Financial Management Services Research Articles

Construction Health and Safety Awareness of Nigerian Undergraduate Quantity Surveyors

Construction is particularly an accident-prone and disease-causing process. Quantity surveyors render professional financial management services with regards to the entire construction value chain – including in construction health and safety (H&S) management. However, the adequacy of the construction H&S content of quantity surveying undergraduate programmes in Nigerian universities is uncertain. This study examined undergraduate quantity surveyors’ knowledge of construction H&S. The study used purposive sampling technique for the selection of five universities in southern Nigeria offering bachelor’s degree in quantity surveying. Copies of the study questionnaire were given to 400 and 500 levels students from the five selected universities. Interviews were conducted with registered practicing quantity surveyors, and one quantity surveying lecturer in each of the universities in order to validate the results of the survey. The data were analysed using mean scores. The results revealed that undergraduate students of quantity surveying in the universities covered by the study are insignificantly aware of quantity surveyors’ construction H&S roles. An examination of the course contents of the undergraduate quantity surveying programmes of the universities did not reveal any separate course module for construction H&S. The interviews supported the findings from the survey carried out on the students. They revealed that there is need to include construction H&S in quantity surveying undergraduate programmes in Nigerian universities. Undergraduate quantity surveying students should be taught construction H&S in order to equip them for their future H&S management roles in the construction industry.

The Development of Online-Based Hotel and Restaurant Tax: Advantages and Constraints in the Case of Pekalongan City

In the attempt to improve the quality of service to hotel and restaurant taxpayers and to avoid the evasion of local income tax, Pekalongan City Government through DPPKAD or Dinas Pendapatan, Pengelolaan Keuangan dan Aset Daerah (Local Income, Financial and Asset Management Service) introduced a Hotel and Restaurant Tax using online system. This research aims to identify problems and constraints in applying the online-based tax system and recommends steps to address the problems. This study surveyed the users of the system using purposive samplingof DPPKAD officers, hotel, inn, and restaurant owners, and bank as the service provider. The results identified the advantages of online-based Hotel and Restaurant Tax namely: reducing potential fraud; improved tax assessments; reducing administrative works in the recordingof Surat Pemberitahuan Tahunan (Annual Notification Letter). However, DPPKAD of Pekalongan City encountered some constraints: many taxpayers were not willing to calculate their own tax and had the DPPKAD to specify the tax amount; many restaurant owners were not willing to use cash register because they were afraid that it would increase their products’ selling price; exposure of taxpayers’ private financial records; 2) the preparation of infrastructure is inhibited because the taxpayers have not been willing to connect the cashier machine directly to the partner’s bank system,3) DPPKAD had not had human resource with the competency of examining the local tax.

How trust in financial supplier information impacts young adults' financial information involvement: The moderating roles of product savings risk and social norm

AbstractAlthough consumers' risk‐taking, supplier trust, social norms and information involvement are central to much of thought in the financial market and consumer economic literature, it is not known how the interplay between consumers' trust in supplier information, risk‐taking behaviour and social norm may influence information involvement. This research contributes to the consumer economic literature by investigating how product savings risk and social norm affect the relationship between young adults' trust in supplier information and their information involvement. On the basis of two samples with young adults who recently have purchased a low‐risk savings product (n = 641) and a high‐risk savings product (n = 219), respectively, several results are obtained. It is found that both product savings risk and social norm positively moderate the relationship between young adults' trust in supplier information and their information involvement. In addition, the results indicate that the three‐way interaction between trust in supplier information, products savings risk and social norm has a positive effect on information involvement. As direct implications, financial authorities and financial service managers should especially consider investing additional resources in developing information trust for high‐risk savings products and should also take social norms into account when considering young adults' high‐risk‐taking behaviour. Copyright © 2017 John Wiley & Sons, Ltd.

