African Journal of Estate and Property Management

African Journal of Estate and Property Management ISSN 9671-8498 Vol. 2 (6), pp. 001-013, June, 2015. © International Scholars Journals

Full Length Research Paper

Quest for a better operation system in education: Privatization and teacher educationalization or voucherilization glimpsing from consumer and product perspectives

Gazi Mahabubul Alam*, Kazi Enamul Hoque and Oloruntegbe Kunle Oke

Faculty of Education, University of Malaya, 50603 Kuala Lumpur, Malaysia.

Accepted 17 March, 2015

Abstract

Inevitably, education is considered as the main tool for development. Regardless of nationality, race, age and culture, everyone in this contemporary world believes that education is the commonest medicine that cures every disease hindering the development of a nation. Keeping this view, countries put endless efforts in the development of education. Major phenomena for the development process of education include: privatization, teacher education, design of modern and well-timed course and curricula and establishment of infrastructure and logistics. For the allocation of national budget, most of the states provide the highest preference to education. Despite these efforts, many countries fail to achieve the target that is especially aimed for their national development through education. Why is this happening, since the purpose of education is to ensure national development? Encompassing of many research findings sums up that education is not playing the role according to its purpose. Thus, many prescriptions have been provided through researches with an ideology of “Education as Right” to solve the problems. All these suggestions are still unsuccessful to make the education system desired functional. The conducted research for this paper has to understand what would be the difference if students do not consider education as their rights, but do judge it as their assets and property. Results assert that this attitude would be able to change the psychological setup of poor students developing an ownership attitude toward education. This would irrevocably help to achieve the national goal of education. However, a new paradigm called voucherilization would be the key for the change of psychological and mental current setup of the underprivileged students.

Key words: Voucher system, privatization, free education, education as right, education as product, education as asset.

African Journal of Estate and Property Management ISSN 9671-8498 Vol. 2 (5), pp. 001-008, May, 2015. © International Scholars Journals

Full Length Research Paper

Reconciling profit and social development in Osigwe Anyiam-Osigwe’s business ethics

Adebola B. Ekanola

Department of Philosophy, University of Ibadan, Ibadan, Nigeria. E-mail: [email protected].

Accepted 11 January, 2015

Abstract

The idea of corporate social responsibility (CSR) emerged to reconcile the apparent tension between the primary objective of business industry which is profit maximization and the essential goal of the economic system, of which corporations is a component, which includes sustainable economic growth and sustainable social development, interpreted as the enhancement of the wellbeing of members of society. This paper examines how the tension described above can be reconciled from the perspective of an African sage philosopher, Osigwe Anyiam-Osigwe. The paper argues in line with Anyiam-Osigwe’s cosmopolitan ideal that business corporations, as a key player in the economic sector, should transcend the “subjective or personal” and “limited vision and perception” of profit maximization as their ultimate objective and mediate their activities with an adequate consideration for the growth of the economic sector and sustainable social development.

Key words: Business, global economic order, Osigwe Anyiam-Osigwe, profit, social development, social responsibility.

African Journal of Estate and Property Management ISSN 9671-8498 Vol. 2 (4), pp. 001-009, April, 2015. © International Scholars Journals

Full Length Research Paper

An empirical investigation of Islamic banking in Pakistan based on perception of service quality

Ashfaq Ahmad¹*, Kashif-ur-Rehman², Iqbal Saif³ and Nadeem Safwan³

¹Department of Business Administration, University of Sargodha, Sargodha, Pakistan.

²Department of Management Sciences, Iqra University, Islamabad, Pakistan.

³Department of Management Sciences, Foundation University, Islamabad, Pakistan.

Accepted 19 January, 2015

Abstract

This study examines the perception of bank customers regarding service quality of the Islamic banks as well as conventional banks in Pakistan. In today's global and border less market, service quality is gaining importance for successful survival of banks. This study is important due to an emerging trend of Islamic banking practices in Pakistan besides conventional banking to replace Riba based products with the sharia'h compliance products. Data were collected from 720 bank customers by using stratified random sampling. It is found that the perception of customers of Islamic banks regarding service quality is higher than the perception of customers of conventional banks. The results indicate that there is significant difference in perception of service quality among customers of Islamic banks on the basis of gender but there is no significant difference in service quality perception of male and female customers of conventional banks. The study has a number of implications for bankers, policy makers and academicians. It provides a guideline to Islamic banks for provision of marketable products to meet expectations of male and female customers according to their specific requirements. This study enables policy makers and bankers to make effective and quality oriented arrangements to have satisfied and delighted customers for long term benefits. Academicians are required to conduct research in the banking sector for beautiful blending of theory and practice to analyze the quality of services for increased satisfaction among bank customers.

Key words: Islamic banking, conventional bank, bank customers, service quality.

African Journal of Estate and Property Management ISSN 9671-8498 Vol. 2 (3), pp. 001-010, March, 2015. © International Scholars Journals

Full Length Research Paper

Doctrine of corporate governance and competition laws: The Malaysian perspectives

Choong Kwai Fatt, Edward Wong Sek Khin* and Priscilla Yap

Faculty of Business and Accountancy, University of Malaya, Kuala Lumpur, Malaysia.

