Sunday, December 29, 2019

The New South Wales Taxi Industry - 1964 Words

As the age of the ‘sharing economy’ becomes increasingly pervasive, many rigid and well-established public markets are being threatened by innovative development in the provision of goods and services. The New South Wales taxi industry is as such, a resilient industry that has until now effectively served the unique needs of a wide scope of consumers. The rise of app-based ridesharing as a means of transport has consequently put significant strain on the monopolistic taxi market, leading to calls for policy reform and a deregulation of the heavily enforced barriers to entry that have thus far prevented the industry from effectively allocating its resources to benefit both producer and consumer. The advantages of allowing free competition, as evident in several global cities, are numerous and include cost savings, price reduction, product differentiation and improvement in quality of service. Being one of the state’s most important public service industries and a key segment of its public transport system, the New South Wales taxi industry provides a valuable service to consumers with varying transport needs not met by other forms of travel. The industry has been operating since 1906 and possesses one of the largest fleets in the southern hemisphere (NSW Taxi Council, 2014). Whilst classified as a public transport system, the industry is not government subsidised and relies heavily on private investment. It is, however, co-regulated by the government and the NSW TaxiShow MoreRelatedEssay about The Taxi Industry in New South Wales618 Words   |  3 PagesThe Taxi Industry in New South Wales has been one that has involved very little competition within its market, allowing prices for its services to be quite high. Now, however with the advancing technology, the rise of App-based taxi or Ride Sharing services such as Uber threaten to provide substitutes to customers increasing competition in the Taxi Industry. The NSW Taxi Industry is somewhat run by the NSW Government (Abelson). There are three major companies, that as (Abelson) states, ‘ControlRead MoreHow Sustainable Development Urban Areas Is Wicked Problems For Modern Share Economy Businesses Such As Uber And Dropbox1070 Words   |  5 Pagesefficiently through P2P networks and by providing cheaper and more personalised experiences for customers, Uber drivers and Airbnb landlords. Although the large growth of share economy businesses within the urban space can be beneficial by providing new opportunities for a range of stakeholders, there are several challenges and complexities including the ones faced by regulatory authorities. Stakeholders are essential to any business and often include the business owners/investors, consumers, employeesRead MoreDear Journal- Personal Narrative Essay1529 Words   |  7 Pagesremember from geography class. But after a while I decided to turn east from the mountains and head for a gander of Sydney. I first flew over the Sydney Opera House, which is in the Central Business District of Sydney, in Sydney Cove. Just south of the opera house is the Royal Botanical Gardens, which did start off as a natural preservation, but now is under the guidance of the city of Sydney, and maintained in order for the tourist population. As I continued to the coast of Read MoreMarketing Management UBER Analysis4199 Words   |  17 Pagesafter they and their cars have been screened by Uber to ensure comfort and safety of customers, Drivers are also given an iPhone once they have become a member of Uber. Uber drivers have higher income compared to traditional taxi drivers also they do not have to pay for the taxi license and the taxes that black cab driver are obligated to pay. On the consumer side, after downloading Uber, they can track the car as it approaches them on their as well as having some information about their driver beforeRead MoreRed Bull Integrated Marketing Campaign Essays2752 Words   |  12 Pagesmarketing campaign and concludes that it would be an ideal candidate to meet the challenge presented by the market and could satisfy the new consumer demand since it uses specifically targeted advertising, integrated and highly interactive social media awareness strategy and public relations initiatives, to our target demographic of 18 to 25 year olds living in New South Wales. It is recommended: That to ensure a successful reposition and launch of the brand, Redbull energy drinks take immediate measuresRead MoreBritish Culture11529 Words   |  47 PagesCrown dependencies: - the Channel Islands - the Isle of Man Britain consists of 4 separate nations: - England - Scotland - Wales - Ireland Names of flags: - St George’s Cross - St Andrew’s Cross - Dragon of Cadwallader - St Patrick’s Cross At one time the four nations were distinct from each other in almost every aspect of life. - People in Ireland, Wales and highland Scotland belonged to the Celtic race - People in England and lowland Scotland were mainly of Germanic origin LanguagesRead MoreHistorical Developments - Engineering1837 Words   |  8 PagesShanghai, China, in 2002, using the train developed by German company Transrapid International. Traveling at an average speed of 267 mph (430 kmh), the 19 mile (30 km) journey takes less than 10 minutes on the maglev train as opposed to an hour-long taxi ride. The world record rail speed was recorded with a Japanese maglev train exceeding 580kph. ERS system ERS system Maglev is short for magnetic levitation, which means that these trains will float over a guideway using the basic principles ofRead MoreUnited National Environment Program Environment For Development ( Unep )2210 Words   |  9 Pagesof international tourism has led to significant employment creation. For example, the hotel accommodation sector alone provided around 11.3 million jobs worldwide in 1995. Tourism can generate jobs directly through hotels, restaurants, nightclubs, taxis, and souvenir sales, and indirectly through the supply of goods and services needed by tourism-related businesses. According to the WTO, tourism supports some 7% of the world s workers. Stimulation of infrastructure investment Tourism can induce theRead MoreWalmart China12415 Words   |  50 PagesHKU984 ALI FARHOOMAND WAL-MART IN CHINA (2012) Introduction Summer was making its picture-perfect debut in New South Wales that day in October 2011, but Mr Greg Foran hardly noticed. Newly hired away from his role as head of Australia’s leading supermarket chain, Woolworth’s Supermarket Division, he was set to work as a senior vice president at Wal-Mart International, the fastest growing division of the world’s largest retailer, Wal-Mart Corporation. However, what exactly he would be doingRead MoreStrategic Management Ikea Case Study6700 Words   |  27 Pages(Cripps, 2012; BBC News, 2012). IKEA is now the most popular furniture store in the UK, and has achieved phenomenal growth throughout the European continent – it is estimated that 1 in 10 Europeans are now conceived in an IKEA bed (Rohrer, 2005). In this case study, IKEA’s business level strategy in the UK market will be described and evaluated. A business level strategy refers to how a company intends to compete and sustain competitive advantage over its rivals in an industry, whilst a corporate

Saturday, December 21, 2019

Education And Income Inequality New Evidence From Cross...