The impact of representative payee services on medication adherence among unstably housed people living with HIV/AIDS

ABSTRACTRates of viral suppression among people living with HIV/AIDS remain low, especially within marginalized populations such as people who are unstably housed. Representative payee is a service in which the US Social Security Administration appoints an individual or an organization to provide financial management for vulnerable individuals who are unable to manage their finances including housing payments. Little or no published research examines the association between financial management services such as representative payee and HIV clinical adherence. We conducted a pilot study with 18 unstably housed participants living with HIV/AIDS to examine the impact of representative payee services on viral suppression. Of the 11 participants who were not virally suppressed at baseline, 9 (81.8%) of them had achieved viral suppression at six-month follow-up (p = .004). Our findings suggest that providing unstably housed people living with HIV/AIDS with representative payee services may help them to improve their housing stability and clinical adherence. Additional research is needed to fully explore correlations between representative payee services and viral suppression.

Impact of financial literacy of the population of the Russian Federation on behavior on financial market: Empirical evaluation

The confident disposal of personal income based on survey of 1006 respondents, as well as the efficient management and use of different financial products and services, is impossible without basic knowledge and skills and an appropriate level of financial literacy. Financially educated citizens are more active on the financial market, have a smaller amount of overdue loans in bank, and more carefully plan their retirement. In our study, assessments of the level of financial literacy of Russian citizens are compared to their activity on the stock market.

Beliefs affecting additional investment intentions of mutual fund clients

In this article, we aim to examine mutual fund investors’ behaviour in decision-making situations and to analyse future investment decisions via a path model approach. Investors were divided into different groups based on the risk and distribution channel used, and the differences in their investment intentions were examined. The study used empirical survey data collected from the clients of a mutual fund company owned by a Finnish banking group. Loyalty to the common banking group dominated the explanation in the whole model. The safety of the investment was important for branch office investors, whereas obtaining a good return was important for internet investors. Ultimately, explanatory power was highest for the branch office investors and lowest for the internet investors with equity funds. Most investors intended to invest more, and thus there was little variance to be explained. The results indicate that branch office investors with money market funds require more information about the investment business, although it is difficult to see who would be responsible for providing that information. This study has implications for both the theory and management of financial services.

The Prospect of Horticultural Organic Farming as Sustainable Agricultural Practice for Reducing Poverty: The Case in Bengkulu City, Indonesia

Poverty is still an insistent problem which when confronted by humanity requires a systemic, comprehensive and synchronized approach to alleviate it. The concentration of urban and rural poverty in developing countries underpins the importance of agriculture as a poverty reduction strategy since most of the poor people depend on agriculture. Thus, improving agricultural productivity, competitiveness and sustainability may reduce poverty. This study was intended to (1) find out if sustainable agriculture, i.e., horticultural organic farming practices, could contribute to poverty reduction, (2) identify restrictive factors affecting horticulture organic farming development, and (3) formulate alternative policy intervention for poverty alleviation based on development of organic farming. The respondents were selected using purposive sampling method, comprising of 22 self-claimed horticultural organic farmers and 22 horticultural conventional farmers. The data were gathered through a structured-questionnaire and in-depth interview. Descriptive statistics, prospective analyses and analytical hierarchy process were used to analyze the data. The results showed that organic farming practices have potential to increase income of the horticultural farmers. Factors that constrained the development of horticultural organic farming were limited knowledge of organic practices, access to market, financial and risk management services or support. Alternative policy interventions, such as developing a linkage between producers and consumers, strengthening research and development on organic farming, enhancing dissemination knowledge of organic farming practices, and providing access to financial and agriculture management, are proposed.

The role of trust in financial customer–seller relationships before and after the financial crisis

ABSTRACTThis study examines the role of trust in customer–seller relationships before and after the 2008 financial crisis. On the basis of two surveys comprising 1155 and 757 bank customers, respectively, it is shown that trust is less likely to mediate the relationship between satisfaction and loyalty after the financial crisis compared with before the financial crisis. The results suggest that consumers rely more on satisfaction and less on trust after the financial crisis compared with before the financial crisis when determining whether they should remain loyal to a particular financial service provider. Hence, as a direct managerial implication, financial service managers should consider investing additional resources in satisfying their customers in the after crisis era. In addition, it is suggested that managers should seek to rebuild the positive relationship between trust and loyalty in order to receive the full benefit of their trust‐building efforts. Copyright © 2014 John Wiley & Sons, Ltd.

