IJBED 2051-848X 2051-8498 https://doi.org/10.24052/IJBED/ 9 Volume 03 Issue 3 2015-11-01 https://ijbed.org/cdn/issue_file/content_64612_18-02-20-10-17-36.pdf https://ijbed.org/cdn/issue_file/Volume%203_Number%203.pdf

90 https://ijbed.org/details&cid=90 2015-12-03 This study analysed the day of the week effect on the Zimbabwe Stock Exchange (ZSE) by taking into account volatility of returns. The purpose of the study was to establish whether daily mean returns across a trading week differ from each other. We employ a non-linear approach in modelling the day of the week effects. In particular, we used the Generalised Autoregressive Conditional Heteroscedasticity (GARCH) and the Exponential GARCH (EGARCH) models. We used industrial and mining daily closing indices data from 19 February 2009 to 31 December 2013. The data was retrieved from the ZSE website. EViews 7 software was utilised for data analysis. In order to test the null hypothesis of equality of daily mean returns, a Wald test was carried out. The Wald F-statistic rejected the null hypothesis of equality of mean returns for the industrial index. We found the traditional negative Monday and positive Friday effect for the industrial index in GARCH (1,1) and EGARCH (1,1) models. The GARCH (1,1) detected a negative Friday effect and the EGARCH (1,1) detected negative Wednesday effect for the mining index. We found evidence of model dependency for the mining index results. M. B. Enowbi, F. Guidi and K. Mlambo, Testing the Weak Form Market Efficiency and the Day of the Week Effects of some African Countries, MRPA, paper No.19116, (2009), 1-24. B. W. Mazviona and D. Nyangara, A Test of the Weak Form Efficiency of the Zimbabwe Stock Exchange after Currency Reform, International Journal of Business, Economics and Law, 2(2), (2013), 43-48. F. K. Reilly and K. C. Brown, Investment Analysis and Portfolio Management, (8th Ed.). Australia: Thomson-South Western, (2006). G. Smith, K. Jefferis and H. J. Ryoo, African Stock Markets: Multiple Variance Ratio Tests of Random Walks. Applied Financial Economics Journal, 12 (7), (2002), 475-484. L. Chikoko and W. Muparuri, Zimbabwe Stock Exchange and Efficiency in the Multiple Currency Exchange Rate Regime, Journal of Business and Economic Management, 1(3), (2013), 41-47. M. Magnusson and B. Wydick, (2002). How efficient are Africa's Emerging Stock Markets? Journal of Development Studies, 38(4), (2002), 141-156. D. Simons and S.A. Laryea, Testing the Efficiency of Selected African Markets, (2005), Available online at SSRN: http://ssrn.com/abstract=874808 K. Jefferis and G. Smith, The Changing Efficiency of African Stock Markets, South African Journal of Economics, 73(1), (2005), 54-67. G. Smith, Liquidity and the Informational Efficiency of African Stock Markets, South African Journal of Economics, 76(2), (2008), 161-175. T. Sunde and J. Zivanomoyo, The Random Walk Hypothesis for the Zimbabwe Stock Exchange: January 1998-November 2006. Journal of Social Sciences, 4(3), (2008), 216-221. J. Appiah-Kusi and K. Menyah, Return Predictability in African Stock Markets, Review of Financial Economics, 12(3), (2003), 247–270. C. Mlambo and N. Biekpe, The Efficient Market Hypothesis: Evidence from ten African Stock Markets, Investment Analysts Journal, 36(66), (2007), 5- 17. D. Mbululu and C. Chipeta, Day of the Week Effect: Evidence from nine Economic Sectors on the JSE, Investment Analysts Journal, 41(75), (2012), 55-65. N. E. AI-Loughani, K. M. AI-Saad and M. M. Ali, The Holiday Effect and Stock Return in the Kuwait Stock Exchange, Journal of Global Competitiveness, 13(1-2), (2005), 81-91. C. Brooks and G. Persand, Seasonality in Southeast Asian stock markets: Some new evidence on day-of-the-week effects, Applied Economics Letters, 8(3), (2001), 155-158. G. N. Pettengill, A Survey of the Monday Effect Literature, Financial Analysts Journal, 42(3), (2003), 3-27. J. Philpot and C. A. Peterson, A Brief History and Recent Developments in the Day-of-the-Week Effect Literature, Quarterly Journal of Business and Economics, 3(9), (2011), 808-816. N. Al-Loughani and