economic theory of voting, isconsumer confidence index a better indicator of re-election probability compared tounemployment and output growth rates? Using a dataset of EU member states over the2000-2015 period and by applying probit/logit analysis we test both questions.

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Empirical Evidence(s) of Human Capital Investments and NationalWelfare in EU Countries

1* Snjeana Pivac,2 Ivana Tadic3 Zeljana Aljinovic Barac 1,2,3 University of Split, Croatia

Corresponding Email: [email protected],

Keywords:Human Capital Investments, EU countries, Panel Analysis

Human capital represents crucial organisational element and due to its specificitiesis often recognized as creator of organizational success. It consists of people who workin organisation and whose knowledge, skills and abilities create and add economicvalue at micro and macro level. Subsequently, human capital is lately also recognisedas the most important factor of national development and the key stimulus of economicgrowth. The purpose of this research is to explore the contribution of human capitalinvestments in human capital intensive industries to the national welfare through thegrowth of gross domestic product in 28 European Union countries during the period offive years. Research hypothesis assumes that countries with greater level of human cap-ital investments are wealthier, i.e. securing sustainable national growth. Verification ofempirical evidence is provided through the sample of approximately 20,000 company-year observations for the 2011-2015 period. Data for the analysis are obtained fromBureau Van Dijk Amadeus database of comparable financial information for publicand private companies across Europe, as well as from the World Banks World Devel-opment Indicators database. The research is done and the results are presented usingappropriate panel data analysis technique. The main findings confirm that human cap-ital investments, i.e. average costs of employee have positive influence on the nationalwelfare in EU countries.

6



Consumer Confidence Indicator in Managers ProductionExpectations Leading or Coincidence Indicator?

1* Mirjana Cizmesija,2 Natasa Kurnoga3 Natasa Erjavec 1,2,3 University Of Zagreb, Croatia

Corresponding Email: [email protected],

Keywords: Consumer Confidence Indicator, Managers Expectation, Leading Indica-tor, Business and Consumer Survey, Confusion Matrix, Rolling-Window Correlation

Business and Consumer survey (BCS) is a rich source of business information butuntil now, rarely used in managers decision-making. Business survey (BS) is a sam-ple survey, which is continually conducted on monthly basis among managers in foursectors: manufacturing industry, construction, services BCS and retail trade. The par-ticipants in the Consumer survey (CS) are consumers. BCS variables are (in essence)qualitative, expressed as assessments and expectations about selling prices, production,employment etc. European Commission (EC) established the harmonized methodologyto transform managers and consumers answers in quantitative indicators. Four variablesin the CS are used as components of the composite Consumer Confidence Indicator(CCI): financial situation, general economic situation, savings and unemployment ex-pectation (over the next 12 months). Therefore, this paper aims to answer two researchquestions: Are CCI and managers expectations about their industrial production (PE)correlated? Can CCI, consequently, be used as a leading indicator or not?The obtainedresearch results suggest that consumers expectations (expressed as CCI) and managersproduction expectations are highly correlated and have the similar pattern stressing therelevance and importance of CS results, which can be successfully used in the strategicand operational management, not only in macroeconomic research.

7



Antecedents of Traditional and Electronic Word-of-MouthCommunication: Student Population-Based Study

1* Mirela Mihi,2 Ivana Kursan Milakovi3 Natalija Ivaseko 1,2,3 University of Split, Croatiaa


Keywords: Wom, ewom, Consumer Innovativeness, Need to BelongSource Credibility

Word-of-mouth communication (WOM) represents a very credible form of commu-nication exerting a great impact on the consumer/buyer behavior. Since WOM can takeplace in both offline and online environment it is important to acknowledge the poten-tial significance of both settings. The main purpose of this research was to explore theimpact of several antecedents (consumer innovativeness, need to belong and perceivedsource credibility) on the traditional and electronic WOM information receiving. Theresearch was conducted on the sample of 203 students from several countries (Croa-tia, Bosnia and Herzegovina, and Serbia). Data were analyzed using the variety ofstatistical techniques and methods, including exploratory and confirmatory factor anal-yses, and structural equation modeling (SEM). The results indicate that the researchedfactors do not influence WOM and eWOM in the same way, thus exhibiting differentsignificance and intensity of the influence. Namely, consumer innovativeness positivelyimpacts WOM and eWOM indicating a stronger influence on WOM. The need to be-long does not influence WOM or eWOM. The perceived source credibility proved tobe significant for the eWOM information receiver. Besides theoretical relevance, thegained results have marketing implications for practice/marketing experts in addressingthe WOM communication in both offline and online environment.