Consumer financial anxiety

Purpose – The purpose of this paper is to examine how small and medium-sized, regional financial service firms reacted to the financial crisis by helping their customers cope with their heightened state financial anxiety during the Economic Crisis of 2008. It also examines the variety of strategies pursued by these firms to rebuild consumer trust in their brands in the ensuing years. Design/methodology/approach – The authors relied on grounded theory as a methodological approach to understand the unfolding situation of the financial crisis and to inductively develop a framework explaining managers’ experience with consumer financial anxiety and trust. Data collection involved key informant interviews with 20 CEOs and senior marketing and sales professionals of financial service firms in the USA. Findings – The study discloses a desire among many retail financial institutions to re-personalize their relationships with customers following the financial crisis. One motivating factor for this has been a demand by regulators for more evidence that the firm really knows its customers. The paper also found that some managers are ambivalent about mentioning regulatory oversight and Federal Deposit Insurance Corporation (FDIC) insurance to customers because it is unclear whether these issues heighten or reduce consumer fears. More research is needed to provide guidance to managers on how mention of regulatory oversight may be used strategically in a crisis. Research limitations/implications – This study was limited to regional financial service firms in the USA with assets of less than$1 billion. The extension of the study to compare other geographical markets or to large financial service firms remains to be done. This investigation could tell us whether consumers now trust regional banks more than they do large national banks, difference in the strategies they employed and whether they resulted in different rates of brand equity recovery. Practical implications – This paper suggests that the 2008 financial crisis may have resulted in permanent changes in consumer attitudes to financial services. As one manager suggested, “consumers have moved from a trust-me phase to a show-me phase.” This implies that financial service managers need to rethink how they build consumer trust. Such managers would do well to consider ways of integrating actions that reinforce the company's integrity and commitment to its customers into different stages of their firms’ relationships with consumers. Social implications – Many small and medium-sized banks are re-embracing community-banking practices including building strong personal relationships with stakeholders after years of underinvesting due to these banks’ pursuit of property development investments. As a result of these developments, a stronger financial services industry could likely emerge. Accordingly, trust for this battered industry among consumers could improve. Originality/value – This paper discuss how the depersonalization of customer interactions by financial services firms through increased use of electronic channels and the use of call centers as primary interaction points may have weakened customer relationships and worsened consumer anxiety during the 2008 financial crisis. Additionally, it discusses both the failure of regulatory oversight and the symbolic effects of the big bank failures and the Madoff scandal in heightening consumer fears. Based on managerial interviews the paper discusses how financial service firms countered consumer anxiety by providing social support to customers, by repersonalizing customer interactions, and by reconnecting with local community values.

The Influence of Customer Perceptions on Financial Performance in Hospitality Organizations: An Empirical Study

The purpose of this study is to develop and empirically test a model that examines the relationship between customer perceptions and financial performance in hospitality organizations. A survey has been undertaken in hospitality organizations with a sample size of 387 based on simple random sampling. Meta-analysis of literature was the basis for developing the metric that included the variables constituting the hypothetical research model. The tool used for data analysis was structural equation modeling with partial least square technique. Results indicate that both the product- and nonproduct-related attributes have positive and significant influence on symbolic benefits and experiential benefits, which in turn positively influence customer satisfaction. Further, customer satisfaction positively influences financial services. The findings suggest that financial service managers should consider treating customers as partners in services on their quest to develop successful new services in hospitality organizations. Reciprocal behavior will foster a positive atmosphere, remove barriers arising from risk, and enable relationships to progress, ultimately improving customer satisfaction and financial performance. There are not many models available that deal with the antecedents of customer satisfaction (in terms of the product- and nonproduct-related attributes and the functional, symbolic, and experiential benefits) and financial performance. This study adds to the body of knowledge in this emerging area.