Accepted 16 September, 2014

Abstract

This study examines the issues of competition law in Malaysia. These issues had challenges not only in its goal towards a market economy, but also in its national re-engineering of the economy under Malaysia’s industrialization plan. Malaysia has reached now reached that goal. The main issues were the impediments as to whether or not to introduce a structured, broader competition law in Malaysia. Often, in Malaysia, when markets were unable or unwilling to provide goods, services, or competition, the State became involved in the establishing of a free market. Malaysia has done this in its Capital Market Master plan, and the pressing challenges were on local trade issues. The trade barrier issues in Malaysia were different, as unique issues concerned culturally and historically based protection zones. Documents from several Articles (81 and 82) of the European Community Treaty, a variety of United States statutes such as The Sherman Antitrust Act, The Clayton Antitrust Act, The Federal Trade Commission Act and The Antitrust Criminal Penalty Enhancement and Reform Act of 2004, and also Malaysian government guidelines were scrutinized in studying and establishing The Doctrine of Malaysia’s Competition aw, with its various attributes in illustrating corporate governance. The citation of three case studies to illustrate how competition legislation worked in the EU, UK, US and Malaysia provided the foundation of the new laws dealing with competitive practices. Malaysia needed to determine its primary of focus that is the producers and suppliers or the consumers. The US model protected the producers whilst the EU model shielded the consumers. The US model was more interested in economic and econometric results while the EU model emphasized social and regional development and the political consequences as well. The EU also protect the rights of small businesses more vigorously than the American legislation and, the EU to some extent, sacrifices intellectual property rights in the name of fairness and the free movement of goods and services. In the case of Malaysia, it seemed that Malaysia was more inclined to the EU than the American models. The purpose of this study is to illustrate competition laws deemed to secure a competitive marketplace and thus protect the consumers from unfair, anti-competitive practices. Yet, competition laws had to embody the inherent conflicts in emerging markets such as those in Malaysia, as well as a system of conflict resolution.

Key words: Competition law, anti-competitive practices, market economy and anti-trust law.

African Journal of Estate and Property Management ISSN 9671-8498 Vol. 2 (2), pp. 001-009, February, 2015. © International Scholars Journals

Full Length Research Paper

Oil politics and the Niger Delta developmental conundrum

C. Samuel Ugoh¹ and I. Wilfred Ukpere²*

¹Department of Political Science, University of Lagos, Akoka, Lagos, Nigeria.

²Faculty of Business, Cape Peninsula University of Technology, Cape Town, Republic of South Africa.

Accepted 17 May, 2014

Abstract

Oil has become a dominant element within the power capability profile of any nation. Nations enter into war because of oil. The Gulf War in 1991 is an example. In Nigeria the crisis is between the federal government and oil producing communities in the Niger Delta region. Despite the abundant oil wealth, there has been unimaginable mass poverty and negligible development in the region. Efforts by the federal government and oil companies to improve the quality of human lives and to provide infrastructural development, have been insufficient to ameliorate the problems. Presently, the insensitivity of government and oil companies have created more tensions and crises which not only threaten the industry, but also national security. In fact, youths within the area, by association of various ethnic militia groups, have become restive in their bid for greater control of their natural resources. The paper, therefore, examines developmental issues in oil producing communities against background of government establishing an internal security task force to deal with the youths. The paper concludes that the federal government and oil companies should change their current hostile approaches in order to work towards infrastructural development of the region.

Key words: Economy, oil politics, policy.

African Journal of Estate and Property Management ISSN 9671-8498 Vol. 2 (1), pp. 001-006, January, 2015. © International Scholars Journals

Full Length Research Paper

An analysis of the relationship between forward freight agreements and steel price index: An application of the vector ARMA model

Ming-Tao Chou* and Bo-Ching Huang

Department of Aviation and Maritime Transportation Management, Chang Jung Christian University, Republic of China.

Accepted 11 May, 2014

Abstract

The bulk shipping market, as a global business, depends on the development of emerging industrial countries, the exploration of new mining areas, the policies of countries importing raw materials and the international economic situation. Due to market participants being able to decide independently the timing for entering or exiting the market, the type of vessel to invest in, the locations of shipping operations, and trading partners, this high level of independence and operation elasticity makes it difficult for market participants to control price volatility and trend. As such, market participants are reluctantly facing greater market uncertainty and volatility. Meanwhile, Forward Freight Agreements (FFAs) act as a very reliable hedging instrument, which enables market participants to hedge market risks by investing in FFAs. This research employs a time-series analysis, VARMA (Vector Autoregressive Moving- Average Model), as the methodology, using one year FFAs and the global steel price index as variables to analyze the coefficient between the two. This research is intended to provide market participants with a new direction for entering or exiting markets.

Key words: Forward freight agreements, steel price index, VARMA.