D. Chappell, Modelling the Day-of-the-Week Effect in the Kuwait Stock Exchange: A Non-linear GARCH Representation, Applied Financial Economics, 11(4), (2001), 353-359. A. Al-Mutairi, An Investigation of the Day of the Week Effect in the Kuwait stock Exchange, Research Journal of International Studies, 16(September), (2010), 191-197. D. Tonchev and T. Kim, Calendar Effects in Eastern European financial markets: Evidence from the Czech Republic, Slovakia and Slovenia, Applied Financial Economics, 14(14), (2004), 1035-1043. T. Ulussever, G. Yumusak and M. Kar, The Day-of-the-Week Effect in the Saudi Stock Exchange: A Non-linear GARCH Analysis, Journal of Economics and Social Studies, 1(1), (2011), 9-23. P. Sutheebanjard and W. Premchaiswadi, Analysis of Calendar Effects: Day-of-the-Week Effect on the Stock Exchange of Thailand (SET), International Journal of Trade, Economics and Finance, 1(1), (2010), 57-62. U. Agathee, Day of the Week Effect: Evidence from the Stock Exchange of Mauritius (SEM), International Research Journal of Finance and Economics, 17 (July), (2008), 7-14. M. Dicle and M. K. Hassan, Day of the Week Effect in Istanbul Stock Exchange, Scientific Journal of Administrative Development, 5, (2007), 53-83. C. Chukwuogor-Ndu, Day-of-the-Week Effect and Volatility in Stock Returns: Evidence from East Asian Financial Markets, International Journal of Banking and Finance, 5(1), (2007), 153-164. T. K. Hui, Day-of-the-Week-Effects in US and Asia-Pacific Stock Markets during the Asian financial crisis: A Non-parametric Approach, Omega, 33(3), (2005), 277−282. R. M. C. Apolinario, O. M. Santana, L. J. Sales and A. R. Caro, Day of the Week Effect on European Stock Markets, International Research Journal of Finance and Economics, 2, (2006), 53-70. H. Kiymaz and H. Berument, The Day of the Week Effect on Stock Market Volatility and Volume: International Evidence, Review of Financial Economics, 12, (2003), 363-380. R. Kamath and J. Chusanachoti, An Investigation of the Day-of-the-Week Effect in Korea: Has Anomalous Effect Vanished in 1990's, International Journal of Business, 7(1), (2002), 47-62. T. Choudhry, Day of the Week Effect in Emerging Asian Stock Markets: Evidence from the GARCH model, Applied Financial Economics, 10(3), (2000), 235-242. U. B. Ndako, The Day of the Week Effect on Stock Market Returns and Volatility: Evidence from Nigeria and South Africa, MRPA, paper No.48076, (2013), 1-18. M. L. Rahman, Stock Market Anomaly: Day of the Week Effect in Dhaka Stock Exchange. International Journal of Business and Management, 4(5), (2009), 193-206. M. K. Al-Jafari, An Empirical Investigation of the Day-of- the-Week Effect on Stock Returns and Volatility: Evidence from Muscat Securities Market, International Journal of Economics and Finance, 4(7), (2012), 141-149. T. Bollerslev, Generalized Autoregressive Conditional Heteroskedasticity, Journal of Econometrics, 31(3), (1986), 307-327. R. Deyshappriya, An Empirical Investigation on Stock Market Anomalies: The Evidence from Colombo Stock Exchange in Sri Lanka, International Journal of Economics and Finance, 6(3), (2014), 177-187. J. Angelovska, An Econometric Analysis of Market Anomaly - Day of the Week Effect on a Small Emerging Market, International Journal of Academic Research in Accounting, Finance and Management Sciences, 3(1), (2013), 314-322. C. M. T. S. Xun, Day-of-the-Week Effects in Stock Market Data, Master of Science Thesis, Stockholm, Sweden, (2012). L. T. Nghiem, L. L. Hau, H. M. Tri, V. Q. Duy and A. Dalina, Day-of-the-Week in Different Stock Markets: New Evidence on Model-dependency in Testing Seasonalities in Stock Return. Centre for Asian Studies, CAS Discussion Paper, 85, (2012). A. Paul and P. Theodore, Modeling and Forecasting Volatility of Returns on the Ghana Stock Exchange Using GARCH Models, Journal of Emerging Market in Finance, 4(2), (2006), 115-132. S. Basher and P. Sadorsky, Day of the Week Effects in Emerging Stock Markets, Applied Economic Letters, 13(10), (2006), 621-628. A. Bayar and O. B. Kan, Day of the Week Effects: Recent Evidence from Nineteen Stock Markets, Central