J.D Gregorio and J. Lee published â€Å"Education and Income Inequality: New Evidence from Cross-Country Data† in the early 2000s (Gregorio Lee, 2002). This paper looks at empirical evidence on how educational factors, like higher educational attainment and equal distribution of education, play a significant role in income distribution. The authors Gregorio and Lee state that many other literature pieces emphasize education as one of the major factors affecting the degree of income inequality (Gregorio Lee, 2002). Gregorio and Lee hypothesize that educational attainment level is important in making income distribution more equal (Gregorio and Lee, 2002). Similarly, the authors Jorn Rattsà ¸ and Hildegunn Stokke published â€Å"Regional Convergence of Income and Education: Investigation of Distribution Dynamics† (Rattsà ¸ Stokke, 2014). This study looks to challenge the suggested relationship between income inequality and education. This was done with data from Norw ay in comparison to recent United States studies. Education levels are equalised across the two counties used in the dataset. The authors Rattsà ¸ and Stokke hypothesize that there is a relationship between the convergence of income distribution and educational level of attainment (Rattsà ¸ Stokke, 2012). In 1989 Jandhyala Tilak hypothesized that education may raise the overall level of income and that it may change the dispersion of income among groups of people in the journal titled â€Å"Rates of Return to Education andShow MoreRelatedSocial Class As A Way That Constrains Someone s Life Chances And Opportunities For Social Mobility1395 Words   |  6 Pages America is a country that has been founded on the myth of equality and opportunity. The â€Å"Horatio Alger† myth, which states that people who work hard will survive and thrive in America, has passed away to the notion of generational privilege (Alger, 1910). Economic inequality absolutely exists in America today, and the social class into which an individual is born affects their life chances and opportunities for social mobility to a stunning and upsetting degree. In this essay, I will argue thatRead MoreChildhood Obesity Is Becoming A Major Public Health Problem1367 Words   |  6 Pagessaid to be overweight was over 42 million with 31 million of them living in developing countries. (WHO, 2015), and if not properly handled, could lead to serious health problems like cardiovascular disease. (Owen et al., 2009). Childhood Obesity is becoming a major public health problem and if not properly talked could lead to serious case of morbidity and in extreme cases mortality. There is a growing evidence of the impact of childhood obesity in the long run into adulthood, it could lead to longRead MoreHow Income Inequality Affects The Health Of The American Workforce1588 Words   |  7 Pageswere currently low income and receiving some welfare assistance. Of the 336 mothers interviewed, Forty-two percent reported a story of family welfare involvement (Fusco, 2015). The forty-two percent that had a childhood history of welfare involvement were more likely to have depression and anxiety than those who were not raised in a low-income family, who relied on some form of government assistance (Fusco, 2015). In the article, Squeezing Blood From a Stone: How Income Inequality Affects the HealthRead MoreWays in Which Zimbabwe Has Tried to Address Gender Inequalities.1682 Words   |  7 Pages Question : a) Discuss four ways in which the education system in your country constructs the gender inequalities. [12] b) Suggest four ways in which the education system in your country can be made gender responsive. [8] a) It has become apparent that since time immemorial the girl child has been socialized to believe that she is inferior in some way or another to her male counterpart. This has been showcased in areas such as education, culture and religion. This form of discriminationRead MoreThe Undeserving and Deserving Poor Structure1065 Words   |  5 Pagescontinuum of inequality, or whether a defined underclass does exist. The question asks if poor people belong in a separate underclass, which is a vague definition. There will always be poor people, but whether or not this automatically qualifies them as a separate underclass is tenuous at best. Even the most radical proponents for the existence of the underclass stop short of declaring all those below the poverty line as the underclass. This essay will analyse the arguments from either sideRead MoreThe Impact Of Income Inequality On Economic Growth2256 Words   |  10 Pages LITERATURE REVIEW The impact of Income Inequality on Economic Growth: A Case study on Nigeria Student Number: P14173106 Supervisor: Helen Solomon Module Leader: Helen Solomon Date: 26th November 2016 Word Count: 1.0 Introduction According to Adam Smith (1776) in his book the wealth of nations, â€Å"no society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable†. Economic growth and income inequality are central inter related facets thatRead MoreCWF As An Equitable And Effective Public Health Case Study1375 Words   |  6 Pagesvarious methods of determining oral health in different socio-economic in fluoridated and non-fluoridated regions. Armfield (2005) screened available data collected during routine examinations. Armfield`s focused on 5-6 and 11-12 year old. Caries amongst 5-6 years old socioeconomically underprivileged children from non-fluoridated areas exceeded those from fluoridated regions by 47%. On the other hand, difference in 11-12 years old was immaterial. Recent Korean research compared level of caries in 11-years-oldRead MoreGlobalization And Its Impact On Globalization2171 Words   |  9 Pagesas an instrument for modernisation as well as a mortal risk and threat. In addition, the term globalisation has a wide range of definitions while the most pertinent definition from the World Health Organisation (ref) express that â€Å"Globalization, to the increased interconnectedness and interdependence of people and countries, is generally understood to include two interrelated elements: the opening of borders to increasingly fast flows of goods, services, finance, people and ideas across internationalRead MorePoverty in Thailand12606 Words   |  51 PagesGROWTH, AND INEQUALITY IN THAILAND Anil B. Deolalikar April 2002 Anil Deolalikar is Professor of Economics and of International Studies at the University of Washington. This paper stems from RETA 5923: Pro-poor Growth and Institutional Constraints to Poverty Reduction in DMCs. The views expressed in the paper are those of the author and do not necessarily reflect the view or policies of the Asian Development Bank. 21 ERD Working Paper No. 8 POVERTY, GROWTH, AND INEQUALITY IN THAILAND Read MoreCountry Partnership Framework Sri Lanka Essay1487 Words   |  6 PagesCountry Partnership Framework – Sri Lanka Review Sri Lanka will soon celebrate its 69th Independence Day on 04th February 2017. Although it gained its independence from the British Rule in 1948, many significant events since, have impacted the country’s growth and economic development. Notably the rise of Tamil militancy in the 1970s that only ended with the Sri Lankan military defeating the LTTE in 2009, the new constitution that was introduced as recently as 1977, the continued civic unrest even

Friday, December 13, 2019

The Financial System of Bangladesh Free Essays

