Template-Type: ReDIF-Article 1.0 Author-Name: Elif Akben-Selcuk Author-Name-First: Elif Author-Name-Last: Akben-Selcuk Author-Email: elif.akben@khas.edu.tr Author-Workplace-Name: Kadir Has University Title: Does Firm Age Affect Profitability? Evidence from Turkey Abstract: The objective of this study is to investigate the impact of firm age on the profitability of Turkish firms listed on Borsa Istanbul. Using a dataset covering the years between 2005 and 2014 and consisting of 302 non-financial firms per year on the average, a fixed effects model with robust standard errors is estimated. Results reveal that there is a negative and convex relationship between firm age and profitability measured by return on assets, return on equity or gross profit margin. This suggests that younger firms start to see a decline in their profitability from the beginning but they may become profitable again at an old age. Implications are provided. Classification-JEL: L20, G30, C23 Keywords: Firm age, firm life cycle, financial performance, profitability, fixed effects model, emerging markets, Turkey Journal: International Journal of Economic Sciences Pages: 1-9 Volume: 5 Issue: 3 Year: 2016 Month: September File-URL: https://iises.net/international-journal-of-economic-sciences/publication-detail-719 File-URL: https://iises.net/international-journal-of-economic-sciences/publication-detail-719?download=1 Handle: RePEc:sek:jijoes:v:5:y:2016:i:3:p:1-9 Template-Type: ReDIF-Article 1.0 Author-Name: Patrick Mumbi Chileshe Author-Name-First: Patrick Mumbi Author-Name-Last: Chileshe Author-Email: pchileshe@boz.zm Author-Workplace-Name: Bank of Zambia, Author-Name: Olusegun Ayodele Akanbi Author-Name-First: Olusegun Ayodele Author-Name-Last: Akanbi Author-Email: akanboa@unisa.ac.za Author-Workplace-Name: University of South Africa Title: The effect of Bank competition on the effectiveness of the Interest Rate Channel of Monetary Policy Transmission Abstract: This study investigates the effect of bank competition on the interest rate pass-through in Zambia. Specifically, the study investigates whether lack of competition dampens the transmission of monetary policy changes to retail rates as well as its effects on the level of interest rates. The study developed a theoretical model based and tested it using dynamic panel data methods. Furthermore, the study used bank level data covering the period Q1 1998 to Q2 2015. The authors used two measures of bank competition namely HHI and Lerner Index The results from the study indicated that higher competition enhances the transmission of monetary policy changes to retail rates. In addition, results indicated that there is positive relationship between a measure of competition and lending rates charged by commercial banks. From a policy perspective, these results imply that there is need for more financial reforms aimed at enhancing competition in the banking sector in order to lower lending rates as well as enhancing monetary policy effectiveness. Classification-JEL: E43, G21, L22 Keywords: HHI, Boone Index, Lerner Index, Interest rate pass-through, monetary policy, Panel Data Journal: International Journal of Economic Sciences Pages: 10-32 Volume: 5 Issue: 3 Year: 2016 Month: September File-URL: https://iises.net/international-journal-of-economic-sciences/publication-detail-717 File-URL: https://iises.net/international-journal-of-economic-sciences/publication-detail-717?download=2 Handle: RePEc:sek:jijoes:v:5:y:2016:i:3:p:10-32 Template-Type: ReDIF-Article 1.0 Author-Name: Gloria Gheno Author-Name-First: Gloria Author-Name-Last: Gheno Author-Email: gloriagheno@libero.it Author-Workplace-Name: Ca'Foscari University of Venice and ECLT Title: Mediation in causal log-linear models Abstract: The analysis of the causality is important in many fields of research. To obtain the causal effects in a causal log-linear model I propose a theory, using the odds ratio and the concepts proposed by Pearl, whenever possible. I start calculating the effects in a simple mediation model where I analyze a new interaction effect, which I call cell. After I calculate the effects in a mediation model with two parallel mediators. If they are correlated, Pearl's theory cannot be used and no alternative theory has been proposed so far. To resolve this issue I present a new concept of causality. The mediation models are essential in the marketing, then to it, for a more complex analysis, I apply my causal theory. Classification-JEL: C30, C39, M31 Keywords: Causal effects, customer satisfaction, interaction, log-linear model, mediation, parallel mediators Journal: International Journal of Economic Sciences Pages: 33-49 Volume: 5 Issue: 3 Year: 2016 Month: September File-URL: https://iises.net/international-journal-of-economic-sciences/publication-detail-814 File-URL: https://iises.net/international-journal-of-economic-sciences/publication-detail-814?download=3 Handle: RePEc:sek:jijoes:v:5:y:2016:i:3:p:33-49 Template-Type: ReDIF-Article 1.0 Author-Name: Tomislava Pavic Kramaric Author-Name-First: Tomislava Author-Name-Last: Pavic Kramaric Author-Email: tpavic@oss.unist.hr Author-Workplace-Name: University of Split - University Department for Professional Studies Author-Name: Toni Milun Author-Name-First: Toni Author-Name-Last: Milun Author-Email: toni@tonimilun.com Author-Workplace-Name: Algebra University College Author-Name: Ivan Pavic Author-Name-First: Ivan Author-Name-Last: Pavic Author-Email: pavic@efst.hr Author-Workplace-Name: University of Split - Faculty of Economics Title: Does gender diversity in the boardroom influence Tobin?s Q of Croatian listed firms? Abstract: Gender diversity has attracted attention of scientists and practitioners of different fields. Despite the efforts and progress that has been made towards achieving gender equality in the workplace this has remained the weak point especially in the context of management and supervisory board positions. Therefore, the authors wanted to investigate whether this is true for Croatian listed companies. The hypotheses that women in leading positions has a positive impact on performance Croatian listed companies is tested using Tobin?s Q indicator for the year 2014 whereas explanatory variables comprise different corporate governance variables such as Shannon index, Blau index, gender of the president of the management and supervisory board, share of women etc. The analysis is performed by using different empirical research methods including linear regression. The main findings are that women acting as the presidents of the management board positively influence performance. Moreover, having more women in the management board also has beneficial effects on financial success of the firm. Classification-JEL: G30, J10, L25 Keywords: Corporate Finance, Corporate Governance, Firm Profit, Gender, Inequality Journal: International Journal of Economic Sciences Pages: 50-65 Volume: 5 Issue: 3 Year: 2016 Month: September File-URL: https://iises.net/international-journal-of-economic-sciences/publication-detail-789 File-URL: https://iises.net/international-journal-of-economic-sciences/publication-detail-789?download=4 Handle: RePEc:sek:jijoes:v:5:y:2016:i:3:p:50-65