Bank Review, 3, (2002), 77-90. S. Abdalla, Day-of-the-Week Effect on Returns and Conditional Volatility: Empirical Evidence from Sudanese Stock Market, Middle Eastern Finance and Economics, 16(1), (2012), 167-180. H. Aly, S. Mehdian, and M. Perry, An Analysis of Day-of-the-Week Effects in the Egyptian Stock Market, International Journal of Business, 9(3), (2011), 301-308. M. M. Islam and J. L. Gomes, The Day-of-the-Week Effects in Less-Developed Countries’ Markets: The Case of Bangladesh, International Advances in Economic Research, 5(3), (1999), 397. https://ijbed.org/cdn/article_file/i-9_c-90.pdf Batsirai Winmore Mazviona Milton Webb Ndlovu Day of the week Zimbabwe Stock Exchange GARCH EGARCH. 5363 4 0

91 https://ijbed.org/details&cid=91 2015-12-03 In 1986, the Ottawa Charter identified community empowerment as being a central theme of health promotion discourse. Community empowerment became a topical issue in health promotion literature. Examining two cases in the Home for the Elderly in Nakhon Ratchasima, Thailand, study identifies actors, institutions and processes that provided health promotion for the elderly. The article deals with a range of opportunities and possibilities for optimizing care for elderly, both individual and group, through promoting their empowerment. Collaborative partnerships in community networks as well as in intergenerational interaction, these models demonstrate how care-givers, including the Home for the Elderly staff and university, are also empowered in these processes. These discussions reflecting empirical reality and conceptual insights provide the basis of health promotion policies. In addition, this article concludes with a discussion of the challenges and opportunities of facilitating empowerment for health and development. Better Health Channel (2015). Ottawa Charter for Health Promotion. [Online]. Available:http://www.betterhealth.vic.gov.au/bhcv2/bhcpdf.nsf/ByPDF/Ottawa_Charter_for_Health_Promotion/$File/Ottawa_Charter_for_Health_Promotion.pdf.  Ferreira, M. & Castiel, L. (2009).Which empowerment, which Health Promotion? Conceptual convergences and divergences in preventive health practices. Cad Saude Publica, 25 (1), 68-76. Helen, W., Mireille, B., Gavin, S. Bethan, D., & Paul, E. (2012). Oxford Handbook of Epidemiology for Clinicians. United Kingdom. Oxford University Press. Israel, B., Checkoway, B., Schulz, A & Zimmerman, M. (1994). Health Education and Community empowerment: conceptualizing and measuring perceptions of individual, organizational and community control. Health Education Quarterly, 21(2),149-170. John, K. & Napaporn, C. (2008). Population Ageing and the Well-Being of Older Persons in Thailand: Past trends, current situation and future challenges. UNFPA Thailand and Asia and the Pacific Regional Office Bangkok; Series 5. Kinsella, K. & Velkoff , V. (2001). U.S. Census Bureau. An Aging World: 2001. Washington, DC: U.S. Government Printing Office; series P95/01-1. Labonte, R. (1993). Health Promotion & Empowerment: Practice Frameworks. Toronto: University of Toronto. ParticipACTION3. Labonte, R. (1994) Health Promotion and Empowerment: Reflections on Professional  Practice. Health Education Quarterly, 21(2), 253–268. Laverack, G. & Labonte, R. (2000). A planning framework for community empowerment goals within health promotion. HEALTH POLICY AND PLANNING, 15 (3), 255-262. Laverack, G. (2009). Public Health, Power and Empowerment. Basingstoke: Palgrave MacMillan. Milio, N. (1976). A framework for prevention: changing health damaging to health generating life patterns. American Journal of Public Health,  66 (5), 435-439. NSW HSC. (2015) How health promotion based on the Ottawa Charter promotes the social justice. [Online] http://hsc.csu.edu.au. Nutbeam, D. (1998). Health promotion glossary. Geneva: World Health Organization. Rappaport, J. (1981).  