string(73) " set by the BB’s Investment Committee headed by a Deputy Governor\." Overview of Financial system of Bangladesh The financial system of Bangladesh is comprised of three broad fragmented sectors: 1. Formal Sector, 2. Semi-Formal Sector, 3. We will write a custom essay sample on The Financial System of Bangladesh or any similar topic only for you Order Now Informal Sector. The sectors have been categorized in accordance with their degree of regulation. The formal sector includes all regulated institutions like Banks, Non-Bank Financial Institutions (FIs), Insurance Companies, Capital Market Intermediaries like Brokerage Houses, Merchant Banks etc. ; Micro Finance Institutions (MFIs). The semi formal sector includes those institutions which are regulated otherwise but do not fall under the jurisdiction of Central Bank, Insurance Authority, Securities and Exchange Commission or any other enacted financial regulator. This sector is mainly represented by Specialized Financial Institutions like House Building Finance Corporation (HBFC), Palli Karma Sahayak Foundation (PKSF), Samabay Bank, Grameen Bank etc. , Non Governmental Organizations (NGOs and discrete government programs. About financial Market The financial market in Bangladesh is mainly of following types: 1. Money Market: The primary money market is comprised of banks, FIs and primary dealers as intermediaries and savings lending instruments, treasury bills as instruments. There are currently 15 primary dealers (12 banks and 3 FIs) in Bangladesh. The only active secondary market is overnight call money market which is participated by the scheduled banks and FIs. The money market in Bangladesh is regulated by Bangladesh Bank (BB), the Central Bank of Bangladesh. . Capital market: The primary segment of capital market is operated through private and public offering of equity and bond instruments. The secondary segment of capital market is institutionalized by two (02) stock exchanges-Dhaka Stock Exchange and Chittagong Stock Exchange. The instruments in these exchanges are equity securities (shares), debentures, corporate bonds and treasury bonds. The capital market in Bangladesh is governed by Securities and Commission ( SEC). 3. Foreign Exchange Market: Towards liberalization of foreign exchange transactions, a number of measures were adopted since 1990s. Bangladeshi currency, the taka, was declared convertible on current account transactions (as on 24 March 1994), in terms of Article VIII of IMF Article of Agreement (1994). As Taka is not convertible in capital account, resident owned capital is not freely transferable abroad. Repatriation of profits or disinvestment proceeds on non-resident FDI and portfolio investment inflows are permitted freely. Direct investments of non-residents in the industrial sector and portfolio investments of non-residents through stock exchanges are repatriable abroad, as also are capital gains and profits/dividends thereon. Investment abroad of resident-owned capital is subject to prior Bangladesh Bank approval, which is allowed only sparingly. Bangladesh adopted Floating Exchange Rate regime since 31 May 2003. Under the regime, BB does not interfere in the determination of exchange rate, but operates the monetary policy prudently for minimizing extreme swings in exchange rate to avoid adverse repercussion on the domestic economy. The exchange rate is being determined in the market on the basis of market demand and supply forces of the respective currencies. In the forex market banks are free to buy and sale foreign currency in the spot and also in the forward markets. However, to avoid any unusual volatility in the exchange rate, Bangladesh Bank, the regulator of foreign exchange market remains vigilant over the developments in the foreign exchange market and intervenes by buying and selling foreign currencies whenever it deems necessary to maintain stability in the foreign exchange market. Regulators of the Financial System Central Bank Bangladesh Bank acts as the Central Bank of Bangladesh which was established on December 16, 1972 through the enactment of Bangladesh Bank Order 1972- President’s Order No. 127 of 1972 (Amended in 2003). The general superintendence and direction of the affairs and business of BB have been entrusted to a 9 members’ Board of Directors which is headed by the Governor who is the Chief Executive Officer of this institution as well. BB has 40 departments and 9 branch offices. In Strategic Plan (2010-2014), the vision of BB has been stated as, â€Å"To develop continually as a forward looking central bank with competent and committed professionals of high ethical standards, conducting monetary management and financial sector supervision to maintain price stability and financial system robustness, supporting rapid broad based inclusive economic growth, employment generation and poverty eradication in Bangladesh†. The main functions of BB are (Section 7A of BB Order, 1972) – 1. to formulate and implement monetary policy; 2. o formulate and implement intervention policies in the foreign exchange market; 3. to give advice to the Government on the interaction of monetary policy with fiscal and exchange rate policy, on the impact of various policy measures on the economy and to propose legislative measures it considers necessary or appropriate to attain its objectives and perform its functions; 4. to hold and manage the official foreign reserves of Bangladesh; 5. to promote, regulate and ensure a secure and efficient payment system, including the issue of bank notes; 6. o regulate and supervise banking companies and financial institutions. Core Policies of Central Bank Monetary policy The main objectives of monetary policy of Bangladesh Bank are: †¢Price stability both internal external †¢Sustainable growth development †¢High employment †¢Economic and efficient use of resources †¢Stability of financial payment system Bangladesh Bank declares the monetary policy by issuing Monetary Policy Statement (MPS) twice (January and July) in a year. The tools and instruments for implementation of monetary policy in Bangladesh are Bank Rate, Open Market Operations (OMO), Repurchase agreements (Repo) Reverse Repo, Statutory Reserve Requirements (SLR CRR). Reserve Management Strategy Bangladesh Bank maintains the foreign exchange reserve of the country in different currencies to minimize the risk emerging from widespread fluctuation in exchange rate of major currencies and very irregular movement in interest rates in the global money market. BB has established Nostro account arrangements with different Central Banks. Funds accumulated in these accounts are invested in Treasury bills, repos and other government papers in the respective currencies. It also makes investment in the form of short term deposits with different high rated and reputed commercial banks and purchase of high rated sovereign/supranational/corporate bonds. A separate department of BB performs the operational functions regarding investment which is guided by investment policy set by the BB’s Investment Committee headed by a Deputy Governor. You read "The Financial System of Bangladesh" in category "Essay examples" The underlying principle of the investment policy is to ensure the optimum return on investment with minimum market risk. Interest Rate Policy Under the Financial sector reform program, a flexible interest policy was formulated. According to that, banks are free to charge/fix their deposit (Bank /Financial Institutes) and Lending (Bank /Financial Institutes) rates other than Export Credit. At present, except Pre-shipment export credit and agricultural lending, there is no interest rate cap on lending for banks. Yet, banks can differentiate interest rate up to 3% considering comparative risk elements involved among borrowers in same lending category. With progressive deregulation of interest rates, banks have been advised to announce the mid-rate of the limit (if any) for different sectors and the banks may change interest 1. 5% more or less than the announced mid-rate on the basis of the comparative credit risk. Banks upload their deposit and lending interest rate in their respective website. Capital Adequacy for Banks and FIs With a view to strengthening the capital base of banks FIs, Basel-II Accord has been introduced in both of these sectors. For banks, full implementation of Basel-II was started in January 01, 2010 (Guidelines on Risk Based Capital Adequacy for banks). Now, scheduled banks in Bangladesh are required to maintain Tk. 4 billion or 10% of Total Risk Weighted Assets as capital, whichever is higher. For FIs, full implementation of Basel-II has been started in January 01, 2012 (Prudential Guidelines on Capital Adequacy and Market Discipline (CAMD) for Financial Institutions). Now, FIs in Bangladesh are required to maintain Tk. 1 billion or 10% of Total Risk Weighted Assets as capital, whichever is higher. Deposit Insurance The deposit insurance scheme (DIS) was introduced in Bangladesh in August 1984 to act as a safety net for the depositors. All the scheduled banks Bangladesh are the member of this scheme Bank Deposit Insurance Act 2000. The purpose of DIS is to help to increase market discipline, reduce moral hazard in the financial sector and provide safety nets at the minimum cost to the public in the event of bank failure. A Deposit Insurance Trust Fund (DITF) has also been created for providing limited protection (not exceeding Taka 0. 