8



Online Marketplace VS E-Commerce

* Anukriti Pandit Deendayal petroleum University, IndiaCorresponding Email: [email protected]

Keywords: E.Commerce, Consumer, Business,Electronic Commerce

The current research talks about the comparison between Online Marketplace andE-Commerce and the basic difference that exists between them.Online Marketplacecan be said as a type of e-commerce where product or service information is providedby multiple third parties, whereas transactions are processed by the marketplace op-erator. The basic thing which makes it different from e-commerce is that consumertransactions are processed by the marketplace operator and then delivered and fulfilledby the participating retailers wholesalers which is often known as drop shipping. Siteslike eBay or Etsy are excellent examples of popular online marketplaces.E-Commerce,known as electronic commerce is the trading or facilitation of trading in product or ser-vices using internet or online social networks. E-commerce provides online shoppingwebsites for retail sales direct to consumers. It either provides business-to-consumer orconsumer-to-consumer sales. Also business-to-business buying and selling also takesplace under e-commerce. E-commerce is conducted using a variety of applications,such as email, online catalogs and shopping carts, EDI, File Transfer Protocol, and webservices.Now further we should know how online marketplace provides different offer-ings to the customer other than e-commerce. This also indicates that online marketplacewins from the e-commerce trends during recent times as it holds many advantages. Theeconomic impact of Online Marketplace is leaving behind the e-commerce.Thus it canbe said that Marketplaces can be the natural evolution of E-Commerce websites, hold-ing the key to perennial growth

9



Destination Price Perceptions of Departing Foreigners to SouthAfrica

* Rene Haarhoff Central University of Technology, Free State, South AfricaCorresponding Email: [email protected]

Keywords: Price Perception, Foreigners, Tourism Products, Destination

Despite recent global recessions, tourism receipts and arrivals have maintained asteady growth to many destinations. Today the importance of tourism is not only ac-knowledged by destination marketing organisations but it is regarded as a key sectorin the world economy, even for national economies. Research indicate that tourists aresensitive to price and prices charged at a destination are important to study. Traveland tourism prices are not always as straightforward as they appear. It is thus recog-nised that various tourism products have different values to tourists: monetary valueand the value to satisfy their basic needs This study researched the perceptions of for-eign tourists regarding the prices of South Africas destination products in general. Datawas randomly collected from 305 foreign tourists in the departure lounge of OR Tamboairport in Johannesburg. Results indicate that a large majority of the respondents willreturn to South Africa for another visit and that the prices paid for domestic transport,car rental, tours and game drives were reasonable. Some attractions were identified tobe more expensive. A larger portion of respondents also perceived accommodation andthe price of international air travel to be expensive.

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TRACK C

ECONOMIC, FINANCE AND ACCOUNTING

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—–Comparison of Stock Volatility Estimates Using Open, High, Lowand Close Prices

1*Josip Arneric, 2Zdravka Aljinovic3Anita Ceh Casni

1,2,3 University of Zagreb, CroatiaCorresponding Email: [email protected]

Keywords: Ohlc Estimator, Upper Tail Dependence, Overnight Return, Realized Vari-ance, Volatility Proxy

In this paper we compare performance of volatility estimators using a combi-nation of open, high, low and close (OHLC) price information. For comparison purposerealized variance is considered as unbiased in the absence of microstructure noise andintraday autocorrelation. Competing estimators using OHLC prices are assessed froma statistical perspective using a set of different loss functions to gauge the accuracyestimation. The results associated with an application to the Croatian stock market in-dex indicate that only the Parkinson and the Yang and Zhang estimators outperform thesimple close-to-open and the close-to-close estimators, which is largely comparable tothe standard deviation of returns. By adding a simple extension for overnight returnsto the estimators an overall increase in conditional correlations over time is noted andat the same time the unbiased loss functions decrease. Amongst the representative sub-set of the universe of OHLC volatility estimators analysed the extended Parkinsonsrange based estimator shows the least biased results. The analysis shows consistentresults during different time horizons taking into account the increased market volatil-ity during the credit crisis in 2007 and 2008, but also the period with low volatilityprior to the crisis. Moreover, this paper explores the effectiveness of different typeof range-based volatility and it It offers added value by: i) finding appropriate bench-mark volatility proxy as consistent and asymptotically unbiased estimator of integratedvolatility, ii) employing upper tail dependence approach for comparison purposes (inaddition to standard loss functions), and iii) recommending the appropriate ex-postvolatility measure in lack of high-frequency data. The latter is very important to allmarket participants, especially portfolio managers.

