Asma Sghaier

Ownership Structure and Corporate Performance: The Case of Listed Tunisian Firms

This article aims to study the effect of the ownership structure on the performance of the company. The literature review shows that there is no unanimity on the impact of the ownership structure on the performance of the company. The data have been collected from a sample of 51 Tunisian companies listed on the stock exchange of Tunis with data in five consecutive years (2008-2012). The obtained results show the existence of a positive impact and statistically significant concentration of ownership, on the performance of the company measured by the ROA. Also, the results show the existence of a positive effect of the ownership of institutional investors on the performance of the company. Foreign investors have a positive impact and statistically significant effect on the performance of the listed company.

The Degree of Home Bias in the Holding of Share Portfolio: Case of American Investors

TheobjectiveofthispaperistomeasurethedegreeofHomeBiaswithintheholdingsofportfolio andtoidentifytheirdeterminingfactors.Byfollowinganintuitivereasoning,theauthorshavechosen anumberofsusceptiblefactorsthathaveanimpactonHomeBias.Infact,theyhavedevelopedan internationalCAPM(CapitalAssetPricingModel).Thismodelisestimatedfor20countries,with theuseofcross-sectioneconometrics.Theauthors’resultsshowthatallcountrieshaverecordeda highlevelofHomebiasintheirholdingsofportfolio.InordertostudywhethertheHomeBiasof thenewlyemergingmarketsandthatofthedevelopedmarketsreactdifferentlytothedetermining factorsornottheauthorshaveevaluatedthemodelsomuchjointlyforallmarketsasseparatelyfor thedevelopedandthenewlyemergingones.Inthecaseofclassificationofthesample,theresults havepermittedustodrawanimportantconclusionandtohavecognizancethatthevolatilityofthe exchangerateisstatisticallysignificantconcerningthenewlyemergingeconomiesatathresholdof 1%,whileitishardlyremarkableforthedevelopedcountries.Thismeansthatthisvariableprevents theAmericaninvestorsfrominvestingintheformercountries.Samely,forbothvariablesofjoint- varianceandsize. KEywoRDS CAPM (Capital Asset Pricing Model), Home Bias, International Diversification, Volatility of the Exchange Rate

The effect of corruption on carbon dioxide emissions and energy consumption in Tunisia

Purpose The purpose of this paper is to evaluate the impact of corruption on the environmental quality in Tunisia. Indeed, the post-revolution period is characterized by a remarkable increase in the rates of corruption. Design/methodology/approach The direct and indirect effects of control corruption on economic growth and CO2 emissions in Tunisia have been examined using the autoregressive distributed lag (ARDL) cointegration framework among corruption, growth and CO2 emissions. Findings Results substantiate a positive and significant relationship between control of corruption and economic growth, a negative and significant relationship between control of corruption and environmental quality (CO2) and a negative and significant relationship between control of corruption and energy consumption. The findings suggest that while the control of corruption contributes to economic growth, its positive effect could be transposed indirectly via its impacts on environmental quality. Originality/value A strategy against corruption will reduce CO2 emissions; however, its positive effect on economic growth indirectly contributes to reverse this relationship.

Exploring the Relationship Between Tourism Development, Energy Consumption and Carbon Emissions: A Case Study of Tunisia

Tourism is viewed increasingly as an essential sector to local, regional and national reconstruction and development for economies at various scales. However, its contribution on environmental quality degradation is more important. Indeed, any increase in the number of tourism requires amounts of growing energy, which increases CO2 emissions. The objective of this article is to empirically investigate the relationship between tourism development, energy consumption and carbon emissions in Tunisia over the period of 1974-2014.To recognize this relationship, a bonds test of co-integration, ARDL model and Granger Causality Tests have been employed. After having confirmed that the existence of co-integration relationship between energy consumption tourism demand and CO2 emission, the results indicate that tourism has a direct impact and statistically significant effect on the consumption of energy for the future of the Tunisian economy. The short-term results indicate bidirectional causality between energy consumption and emissions of CO2 and also between the consumption of energy and tourism, meanwhile the absence of any causal relationship between the emissions of CO2 and tourism. Tourism affects the quality of the environment indirectly through the consumption of energy. So, the protection measures in the tourism sector should be laid down in Tunisia. Sustainability in the tourism sector is one of the major axis of debate on tourism development integrated in the environment.