01 million) to a small depositor in case of winding up of any bank. The Board of Directors of BB is the Trustee Board for the DITF. BB has adopted a system of risk based deposit insurance premium rates applicable for all scheduled banks effective from January – June 2007. According to new instruction regarding premium rates, problem banks are required to pay 0. 09 percent and private banks other than the problem banks and state owned commercial banks are required to pay 0. 7 percent where the percent coverage of the deposits is taka one hundred thousand per depositor per bank. With this end in view, BB has already advised the banks for bringing DIS into the notice of the public through displaying the same in their display board. Insurance Authority Insurance Development and Regulatory Authority (IDRA) was instituted on January 26, 2011 as the regulator of insuran ce industry being empowered by Insurance Development and Regulatory Act, 2010 by replacing its predecessor, Chief Controller of Insurance. This institution is operated under Ministry of Finance and a 4 member executive body headed by Chairman is responsible for its general supervision and direction of business. IDRA has been established to make the insurance industry as the premier financial service provider in the country by structuring on an efficient corporate environment, by securing embryonic aspiration of society and by penetrating deep into all segments for high economic growth. The mission of IDRA is to protect the interest of the policy holders and other stakeholders under insurance policy, supervise and regulate the insurance industry effectively, ensure orderly and systematic growth of the insurance industry and for matters connected therewith or incidental thereto. Regulator of Capital Market Intermediaries Securities and Exchange Commission (SEC) performs the functions to regulate the capital market intermediaries and issuance of capital and financial instruments by public limited companies. It was established on June 8, 1993 under the Securities and Exchange Commission Act, 1993. A 5 member commission headed by a Chairman has the overall responsibility to administer securities legislation and the Commission is attached to the Ministry of Finance. The mission of SEC is to protect the interests of securities investors, to develop and maintain fair, transparent and efficient securities markets and to ensure proper issuance of securities and compliance with securities laws. The main functions of SEC are: †¢Regulating the business of the Stock Exchanges or any other securities market. Registering and regulating the business of stock-brokers, sub-brokers, share transfer agents, merchant bankers and managers of issues, trustee of trust deeds, registrar of an issue, underwriters, portfolio managers, investment advisers and other intermediaries in the securities market. †¢Registering, monitoring and regulating of collective investment scheme including all forms of mutu al funds. †¢Monitoring and regulating all authorized self regulatory organizations in the securities market. †¢Prohibiting fraudulent and unfair trade practices in any securities market. Promoting investors’ education and providing training for intermediaries of the securities market. †¢Prohibiting insider trading in securities. †¢Regulating the substantial acquisition of shares and take-over of companies. †¢Undertaking investigation and inspection, inquiries and audit of any issuer or dealer of securities, the Stock Exchanges and intermediaries and any self regulatory organization in the securities market. †¢Conducting research and publishing information. Regulator of Micro Finance Institutions To bring Non-government Microfinance Institutions (NGO-MFIs) under a regulatory framework, the Government of Bangladesh enacted â€Å"Microcredit Regulatory Authority Act, 2006’† (Act no. 32 of 2006) which came into effect from August 27, 2006. Under this Act, the Government established Microcredit Regulatory Authority (MRA) with a view to ensuring transparency and accountability of microcredit activities of the NGO-MFIs in the country. The Authority is empowered and responsible to implement the said act and to bring the microcredit sector of the country under a full-fledged regulatory framework. MRA’s mission is to ensure transparency and accountability of microfinance operations of NGO-MFIs as well as foster sustainable growth of this sector. In order to achieve its mission, MRA has set itself the task to attain the following goals: †¢To formulate as well as implement the policies to ensure good governance and transparent financial systems of MFIs. †¢To conduct in-depth research on critical microfinance issues and provide policy inputs to the government consistent with the national strategy for poverty eradication. To provide training of NGO-MFIs and linking them with the broader financial market to facilitate sustainable resources and efficient management. †¢To assist the government to build up an inclusive financial market for economic development of the country. †¢To identify the priorities in the microfinance sector for policy guidance and dissemination of information to attain the MRA’s social responsibility. According to the Act, the MRA will be responsible for the three primary functions that will need to be carried out, namely: †¢Licensing of MFIs with explicit legal powers; Supervision of MFIs to ensure that they continue to comply with the licensing requirements; and †¢Enforcement of sanctions in the event of any MFI failing to meet the licensing and ongoing supervisory requirements. Banks After the independence, banking industry in Bangladesh started its journey with 6 Nationalized commercialized banks, 2 State owned Specialized banks and 3 Foreign Banks. In the 1980’s banking industry achieved significant expansion with the entrance of private banks. Now, banks in Bangladesh are primarily of two types: †¢Scheduled Banks: The banks which get license to operate under Bank Company Act, 1991 (Amended in 2003) are termed as Scheduled Banks. †¢Non-Scheduled Banks: The banks which are established for special and definite objective and operate under the acts that are enacted for meeting up those objectives, are termed as Non-Scheduled Banks. These banks cannot perform all functions of scheduled banks. There are 47 scheduled banks in Bangladesh who operate under full control and supervision f Bangladesh Bank which is empowered to do so through Bangladesh Bank Order, 1972 and Bank Company Act, 1991. Scheduled Banks are classified into following types: †¢State Owned Commercial Banks (SOCBs): There are 4 SOCBs which are fully or majorly owned by the Government of Bangladesh. Nationalized Commercial Bank of Bangladesh: †¢Sonali Bank †¢Agrani Bank †¢Rupali Bank †¢Janata Bank †¢ †¢Specialized Banks ( SDBs): 9 specialized banks are now operating which were established for specific objectives like agricultural or industrial development. These banks are also fully or majorly owned by the Government of Bangladesh. . Karmasangsthan Bank 2. Bangladesh Krishi Bank 3. Rajshahi Krishi Unnayan Bank 4. Progoti Co-operative Landmortgage Bank Limited (Progoti BanK) 5. Grameen Bank 6. Bangladesh Development Bank Ltd 7. Bangladesh Somobay Bank Limited(Cooperative Bank) 8. Ansar VDP Unnyan Bank 9. BASIC Bank Limited (Bangladesh Small Industries and Commerce Bank Limited †¢ †¢Private Commercial Banks (PCBs): There are 37 private commercial banks which are majorly owned by the private entities. PCBs can be categorized into two groups: 1. United Commercial Bank Limited 2. Mutual Trust Bank Limited 3. BRAC Bank Limited . Eastern Bank Limited 5. Dutch-Bangla Bank Limited 6. Dhaka Bank Limited 7. Islami Bank Bangladesh Ltd 