In praise of paradox: a social policy of empowerment over prevention. American Journal of Community Psychology, 9 (1),1-25. Robertson, A. & Minkler, M. (1994) New Health Promotion movement: a critical examination. Health Education Quarterly, 21(3), 295-312. Rissel, C. (1994). Empowerment: the holy grail of health promotion? Health Promotion International, 9 (1), 39-47. Saan, H. & Wise, M. (2011). Enable, mediate, advocate. Health Promotion International,26(s2), 187-193. Simpson, K. & Freeman, R. (2004).  Critical health promotion and education: a new research challenge. Health Education Research, 19(3), 340-8. Tengland, P.A. (2007). Empowerment: A Goal or a Means for Health Promotion? Medicine, Health Care and Philosophy, 10 (2), 197–207. Tengland, P.A. (2008). Empowerment: A Conceptual Discussion. Health Care Analysis, 16(2), 77–96. Tengland, P.A. (2012). Behavior Change or Empowerment: On the Ethics of Health-Promotion Strategies. Public Health Ethics, 5(2), 140–153. Wallerstein, N. & Bernstein, E. (1994) Introduction to community empowerment, participatory education and health. Health Education Quarterly,  21(2), 141-148. Wise, M. (2001) The role of advocacy in promoting health. Promotion and Education, 8(2), 69-74. Wikipedia, the free encyclopedia (2014). Health promotion. [Online] http://en.wikipedia.org/wiki/Health_promotion. Zimmerman, M. (1995). Psychological empowerment: Issues and illustrations. American Journal Community Psychology, 23(5), 581-99. https://ijbed.org/cdn/article_file/i-9_c-91.pdf Busaya Vongchavalitkul Elderly Health Promotion Empowerment. 4752 9 0

92 https://ijbed.org/details&cid=92 2015-12-03 There is no doubt that banks have significant position in the welfare of any economy. In the last few decades, Islamic banking sector was introduced. This new banking type has demonstrated a competitive position with the traditional conventional banks. It has acquired the interest in many countries and regions. Islamic banking system has accelerated its growth globally in terms of total assets and market share. Egypt is the birthplace for this new system, although, it is not taking a leading role in the implementation as well as the academic research. A summary of Islamic banking principles and instruments are introduced before going through the details of the empirical study to compare the financial performance of both types of banks. The focus of this research is to investigate the effect of the inter-bank factors along with the size of banks on the financial performance of these banks working in the Egyptian market. The research main aim is to perform a comparative analysis on the financial performance of both Islamic and conventional banks. Research analyses adopted in this study are descriptive, correlation and regression analyses to test the research hypotheses. Findings of this research provide evidence that some of the inter-bank factors found to have significant effect on the financial performance of these banks; however, no considerable differences between the two groups were found which suggests that bank type is not a significant variable and that conventional an Al-Jarrah, I. and Molyneux, P., 2007. Efficiency in Arabian Banking. Jordan Journal of Business Administration, 3(3), 373- 360. Alkassim, F. A., 2005. The profitability of Islamic and conventional banking in the GCC countries: a comparative study. Journal of Review of Islamic Economics, 13, 5-30. Botis, S., 2013. Shari’ah Concepts in Islamic Banking. Economic Sciences, 6, (55), 140-148. Ernst and Young report, 2014. World Islamic Banking Competitiveness Report 2013–14 [online] http://www.ey.com/Publication/vwLUAssets/EY_World_Islamic_Banking_Competitiveness_Report_2013%E2%80%9314/$FILE/EY-World-Islamic-Banking-Competitiveness-Report-2013-14.pdf [Accessed Feb 2015]. Faizulayev, A., 2011. Comparative Analysis between Islamic Banking and Conventional Banking Firms in terms of Profitability for the period 2006-2009. MSc/MA Dissertation, Eastern Mediterranean University. Fayed, M. E., 2013. Comparative Performance Study of Conventional and Islamic Banking in Egypt. Journal of Applied Finance & Marketing, 3(2), 1-14. Hamedian, B., 2013. Financial Performance of Islamic Banks vs. Conventional Banks: The Case of Malaysia. MSc/MA Dissertation, Eastern Mediterranean University. Iqbal, M., 