How to Choose a Nonparametric Frontier Model? Technical Efficiency of Turkish Banks Assessing Global

This article aims to address current gaps in the literature on banking efficiency using the data envelopment analysis (DEA) model. The study assesses the technical efficiency of the Turkish banking sector in the period spanning from 1990 to 2010 in-line with DEA model. In comparison with the DEA model, the CCR model (developed by Charnes, Cooper & Rhodes, European Journal of Operational Research, 1978, 2(6): 429–444) does not need model assumptions on input/output orientation. It also avoids the dilemma about the choice of input/output indicators. The comparison analysis of this study reveals that the CCR model yields more significant efficiency results than the BCC model (developed by Banker, Charnes & Cooper, Management Science, 1984, 30(9): 1078–1092). This study provides important contribution to the current empirical research on banking efficiency. The empirical results of the study reveal a steady increase in global efficiency of the Turkish banking sector over the past two decades. The future research could focus on the behavioural aspects of bank efficiency (e.g., managerial practices). The study also offers managerial implications.

Measuring Efficiency of Islamic and Conventional Banks in MENA Region

This study aims to measure the performance and efficiency of Islamic and conventional banks in the MENA region and its determinants. The authors use for this purpose the Data Envelopment Analysis (DEA) method and the analysis of the Stochastic Frontier Analysis (SFA) method for calculating the technical efficiency scores. The results reveal similar trends for both types of performance measurement. The banks category analysis revealed that conventional banks are more efficient than Islamic banks. Despite technological changes experienced by the banking system in the MENA region, the efficiency analysis shows that the technical inefficiency results from the pure technical inefficiency. Finally, the effectiveness of banks in the MENA region is sensitive to variables such as the crisis, deposits, capitalization and including especially variables related to business lines.

The Causes that Influence the Delay of Payment at Due Date Among ENDAI-A in Tunisia

This research studies the relevance of explanatory factors of the lack of reimbursement in microfinance conceived in the side of the socio-economic and demographic characteristics of micro-borrowers. In other words, the aim of this work is to identify the characteristics that are specific to micro-borrowers on the probability, so that an individual carries out a lack of reimbursement. To study the determinants of reimbursement rate of micro-borrowers, this paper is divided into three main parts. First of all, on the basis of the theoretical framework, we will particularly focus ourselves, on the explanatory factors of the lack of reimbursement in microfinance which are related to the particular characteristics of micro-borrowers, and we will try to formulate the fundamental assumptions of our research. Then, we will discuss our sample and our results of estimations in order to treat our fundamental question of research. At this level, we will try to empirically analyze the validity of the assumptions by the presentation and the analysis of the principal results, in order to identify the explanatory factors of the lack of reimbursement on the side of micro-borrowers.

Managerial Property, Strategic Resources and Diversification of Enterprises : Case of Tunisian Businesses Rated

The question of the relationship between shareholder structure and diversification of the enterprise has caused many debates. We propose to shed a particular light in applying this question in the context of companies listed on the BVMT, which have specific characteristics in terms of relations between shareholders and leaders. Our study focuses on 51 companies. We are studying the relations between character of the company level and type of diversification. Our results show that family businesses are more diverse than the non-family ones. In addition, we identify a negative relationship between the presence of an actionnarial block and level of diversification for the non-family businesses. In contrast, this relationship is not found for the family businesses. Our results allow as well to emphasize the special features of family businesses. However, our results also show that these features do not lead to a difference between family businesses and non-family businesses in terms of the choice of type of diversification (connected or not connected). This article aims to analyze the impact of the managerial property and strategic resources on diversification in the Tunisian companies listed on the stock exchange of movable values of Tunis (BVMT). The data have been collected from a sample of 51 Tunisian enterprises holding data on four successive years. The results obtained show the existence of an impact statistically significant of the managerial property on the strategy of diversification of the undertaking. These results have also shown that the non redeployable resources positively affect the connected diversification. Indexing terms/