8. Uttara Bank Limited 9. Pubali Bank Limited 10. IFIC Bank Limited 11. National Bank Limited 12. The City Bank Limited 13. NCC Bank Limited 14. Mercantile Bank Limited 15. Prime Bank Limited 16. Southeast Bank Limited 17. Al-Arafah Islami Bank Limited 18. Social Islami Bank Limited 19. Standard Bank Limited 20. One Bank Limited 21. Exim Bank Limited 22. Bangladesh Commerce Bank Limited 23. First Security Islami Bank Limited 24. The Premier Bank Limited 25. Bank Asia Limited 26. Trust Bank Limited 27. Shahjalal Islami Bank Limited 28. Jamuna Bank Limited 29. ICB Islamic Bank 30. AB Bank 31. Social Investment Bank Ltd 32. Union Bank 33. Modhumati Bank 34. The Farmers’ Bank 35. Midland Bank 36. Meghna Bank 37. South Bangla Agriculture and Commerce Bank †¢Conventional PCBs: 23 conventional PCBs are now operating in the industry. They perform the banking functions in conventional fashion interest based operations. †¢Islami Shariah based PCBs: There are 7 Islami Shariah based PCBs in Bangladesh and they execute banking activities according to Islami Shariah based principles i. . Profit-Loss Sharing (PLS) mode. . †¢Foreign Commercial Banks (FCBs): 10 FCBs are operating in Bangladesh as the branches of the banks which are incorporated in abroad. 10 foreign commercial banks are operating in Bangladesh. These are – 1. Citibank 2. HSBC 3. Standard Chartered Bank 4. Commercial Bank of Ceylon 5. State Bank of India 6. Habib Bank Limited 7. N ational Bank of Pakistan 8. Woori Bank 9. Bank Alfalah 10. ICICI Bank There are now 4 non-scheduled banks in Bangladesh which are: †¢Ansar VDP Unnayan Bank, †¢Karmashangosthan Bank, †¢Probashi Kollyan Bank, †¢Jubilee Bank FIs Non Bank Financial Institutions (FIs) are those types of financial institutions which are regulated under Financial Institution Act, 1993 and controlled by Bangladesh Bank. Now, 31 FIs are operating in Bangladesh while the maiden one was established in 1981. Out of the total, 2 is fully government owned, 1 is the subsidiary of a SOCB, 13 were initiated by private domestic initiative and 15 were initiated by joint venture initiative. Major sources of funds of FIs are Term Deposit (at least six months tenure), Credit Facility from Banks and other FIs, Call Money as well as Bond and Securitization. The major difference between banks and FIs are as follows: †¢FIs cannot issue cheques, pay-orders or demand drafts. †¢FIs cannot receive demand deposits, †¢FIs cannot be involved in foreign exchange financing, †¢FIs can conduct their business operations with diversified financing modes like syndicated financing, bridge financing, lease financing, securitization instruments, private placement of equity etc. Capital market After the independence, establishment of Dhaka Stock Exchange (formerly East Pakistan Stock Exchange) initiated the pathway of capital market intermediaries in Bangladesh. In 1976, formation of Investment Corporation of Bangladesh opened the door of professional portfolio management in institutional form. In last two decades, capital market witnessed number of institutional and regulatory advancements which has resulted diversified capital market intermediaries. At present, capital market intermediaries are of following types: 1. Stock Exchanges: Apart from Dhaka Stock Exchange, there is another stock exchange in Bangladesh that is Chittagong Stock Exchange established in 1995. 2. Central Depository: The only depository system for the transaction and settlement of financial securities, Central Depository Bangladesh Ltd (CDBL) was formed in 2000 which conducts its operations under Depositories Act 1999, Depositories Regulations 2000, Depository (User) Regulations 2003, and the CDBL by-laws. 3. Stock Dealer/Sock Broker: Under SEC (Stock Dealer, Stock Broker Authorized Representative) Rules 2000, these entities are licensed and they are bound to be a member of any of the two stock exchanges. At present, DSE and CSE have 238 and 136 members respectively. . Merchant Banker Portfolio Manager: These institutions are licensed to operate under SEC (Merchant Banker Portfolio Manager Rules) 1996 and 45 institutions have been licensed by SEC under this rules so far. 5. Asset Management Companies (AMCs): AMCs are authorized to act as issue and portfolio manager of the mutual funds which are issued under SEC (Mutual Fund) Rules 2001. There are 15 AMCs in Bangladesh at pr esent. 6. Credit Rating Companies (CRCs): CRCs in Bangladesh are licensed under Credit Rating Companies Rules, 1996 and now, 5 CRCs have been accredited by SEC. 7. Trustees/Custodians: According to rules, all asset backed securitizations and mutual funds must have an accredited trusty and security custodian. For that purpose, SEC has licensed 9 institutions as Trustees and 9 institutions as custodians. 8. Investment Corporation of Bangladesh (ICB): ICB is a specialized capital market intermediary which was established in 1976 through the ordainment of The Investment Corporation of Bangladesh Ordinance 1976. This ordinance has empowered ICB to perform all types of capital market intermediation that fall under jurisdiction of SEC. ICB has three subsidiaries: 8. 1. ICB Capital Management Ltd. , 8. 2. ICB Asset Management Company Ltd. , 8. 3. ICB Securities Trading Company Ltd. Insurance Insurance sector in Bangladesh emerged after independence with 2 nationalized insurance companies- 1 Life 1 General; and 1 foreign insurance company. In mid 80s, private sector insurance companies started to enter in the industry and it got expanded. Now days, 62 companies are operating under Insurance Act 2010. Out of them- †¢18 are Life Insurance Companies including 1 foreign company and 1 is state-owned company, †¢44 General Insurance Companies including 1 state-owned company. Insurance companies in Bangladesh provide following services: 1. Life insurance, 2. General Insurance, 3. Reinsurance, 4. Micro-insurance, 5. Takaful or Islami insurance. Micro Finance Institutions (MFIs) The member-based Microfinance Institutions (MFIs) constitute a rapidly growing segment of the Rural Financial Market (RFM) in Bangladesh. Microcredit programs (MCP) in Bangladesh are implemented by various formal financial institutions (nationalized commercial banks and specialized banks), specialized government organizations and Non-Government Organizations (NGOs). The growth in the MFI sector, in terms of the number of MFI as well as total membership, was phenomenal during the 1990s and continues till today. Despite the fact that more than a thousand of institutions are operating microcredit programs, but only 10 large Microcredit Institutions (MFIs) and Grameen Bank represent 87% of total savings of the sector and 81% of total outstanding loan of the sector. Through the financial services of microcredit, the poor people are engaging themselves in various income generating activities and around 30 million poor people are directly benefited from microcredit programs. Credit services of this sector can be categorized into six broad groups: i) general microcredit for small-scale self employment based activities, ii) microenterprise loans, iii) loans for ultra poor, iv) agricultural loans, v) seasonal loans, and vi) loans for disaster management. Currently, 599 institutions (as of October 10 2011) have been licensed by MRA to operate Micro Credit Programs. But, Grameen Bank is out of the jurisdiction of MRA as it is operated under a distinct legislation- Grameen Bank Ordinance, 1983. Recent Developments in Financial Sector of Bangladesh Automation and Technological Development: Banking sector experienced remarkable progress in respect of automation in functioning in last several years. For the pro-active and forward-visioning approach of Bangladesh Bank, numbers of automation initiatives have been implemented in banking sector. These initiatives include: †¢To create a disciplined environment for borrowing, the automated Credit Information Bureau (CIB) service provides credit related information for prospective and existing borrowers. With this improved and efficient system, risk management will be more effective. Banks and financial institutions may furnish credit information to CIB database 24 by 7 around the