12



Realized Variance Forecasting with High-frequency Data

1* Tea Poklepovi, 2Josip Arneri3Blanka krabi Peri

1,3 UUniversity of Split, Croatia2 University of Zagreb, Croatia


Keywords: Realized Variance, Forecasting, Neural Network, High-frequency Data,Nonlinearity

Different types of investors, weather they are small, individual investors or big, in-stitutional investors, are all interested in volatility forecasting in order to get higherprofits or less risky positions. Most commonly used models for forecasting volatilityof daily stock returns are the generalized autoregressive conditional heteroscedasticity(GARCH) models. Since financial data show very strong persistence due to autocorre-lation of the squared and absolute returns and return probability density functions areleptokurtic with shapes depending on the time scale; neither ARCH nor GARCH mod-els are able to reproduce all of them. To escape this problem, researchers used proxiesinstead of the unobservable variance for their out-of-sample forecasts. However, whenthe intra-daily financial data became available a new measure that could be used in-stead of the usual squared return proxy was proposed. With the assumption that thereare jumps in the intraday price process, in this paper the extended HAR-RV-J model isdiscussed. However, these models cannot account for nonlinear behaviour of realizedvariance. Therefore, the objective of this paper is to develop a parsimonious neuralnetworks (NN) model which can capture the main stylized facts of realized volatility.The goal is to develop a neural network with appropriate connection in the contextof nonlinear HAR-RV and HAR-RV-J model, i.e. HAR-RV-NN and HAR-RV-J-NNmodels respectively. Out-of-sample forecasts will be compared to determine their pre-dictive accuracy with application to DAX stock market index. The contribution of thispaper can be seen in determining the appropriate NN that is comparable to HAR-RVand HAR-RV-J models and its application in forecasting realized variance. This waythe investors are able to apply the chosen model and obtain the most accurate realizedvolatility forecasts for their potential investments.

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UP COMING EVENTS

You can find the details regarding our upcoming events by following below:

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http://anissh.com/conferences/morroco-conferences/

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http://anissh.com/indonesia-conferences/

http://anissh.com/philippines-conferences/

http://anissh.com/malaysia-conferences/

http://anissh.com/conferences/south-africa-conferences/

http://anissh.com/conferences/singapore-conferences/

http://anissh.com/conferences/serbia-conferences/

http://anissh.com/conferences/egypt-conferences/

http://anissh.com/conferences/thailand-conference/

http://anissh.com/conferences/turkey-conferences/

http://anissh.com/conferences/jordan-conferences/

http://anissh.com/conferences/china-conferences/

http://anissh.com/conferences/uae-conferences/

http://anissh.com/conferences/hongkong-conferences/

http://anissh.com/conferences/south-korea-conferences/

http://anissh.com/conferences/morroco-conferences/

http://anissh.com/conferences/taiwan-conferences/

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http://anissh.com/conferences/australia-conferences/

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http://anissh.com/conferences/greece-conferences/

http://anissh.com/conferences/czech-republic-conferences/

http://anissh.com/conferences/spain-conferences/

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http://anissh.com/conferences/japan-conferences/

http://anissh.com/conferences/australia-conferences/

http://anissh.com/conferences/india-conferences/

http://anissh.com/conferences/greece-conferences/

http://anissh.com/conferences/czech-republic-conferences/

http://anissh.com/conferences/spain-conferences/

Cape Town, South Africa

International Conference onGlobal Research Issues inSocial Sciences, Managementand Applied Business

(GRSMAB-MARCH-2017)

Documents

GRSMAB-2017 · Data for the analysis are obtained from Bureau Van Dijk Amadeus database of comparable ﬁnancial information for public and private companies across Europe, as well