Recruiters and applicants: An exchange of words

Recruitment processes have become important for organisations and involve key decisions: whether to recruit, how and when to recruit, and who or ‘what’ to recruit. Despite the structured and systematic nature of recruitment, making sensible interpretations of the curriculum vitae (CV), interview performances and assessment centre results about the prospective employee remains an enormous challenge. Similarly, from the candidate’s perspective, assessment of the organisation is equally complex. This article provides perspective of this potential ‘initial contact’ of prospective employees and organisations. The data used to inform this ‘initial contact’ for analysis is from the CV and the job advertisement. These documents can be used to investigate the ‘match’ between organisational and applicant requirements and offers; the information exchange. CVs uploaded to Websites by applicants were analysed. The same online sources were used for job advertisements. Using a software package, analysis revealed the most common words that organisations and applicants use to describe their experience, requirements and offerings. Specifically, results showed that applicants for marketing roles in financial services management often neglect the use of keywords demonstrating a low ‘match’ with advertisement requirements.

Using Incident Response Trees as a Tool for Risk Management of Online Financial Services

The article introduces the use of probabilistic risk assessment for modeling the incident response process of online financial services. The main contribution is the creation of incident response trees, using event tree analysis, which provides us with a visual tool and a systematic way to estimate the probability of a successful incident response process against the currently known risk landscape, making it possible to measure the balance between front-end and back-end security measures. The model is presented using an illustrative example, and is then applied to the incident response process of a Swedish bank. Access to relevant data is verified and the applicability and usability of the proposed model is verified using one year of historical data. Potential advantages and possible shortcomings are discussed, referring to both the design phase and the operational phase, and future work is presented.

Application of Computer Technology in Financial Management

Combining the computer technology with the enterprise finance,it is very good to improve the financial management level.This paper mainly introduces the main content of computerized financial management,analyzes the practical significance of computer financial management,finally,on how to make better use of computer technology to better financial management service and puts forward some constructive suggestions.

Identifying and Defining the Structures That Guide the Implementation of Participant Direction Programs and Support Program Participants

Participant direction (PD) programs offer the individual with a disability or his or her surrogate decision maker varying degrees of choice and control over the individual’s supports and services. We conducted a document analysis using grounded theory methods to identify the design elements of participant direction programs in long-term care. We analyzed 53 documents across multiple disabilities and funding sources. We identified and defined two major components of participant direction programs: policy and aid and assistance. The component of policy was represented by three structures that guide implementation of participant direction programs: (a) option to participant-direct, (b) participation stipulations, and (c) provider qualifications. The component of aid and assistance was represented by 11 structures that support program participants: (a) financial management services, (b) employer of record, (c) emergency back-up, (d) worker registry, (e) advice/counseling, (f) managerial assistance, (g) information dissemination products, (h) service quality monitoring, (i) service coordination, (j) participant training, and (k) provider training. Each structure was represented by one or more continua depicting the range of choice and control participants may have over the structure. The findings of this study have implications for improving the standardization of research on participant direction programs and the development of long-term care policy.

Review of Public Trustee Files - Families and Generational Asset Transfers: Making and Challenging Wills in Contemporary Australia

The Public Trustee file review was designed to address research questions relating to will disputes and socio-cultural and family norms, expectations and obligations that underpin challenges to wills. Findings from this review will augment the earlier review of all adjudicated succession law cases in Australia between January and December 2011. The research team obtained 139 cases for the review. Within the reviewed cases, parties generally needed some kind of formalised assistance to resolve disputes and almost a third ended up going to court. Most claims launched to contest wills were successful i.e. led to a change in distribution. The existence of poor and/or complex personal relationships between beneficiaries, disputants and/or the deceased were a feature of most cases involving will disputes, particularly where disputes were escalated to court. There are significant costs of will contestation both for the estate and the individuals involved in disputes. Previous research has identified that in addition to the direct costs is the indirect cost of extending the time for probate of the will. This review highlights that one of the most significant costs of will contestation is the damage to familial relationships that appears to both drive and be worsened by contestation. Findings of this review highlight the role of Public Trustees in providing financial management and advocacy services to protect and support vulnerable people in the community such as those with impaired capacity, as well as offering services such as will drafting and deceased estate administration.