year; and they can access credit reports from CIB online instantly. †¢L/C Monitoring System has been introduced for preservation and using the all necessary information regarding L/C by the banks through BB website. This system allows the authorized users of banks to upload and download their L/C information. †¢ In terms of article 36(3) of Bangladesh Bank Order, 1972, all scheduled banks are subject to submit Weekly Statement of Position as at the close of business on every Thursday to the Department of Off-site Supervision. This statement now is submitted through on-line using the web upload service of BB website within o3 (three) working days after the reporting date which is much more time and labor efficient that the earlier manual system. †¢The e-Returns service has been introduced which is An Online Portal Service for Scheduled Banks to submit Electronic Returns using predefined template for the purpose of Macro Economy Analysis through related BB Departments. †¢Online Export Monitoring System is used for monitoring export of Bangladesh. Through this service, Banks and AD Branches of Banks issue reports export report. Bangladesh Automated Clearing House (BACH) started to work by replacing the ancient manual clearing system which allows the inter-bank cheques and similar type instruments to be to settled in instant manner. †¢Electronic Fund Transfer (EFT) has been introduced which facilitates the banks to make bulk payments instantly and using least paper and manpower. †¢The ini tiation of Mobile Banking has been one of the most noteworthy advancement in banking. Through this system, franchises of banks through mobile operators can provide banking service to even the remotest corner of the country. Almost every commercial bank is now using their own core banking solution which has made banking very faster and efficient. Usage of plastic money has much more increased in daily life transactions. Full or partial online banking is now being practiced by almost every bank. Inauguration of internet trading in both of the bourses (DSE CSE) in the country is the most significant advancement for capital market in last several years. Micro Finance Institutions submit their reports to the regulator through the Online Report Submission Tools for MFIs. Institutional Development: Through the Central Bank Strengthening Project, there have been a good number of achievements regarding the institutional development in BB which can be observed below: †¢The implementation of Enterprise Resource Planning (ERP) has been a big step in automation of operational structure of BB. †¢The establishment of Enterprise Data Warehouse (under process) will bring the whole banking and FI industry under a single network through which data sharing, reporting and supervision will enter in a new horizon. †¢Bangladesh Bank now possesses the most informative and resourceful website of the country regarding economic and financial information. Internal networking system with required online communication facilities have been developed and in operation for the officers of BB. †¢BB has hosted number of international seminars on different economic and financial issues over last several years. MRA was established in 2006 for bringing NGO-MFIs under supervision. For the pr o active role of MRA, this sector (MFI) is now in a good shape regarding the accountability and regulation. For abolishing anomaly and fetching discipline in insurance industry, IDRA was established in 2011. In one year, IDRA has taken number of appreciable steps to regularize this industry. After the massive crash of local bourses in 2010-2011, the executive body of SEC was redesigned in full and some good results have come after that. Regulatory Development: Banking and FI industries have experienced diversified regulatory development over last few years: †¢Full implementation of Basel-II (International capital adequacy standard) accord has been in effect in both banking and FI industry. †¢Guidelines on Environmental and Climate Change Risk Management for banks and FIs have been circulated. Policy guidelines on Green Banking also have been issued. †¢Guidelines on Stress Testing for banks and FIs have been issued which is aimed to assess the resilience of banks and FIs under different adverse situations. †¢Number of Policy initiatives for Financial Inclusion has been undertaken. †¢Banks have been asked to build up separate Risk Management Unit for comprehensive and intensive risk management. †¢Banks have been instructed to create separate subsidiary for capital market operations and capital market operations of banks are now minutely monitored. Supervision has been intensified to increase the participation of banks in Corporate Social Responsibility (CSR). †¢For the efficient and timely action of BB, foreign exchange reserve of Bangladesh did not face any adversity during global financial turmoil of 2007-09. †¢To meet international standard on Anti Money Laundering (AML)/Combating Financing of Terrorism (CFT) issues, guidelines for Money Cha ngers, Insurance Companies and Postal Remittance have already been circulated. SEC has updated Public Issue Rules, 2006 and Mutual Fund Rules, 2001. Apart from that, numbers of AMCs, merchant banks and are Mutual Funds are permitted by SEC which has increased the participation of institutional investors. The trend of capital market research has been upward which indicates the potential of analytical investment decision. Insurance Act 2010 was formulated to meet demand of concurrent time for shifting the insurance industry in a better shape. Apart from that, several initiatives have been undertaken by IDRA for prohibiting the malpractices in the industry regarding insurance commission, agent, premium etc and corporate governance issues. Banks As on June 2011 Deposits AdvancesTotal Capital*No. of Branches 4115855. 50 Million3212848. 70 Million461697. 00 Million7772 FIs As on December 2010 Deposits Loans and leasesAssetsShare Capital ReserveNo. of Branches 94374. 80 Million321284. 87 Million251527. 34 Million44689. 29 Million115 Insurance As on December 2009 AssetShare CapitalReserve Life Insurance118020. 15 Million1245. 54 Million106098. 88 Million Non-Life Insurance42622. 90 Million6653. 83 Million12133. 30 Million Capital Market Market Capitalization of Dhaka Stock Exchange As on September 2011 All Listed Securities2,782,901Million All Listed Companies Shares2,202,274 Million All Listed Mutual Funds35,733 Million All Debentures576 Million All Listed Govt. T-Bonds537,381 Million All Listed Corporate Bonds6,937 Million MFIs As on June 2009 Total Outstanding Number of ClientsNumber of BorrowersNo. of Branches 1,21,881. 85 Million24. 77 Million19. 50Million 18,022 * Sum of Tier-I, Tier-II and Tier-II Capital Components Related article: Padma Bridge How to cite The Financial System of Bangladesh, Essay examples

Thursday, December 5, 2019

Managing Innovations Entrepreneurial Creativity

Question: Discuss about theManaging Innovationsfor Entrepreneurial Creativity. Answer: Introduction Innovation has been a tool for entrepreneurship for as long as the business world is concerned as both innovations and entrepreneurship demand some creativity. Research has proven that no business, regardless of the size or success, can retain its legend unless it acknowledges the rising innovations in the modern business operations. The innovations are to come with expected risks and challenges as well as opportunities that that will mobilize the resources of the enterprise before the impacts of the new ideas are felt in the business. To be successful, the entrepreneur and their business have to have an idea of where their business is headed to and how they will get there. The latter will require a clear definition of the business that will allow it to have a good adoption of the operations to the reality of the market place. All innovations are believed to begin with creativity which also comes as a starting point for the process of innovation. Background Research has proven that no business, regardless of the size or success, can retain its legend unless it acknowledges the rising innovations in the modern business operations. A