2001. Islamic and Conventional Banking in the Nineties: A Comparative Study, Islamic Economic Studies, 8(2). p1-27 Iqbal, M., and Molyneux, P., 2005. Thirty years of Islamic banking: History, performance, and prospects. New York: Palgrave Macmillan. Islamic Financial Services Industry Stability Report, 2013. [online ]  http://www.ifsb.org/docs/IFSB%20%20IFSI%20Stability%20Report%202013%20%28Final%29.pdf  [Assessed Feb 2015]. Khan, T. N., 2011. A study of customers' perception and attitude to Islamic banking: products, services, staff, shari'ah board and marketing in five countries: Pakistan, Malaysia, Saudi Arabia, UAE and UK. Ph.D. Thesis, University of Aberdeen. Kothari, C. R., 2004. The research methodology methods and Technique, second edition, New Age International Publisher. Mashal, A. M., 2012. Islamic Financial in the Global Financial System. Asian Economic and Social Society, 2(1), 207-223. Ramin, B., Reza, M. p., Vahid, K., 2014. The Profitability of Islamic Banking in Iran vs. Conventional Banking in Turkey. International Journal of Management and Humanity Sciences, Vol., 3 Available [online] at http://www.ijmhsjournal.com. Samad, A., 2004. Performance of Interest-Free Islamic Banks Vis-À-Vis Interest-Based Conventional Banks of Bahrain. IIUM Journal of Economics and Management, 12(2), 1-15. Elise, S., 2015. Islamic Banks Takes Upward Trends [online] http://www.dailynewsegypt.com/2015/01/10/islamic-banking-takes-upward-trend-egypt/ [Accessed Feb 2015]. Siddiqi, M. N., 2006. Islamic Banking and Finance in Theory and Practice: A Survey of State of the Art. Islamic Economic Studies, 3(2), 1-48. Siraj, K. K. and Pillai, P. S., 2012. Comparative study on performance of Islamic banks and conventional banks in GCC region. Journal of Applied Finance & Banking, 3(2), 123-161. Sreejash, S., Mohapatra, S., Anusree, M. R., 2014. Business Research Methods: An Applied Orientation, Springer Publication. Zikmund, W. G., Babin, B. J., Carr, J. C., Griffin, M., 2009. Business Research Methods, Eighth Edition, Cengage Learning Publications. https://ijbed.org/cdn/article_file/i-9_c-92.pdf Amr Youssef Osama Samir Islamic banking conventional banking banks financial performance measures profitability Egypt. 5095 9 0

93 https://ijbed.org/details&cid=93 2015-12-03 Traditional finance theories fail to explain several anomalies observed in security markets. High levels of market turnover are among the most challenging market puzzles that have been documented in many security markets. Several studies assert the correlation between past market return and current market turnover. Behavioral finance theories assume that overconfidence bias is the reason behind this relation. Hence, this paper aims to study the impact of overconfidence – a behavioral bias stemming from the second building block of behavioral finance “cognitive psychology” and affecting traders’ beliefs and thereby their trading behavior in form of excessive trading. DeBondt and Tahler (1995). The study tests the overconfidence bias in the Egyptian Stock market during the period from 2002 till 2012 on the aggregate market level trough examining the relation between market returns and market turnover in different market states, seeking to document or deny whether overconfidence bias encourages investors to trade or not . The whole period is divided into four sub periods; two tranquil upward trending (2005-2005) and (2005-2008) and two volatile and down ward trending (financial crisis 2008-2010) and the (Egyptian Revolution Period 2010-2012) A quantitative research using secondary data and applying time series statistical techniques is designed. The research is following Statman et al. (2006) methodology. Time series analysis, which is based on four statistical techni Admati, A.R., and Pfleiderer, P., 1988. A theory of intraday patterns: volume and price variability. Review of Financial Studies 1, 3-40. Ajinkya, B.B., and Jain, P.C., 1989. 