The Influence of Product Related Attributes of Customers on Financial Performance

Marketing research has shown that firms are moresuccessful when they focus on their customers’ needs (Donavan et al., 2004; Kennedy et al., 2003). Althoughsome empirical studies have investigated the relationshipbetween Product-related attributes of customers and financial performance (Gatignon and Xuereb, 1997; Han et al., 1998; Lukas andFerrell, 2000), they have failed to show the mechanism bywhich Product-related attributes of customers promotes financial performance. This studyexplored how Product-related attributes of customers financial performance.Despite ongoing debate regarding the specific dimensions of the customer relationshiporientation construct, the link with organizational performance is almost universally recognized (Sheth and Sisoda, 1999).The findings suggest that financial service managers could considertreating consumers as partners in their provision of existing services or their quest to developsuccessful new services. Reciprocal behavior will foster a positive atmosphere, remove barriers arisingfrom risk, and enable relationships to progress, ultimately improving financial performance.

Does Financial Market Development Explain (or at Least Predict) the Demand for Wealth Management and Private Banking Services in Developing Markets?

How should wealth managers and private bankers find and serve the wealthy – particularly in developing countries? Several banks and consulting firms provide market sizing estimates for the number of high net worth and ultra-high net worth individuals. However, it is still an open question whether financial management services actually create wealth (or increase the number of wealthy persons). How can financial advisors know if, on a macro-level, their service offerings grow their collective assets under management and increase their prospect numbers? In this paper, we find evidence that advanced wealth management and private banking services might help grow a wirehouse’s book of business in developed, but not developing, markets. If wealth management and private banking follow general trends affecting the broader financial sector, their business also grows wealth in less advanced economies. Such evidence sheds light on the currently ambiguous role that financial development seems to play in creating affluent, high net worth and ultra-high net worth individuals.

Demographic and socio‐economic determinants of financial satisfaction

PurposeThe purpose of this paper is to analyse the effect of demographic and socioeconomic factors on the financial satisfaction of the individual investors in India, who belong to the urban socio‐economic classification segment‐A.Design/methodology/approachBased on a sample of 374 individual investors, one‐way ANOVA, t‐test and correlation was conducted to find out which demographic and socio‐economic variables were associated with the individual's financial satisfaction levels.FindingsThe results of the research showed that factors such as age, marital status, occupation, work‐experience, income, saving rate, nature of household accommodation and investment tenure, impact the individual's financial satisfaction levels.Practical implicationsWith the increase in the household income levels in India as a result of the tremendous growth and expansion that the Indian economy has witnessed over the last decade, there has been a growth in the demand for financial planning and wealth management services too. The purpose of financial advisory services is to understand the clients' behaviour and needs and accordingly provide advice on the various aspects of financial planning and wealth management. The findings of the study have implications for policy makers and financial service providers.Originality/valueThough, the demographic and socio‐economic correlates of financial satisfaction have been extensively researched in the literature, there has been scant empirical research on the Indian financial consumer. This study fills this gap and is the first of its kind on the Indian Individual investor.

English

  High volume domestic and international trade and business and their risks, force companies and business people to use financial services such as banks and insurance companies much more than ever. However, heavy competition in this industry impels financial service managers to work hard on their marketing strategies and plans. Promotion and communication tools are one of the most important parts of each marketing campaign but they are usually very costly and marketing managers have to find and use more effective techniques to manage their budget limitation. Today financial service marketing is very important because of the heavy competition in this market so promotion and communication strategies are very important tools for success. The other problem is budget limitation; it forces the marketers to search for more effective promotion tools based on target market and product or service life cycle stage but there is very little research in this area. The purpose of this study is to identify the most important promotional and communication strategies in financial services industry and to investigate their effectiveness for some demographic segments. We started with an exploratory research on financial services marketing to discover promotional strategies adopted by them. The study gradually shifted from exploratory research to quantitative research. The research is applied, and survey method is used for data gathering. In addition to descriptive statistics, Friedman Test is used for finding the order of importance of the identified strategies. After prioritizing promotion and communication tools and strategies we investigated more detailed results by demographic and business type categories and provide the rank orders and introduce the most effective promotion and communication strategies for informing, persuading and reminding financial service customers.   Key words: Promotion, financial service, bank, insurance, marketing communication.

WHO's relationship with the Stop TB Partnership

WHO's relationship with the Stop TB Partnership