creative and innovative business person is believed to be the driving force in the firm and a master of motivation who knows how to derive the best out of their colleagues. Many countries believe in entrepreneurs as they are a source of instilling business culture to the people. Entrepreneurship has been the hub holding all the productive units that are not instantly appreciated by the regular wages, interests or the non-routine labor. In any startup innovation, the entrepreneur is always regarded as they key player in the development of the business idea (Blauth, Mauer Brettel, 2014). Innovation has all along been centering on the people, culture, and the structure and technological processes. The success in any entrepreneurial entity in this century is dependence on the seriousness that the innovative acti vities are conducted by the business when it comes to the development of the indigenous products. The generation of the new solutions to the processes and the ability to adopt the new products or the new services for a transforming market are seen to be a part of the capital industry that challenges the enterprise with a competitive edge (Campos, 2016). Entrepreneurs and their Businesses Entrepreneurs are people who become creative through joining some packages of resources that will allow then exploit some opportunity. They have the capacity and capability to come up with something from nothing and they have a belief that they are in position to offer something special and their life is full of fantasies until they actualize their dreams. They are individuals capable of identifying and evaluating business opportunities and gather the necessary resources that will help them ta advantage and initiate appropriate actions to ensure their success (Leonard-Barton, 2011). In their capacities, they are achievement oriented and they like taking the responsibilities for the decisions they make and they never like repetitive and routine work. When it comes to creative entrepreneurs, they can be said to be people with high energy levels and have a great degree of perseverance. The traits help them to take moderate and calculated risks that enable them to transform the simple id eas they had t something concrete (Tsang, 2015). Through their innovations and creativity, the business people are capable of instilling a high enthusiasm in their enterprises. They pass a sense of purpose and determination and in the end; they convince other people that they are in the place of action. In whatever they have seductiveness, competitiveness or their charisma, business men and ladies are highly aware on the ways of leading their enterprises and giving them momentum. A creative and innovative business person is believed to be the driving force in the firm and a master of motivation who knows how to derive the best out of their colleagues (Goodman Dingli, 2013). A country with creative entrepreneurs is rich in a driving force for the nation as they are the persons representing the wealth of a state and the potential to generate employment. They are people who may be trained, and well-educated, possess many skills that others lack. Moreover, they possess unique qualities that distinguish them from the rest of the people in the economic world; They tend to be energetic and resourceful and are always updated on new opportunities With this in mind, it is easy to acknowledge the fact they entrepreneurs are capable of adjusting to the changing conditions and are willing to assume the risks in change and any expansions They are known to introduce advanced technological changes as well as improving the quality of their products They are also good in expanding the scale of operations and undertake allied pursuits alongside reinvesting in their profits. Many countries believe in entrepreneurs as they are a source of instilling business culture to the people. Entrepreneurship has been the hub holding all the productive units that are not instantly appreciated by the regular wages, interests or the non-routine labor. It can as well be termed as the unit dedicated to invest, produce opportunity and organize a business to make new productions giving rise to new capital and formation of new businesses. Elements of Innovation Innovation in itself is a successful implementation of a competitive advantage and a key to business. Business people are known to be the dreamers taking the hands on responsibility for the creation of innovations (Phipps, Prieto Kungu, 2015). The existence of innovation is the mark of difference between entrepreneurs and others. As such, innovations are expected to be giving rise to more competitiveness via the efforts that are aimed at rejuvenating, renewing and redefining companies and their markets if the business is in any case deemed to be entrepreneurial. Innovation has been known to have been composed of various elements as stated below; Challenge- The things that are being changed or accomplished, that can rather be seen as the pull in the process. Customer-oriented- innovation focuses on the creation of value to the customers, also known as the push. Creativity- The generation of ideas and sharing them, also the brain. Communication The flow of information and ideas in the process, the life-blood Collaboration, also known as the heart of innovation- entails people coming together to work on the identified ideas. Completion the implementation of the new ideas, also believed to be the muscle in the process. Contemplation the art of learning and sharing the educative processes that will in turn lead to a higher competency Forms of Innovation In any startup innovation, the entrepreneur is always regarded as they key player in the development of the business idea. He is also the party that acts as the marshal to the resources and creates the enterprise to give birth to new products and services to the industry. In the competitive environment, the business and the owner are to go ahead and seek opportunities making the necessary arrangements aiming at converting them to new goods and services (McMullan Kenworthy, 2015). The innovation is expected to impregnate the whole business for the creation and invention of competitive edge and relevancy in the market place. The process of innovation can take many forms; It can be innovation in the process that will host all the changes and the improvements to the existing methods of operations. These aspects are expected to increase the productivity that will in the process lower the cost and assist in increasing the demand. Innovation can be done in the products and services. Considering that progressive innovation is predominant, the radical innovations have been proven to be a pavement to new markets. These will lead to an increase in the effective demand that will be encouraging a rise in the investment and employment. The process of innovation can as well be done in the management and work organization, aside from the exploitation of the human resources and their capacity to anticipate the techniques. Innovation has all along been centering on the people, culture, and the structure and technological processes. Challenge for Innovation Innovation in any commercial success is the adoption of new ideas and agenda that will lead to an increase in the organizational performance and associated benefits. In a more sense, it is concerned with the implementation of new ideas and is also the means that the ideas are exploited for a competitive advantage. The success in any entrepreneurial entity in this century is dependence on the seriousness that the innovative activities are conducted by the business when it comes to the development of the indigenous products. The society is bound to benefit from the personal businesses that are involved in the innovation processes rather than abandoning them to the government agencies. In the cases where the innovation process is channeled through the competing businesses, there is a high encouragement of the risk as well as the social curse of the unsuccessful implementation of the new ideas can be limited (Edwards-Schachter et al., 2015). The society can though afford to have a busine ss failure but cannot take it easy