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Eurasian Journal of Social Sciences

Vol.8 No.3
September 2020

 Page Number

 Article Information


The Relationship between Capital Structure and Firm Performance: Under the Moderating Role of Corporate Social Responsibility (CSR)

Miao Wenhao, Junainah Jaidi, and Rosle Mohidin

DOI: 10.15604/ejss.2020.08.03.001


This paper investigates the moderating effect of Corporate Social Responsibility (CSR) on the relationship between capital structure and firm performance on the Chinese capital market. This paper applied a panel data regression technique using data composition represented by SSE180 index for a period spanning from 2010 until 2019. A total of 86 representative large listed firms was employed in this study for the period of 10 years with a total of 860 firm-year observation. The empirical results showed that debt has a significant negative relationship with firm performance. More importantly, this paper found that the level of CSR moderates the relationship between capital structure and firm performance. The study also found that, the relationship between capital structure and firm performance diminishing when the level of CSR is higher. In China capital market context, the debt ratio is quite high and CSR is a useful business strategy that could diminish the negative impact of capital structure on firm performance. Therefore, firms should comprehensively consider relevant influencing factors, such as CSR, and apply appropriate methods in determining the optimal capital structure in improving their firm performance.

Keywords: Capital Structure, CSR, Firm Performance, China, Panel Data Regression


Xiaomi – Transforming the Competitive Smartphone Market to Become a Major Player

Leo Sun and Chung Tin Fah

DOI: 10.15604/ejss.2020.08.03.002


Over the past six years, (between the period 2014 -2019), China’s electronic information industry and mobile Internet industry has morphed rapidly in line with its economic performance. This is attributable to the strong cooperation between smart phones and the mobile Internet, capitalizing on the rapid development of mobile terminal functions. The mobile Internet is the underlying contributor to the competitive environment of the entire Chinese smartphone industry. Xiaomi began its operations with the launch of its Android-based firmware MIUI (pronounced “Me You I”) in August 2010; a modified and hardcoded user interface, incorporating features from Apple’s IOS and Samsung’s TouchWizUI. As of 2018, Xiaomi is the world’s fourth largest smartphone manufacturer, and it has expanded its products and services to include a wider range of consumer electronics and a smart home device ecosystem. It is a company focused on developing new generation smartphone software, and Xiaomi operated a successful mobile Internet business. Xiaomi has three core products: Mi Chat, MIUI and Xiaomi smartphones. This paper will use business management models from PEST, Porter’s five forces and SWOT to analyze the internal and external environment of Xiaomi. Finally, the paper evaluates whether Xiaomi has a strategic model of sustainable development, strategic flaws and recommend some suggestions to overcome them.

Keywords: Internet, Ecosystem, PEST, Five-forces, Value-chain, SWOT


Determination of the Local Development Index of the Republic of Moldova in the Context of the Creation of Innovative Hubs

Irina Calugareanu

DOI: 10.15604/ejss.2020.08.03.003


Enterprises in their classical form are complex and inflexible structures, unable to respond quickly to the environmental changes. At the same time, the existing national and international regulations and procedures limit their agility and velocity of work but are necessary for the existence of business settlements. We all know that such structures do not stimulate the creation and promotion of innovations that we all need, and that can lead not only to competitive advantage but also to the development of country indices. In this respect, the article aims to determine the influence of the Republic of Moldova economic development index by the joint ventures and state-owned enterprises’ investments. In the research, we use the documentation methods of statistical data and two linear regression unifactorial econometric models and the statistical procedure Least Squares Method. Investigation and description of this topic allow the author to generalize the main findings of the major influence of the enterprise’s investments on the economic and social development of the Republic of Moldova.

Keywords: Local Index, Development, Economic, Innovative Hubs, Econometric


Wavelet Analysis of the Euro and its Co-Movement with Four Exchange Rates

Meifen Chu

DOI: 10.15604/ejss.2020.08.03.004


The objective of this study is to examine the characteristics of the Euro exchange rate and its co-movement with four main currencies (the AUD, POUND, YEN, and RMB). After the Euro was adopted as an official currency in EU area, it grew rapidly and became the second most-traded currency in the world. The increasing importance of the Euro drew much attention from researchers and policymakers. This paper employs the wavelet analysis, which has become popular and recently is applied in various fields, such as medical science, radio science and social science. First, this paper observes five currency exchange series: the EURO, AUD, POUND, YEN and RMB. Next, using wavelet analysis, it examines the characteristics of each series. Then, a wavelet coherence analysis is used to examine the interdependence between the EURO and the other four currencies. The results indicate that the Euro displays a greater interdependence with the AUD and POUND, while it has lesser correlations with the YEN and RMB. This implies the Euro co-moves with the American and European exchange markets while it is less related with the Asian counterpart. It is interesting to note that the Yen led the Euro during the global financial crisis. Further, the Euro has interdependence with the four exchange rates at shorter periodicities during the crisis periods and is correlated with the four at long periodicities in the long run.

Keywords: Euro Exchange Rate, Nonlinear Time Series Analysis, Co-movement, Interdependence, Wavelet Analysis


The Determinant Factors of Mobile Payment Adoption

Yosaka Eka Putranta, Rusli Alamsyah, Lisan Tan, and Dewi Tamara

DOI: 10.15604/ejss.2020.08.03.005


Indonesia mobile payment industry is growing organically especially since Indonesia is among the top 3 countries of internet users in Asia. Mobile payment has revolutionized the way we manage digital transactions and it offers a wide variety of payment facilities and benefits compared to cash, credit cards, debit cards or other payment methods. The effect of providing mobile payment users with numerous incentives, for example in the form of cashback, is a compelling factor to be investigated on mobile payments adoption in Jakarta, as various mobile payment operators intensively and continuously provide cashback as a means of customer attraction and retention. In this study, UTAUT2 was adapted to discuss the phenomenon that occurred and to compare the effect of providing incentives in mobile payment technology adoption versus the effect of other factors. Eight constructs from UTAUT2 model were carefully taken into this study, where the original constructs of UTAUT2, namely use behavior, behavioral intention, performance expectancy, effort expectancy, facilitating conditions, social influence and hedonic motivation, are maintained, while the construct of price value is adapted to become negative cost so that the present mobile payment industry can be applied more representatively. Despite the frequent practice of service providers giving incentives to customers and prospects, this study discovered that price value did not influence behavioral intention. Furthermore, behavioral intention is affected by performance expectancy, hedonic motivation and facilitating conditions, while use behavior significantly affected by behavioral intention.

Keywords: Mobile Payment, Technology Adoption, Price Value, Negative Cost, Jakarta, Technology Acceptance Model (TAM), Unified Theory of Acceptance and Use of Technology 2 (UTAUT2)

Eurasian Publications
(Esra Barakli)
Aksemsettin Mah. Kocasinan Cad.
Erenoglu Is Merkezi
Fatih – Istanbul, TURKEY
Email: [email protected]
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