to have a failing government. the economic planners of the stage government for any country have no flexible means that can be compared to a market that they can reach the probabilities of any given risk as well as measuring its associated results. However, there I no business entity, regardless of the size can rest of their past achievements. It is found imperative and a continuous challenge for a business to be getting new and better means of conducting its old activities or in other cases creating new ways of doing new processes. The successes that are being witnessed in businesses today have been demanding a recurring innovation process (Carayannis Dubina, 2016). The generation of the new solutions to the processes and the ability to adopt the new products or the new services for a transforming market are seen to be a part of the capital industry that challenges the enterprise with a competitive edge. One of the major steps in the creation of a culture of innovation is the unleashing of the creativity in oneself. The challenge seen in this process is getting to witness the world with fresh ideas and developing fresh solutions. To develop a breakthrough in an innovation, it is recommended to use a speed innovation approach in the business in the shortest time practically possible. As much as the creativity may seem to be a new dawn to a business, it is never enough for the survival of a business. One will need to have a process organization and a culture that will be helping in maximizing the creative asset on the line. Being capable to initiate innovative processes will only help an entrepreneur to put together the best thinking in their business and also allow them to connect to the organizational dots (Chua, Roth Lemoine, 2015). Creativity and Innovation in Business The process of growth and development can never be sustained in the absence of the innovations. The innovations that are implemented in a firm assists the firm in becoming glamorous as the introduction of the new products is usually considered to be among the innovation process that can be termed as the driving gear for the continued growth and development (Von, 2003). To become a winning performance in a business and an innovative firm, the focus has to be directed on the competition on the quality and not the prices of the commodities, dominating on a market niche, launching a competition on an area of strength as well as having tight financial and operational controls (Chan Mann, 2011). Researchers have been arguing that even though successful business entities having launched their, they came to achieve the beneficial advantages through their acts of innovation. The processes of learning and problem solving have been a common activity in the many working environments in this bus iness and economic world. However, most of the people have believed that real entrepreneurship happens when the individuals do not take note of the evolving ways of thinking and acting to meet the customers needs. Small businesses are said to be having higher probabilities to become innovative than their larger partners and are thus crucial in helping a country to react to the economic changes, the changes in technology and the social environment (Birla, 2014). Conclusion Innovation has been a tool for entrepreneurship for as long as the business world is concerned as both innovations and entrepreneurship demand some creativity. Through their innovations and creativity, the business people are capable of instilling a high enthusiasm in their enterprises. Innovations are expected to be giving rise to more competitiveness via the efforts that are aimed at rejuvenating, renewing and redefining companies and their markets if the business is in any case deemed to be entrepreneurial. The success in any entrepreneurial entity in this century is dependence on the seriousness that the innovative activities are conducted by the business when it comes to the development of the indigenous products. To develop a breakthrough in an innovation, it is recommended to use a speed innovation approach in the business in the shortest time practically possible. The innovations that are implemented in a firm assists the firm in becoming glamorous as the introduction of the new products is usually considered to be among the innovation process that can be termed as the driving gear for the continued growth and development. The processes of learning and problem solving have been a common activity in the many working environments in this business and economic world. It is found imperative and a continuous challenge for a business to be getting new and better means of conducting its old activities or in other cases creating new ways of doing new processes. References Blauth, M, Mauer, R, Brettel, M 2014, 'Fostering Creativity in New Product Development through Entrepreneurial Decision Making',Creativity Innovation Management, 23, 4, pp. 495-509, Business Source Complete, EBSCOhost, viewed 12 October 2016. Birla, M 2014,Unleashing Creativity And Innovation : Nine Lessons From Nature For Enterprise Growth And Career Success, Hoboken, New Jersey: Wiley, Discovery eBooks, EBSCOhost, viewed 12 October 2016. Chan, J, Mann, L 2011,Creativity And Innovation In Business And Beyond : Social Science Perspectives And Policy Implications, New York: Routledge, Discovery eBooks, EBSCOhost, viewed 12 October 2016. Chua, R, Roth, Y, Lemoine, J 2015, 'The Impact of Culture on Creativity: How Cultural Tightness and Cultural Distance Affect Global Innovation Crowdsourcing Work',Administrative Science Quarterly, 60, 2, pp. 189-227, Business Source Complete, EBSCOhost, viewed 12 October 2016. Carayannis, E, Dubina, I 2016,Creativity, Innovation, And Entrepreneurship Across Cultures : Theory And Practices, New York: Springer, Discovery eBooks, EBSCOhost, viewed 12 October 2016. Cook, P 2016,Leading Innovation, Creativity And Enterprise, London: Bloomsbury Information Ltd, Discovery eBooks, EBSCOhost, viewed 12 October 2016. Campos, HM 2016, 'The role of creativity in mediating the relationship between entrepreneurial passion and entrepreneurial alertness',Revista Brasileira De Gesto De Negcios, 18, 61, pp. 457-472, Business Source Complete, EBSCOhost, viewed 12 October 2016. Edwards-Schachter, M, Garca-Granero, A, Snchez-Barrioluengo, M, Quesada-Pineda, H, Amara, N 2015, 'Disentangling competences: Interrelationships on creativity, innovation and entrepreneurship',Thinking Skills And Creativity, 16, pp. 27-39, ScienceDirect, EBSCOhost, viewed 12 October 2016. Goodman, M, Dingli, S 2013,Creativity And Strategic Innovation Management, Abingdon, Oxon: Routledge, Discovery eBooks, EBSCOhost, viewed 12 October 2016. Jantz, RC 2016,Managing Creativity : The Innovative Research Library, Chicago: Association of College and Research Libraries, Discovery eBooks, EBSCOhost, viewed 12 October 2016. Leonard-Barton, D 2011,Managing Knowledge Assets, Creativity And Innovation, Singapore: World Scientific Publishing Company, Discovery eBooks, EBSCOhost, viewed 12 October 2016. Luecke, R 2003,Managing Creativity And Innovation, Boston, Mass: Harvard Business Review Press, Discovery eBooks, EBSCOhost, viewed 12 October 2016. McMullan, W, Kenworthy, T 2015,Creativity And Entrepreneurial Performance : A General Scientific Theory, Cham: Springer, Discovery eBooks, EBSCOhost, viewed 12 October 2016. Phipps, S, Prieto, L, Kungu, K 2015, ''Exploring The Influence Of Creativity And Political Skill On Entrepreneurial Intentions Among Men And Women: A Comparison Between Kenya And The United States'',International Journal Of Entrepreneurship, 19, pp. 179-194, Business Source Complete, EBSCOhost, viewed 12 October 2016. Shalley, C, Hitt, M, Zhou, J 2015,The Oxford Handbook Of Creativity, Innovation, And Entrepreneurship, Oxford: Oxford University Press, Discovery eBooks, EBSCOhost, viewed 12 October 2016. Tsang, D 2015,Entrepreneurial Creativity In A Virtual World, Cheltenham, UK: Edward Elgar Publishing, Discovery eBooks, EBSCOhost, viewed 12 October 2016. Von Stamm, B 2003,Managing Innovation, Design And Creativity, Chichester: John Wiley and Sons, Inc, Discovery eBooks, EBSCOhost, viewed 12 October 2016.