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(2005).European momentum strategies, information diffusion, and investor conservatism. European Financial Management, 11(3), 313-338. Eric Girard, Mohammed Omran, (2009) "On the relationship between trading volume and stock       price        volatility in CASE", International Journal of Managerial Finance, Vol. 5 Iss: 1,               pp.110 - 134 Fama, E. F., & French, K. R. (1992). The cross‐section of expected stock returns. The Journal of Finance, 47(2), 427-465. Fong, W. M., Wong, W. K., & Lean, H. H. (2005). International momentum strategies: a stochastic dominance approach. Journal of Financial Markets,8 (1), 89-109. Frehen, R. (2010). Momentum strategy during a financial crisis. Analyses of the Dutch stock market.Master thesis Financial Management. Fung, A. K. W. (2000). Overreaction in the Hong Kong stock market. Global Finance Journal, 10(2), 223-230. Grinblatt, M., Titman, S., &Wermers, R. (1995). Momentum investment strategies, portfolio performance, and herding: A study of mutual fund behavior.The American economic review, 1088-1105. Grundy, B. D., & Martin, J. S. (2001).Understanding the nature of the risks and the source of the rewards to momentum investing. Review of Financial Studies, 14 (1), 29-78. Habib, N.M.2011. Trade Volume and Returns in Emerging Stock Markets an Empirical Study:           The Egyptian Market. International Journal of Humanities and Social Science Vol.1 No. 19 December 2011 Haigh, M. S., & List, J. A. (2005). Do professional traders exhibit myopic loss aversion? An experimental Analysis. The Journal of Finance, 60(1), 523-534. Hameed, A., & Kusnadi, Y. (2002). Momentum strategies: Evidence from Pacific Basin stock markets. Journal of financial research, 25(3), 383-397. Hirshleifer, D. (2001). Investor psychology and asset pricing. The Journal of Finance, 56(4), 1533-1597. Ismail, E. (2012). 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Journal of Finance, 40, 777–790. Shiller, R. J. (2000).Irrational exuberance. Princeton University Press, Princeton. Statman, M., Thorley, S., &Vorkink, K. (2003).Investor overconfidence and trading volume. Review of Financial Studies, 19(4), 1531-1565. Statman, M., Thorley, S., &Vorkink, K. (2006).Investor overconfidence and trading volume. Review of Financial Studies, 19(4), 1531-1565. Zhang, X. (2006). Information uncertainty and stock returns. The Journal of Finance, 61(1), 105-137. https://ijbed.org/cdn/article_file/i-9_c-93.pdf Ayman H. Metwally Omneya Darwish Overconfidence bias security markets Egyptian stock market behavioural finance market return market turnover 5091 9 24

94 https://ijbed.org/details&cid=94 2015-12-03 The aim of the paper is to analyze the economic convergence of real per capita GDP in the Western European countries with two types of measurement methodology. The first is sigma convergence, based on the coefficient of variation of real per capita GDP. The second is beta convergence, absolute/unconditional and conditional, including economic and socio-political variables, based on the neoclassical growth theory. The hypothesis of the paper is that there has been real economic convergence in Western Europe in at least one analyzed sub-period. The relationships between selected macroeconomic variables and the rate of economic growth are econometrically tested. Both sigma and beta convergence are estimated for the period 1995-2013 and four sub-periods: 1995-2003, 2004-2013, pre-crisis sub-period 2004-2008 and the crisis sub-period 2009-2013. The empirical findings support the hypothesis of economic convergence, i.e. that the poorer countries tend to grow faster than the rich ones in per capita terms, for some periods. However, the countries had a tendency to diverge, confiriming the negative effects of the crisis on per capita GDP growth. Sigma convergence is consistent with beta convergence. According to the results, the half-life of real convergence may take from 12 to 1078 years. Significant dissimilarities between the growth patterns among individual countries show the considerable heterogeneity of growth, i.e. the convergence clubs. Barro, R. J., 1991. Economic Growth in a Cross Section of Countries. Quarterly Journal of Economics, 106(2), 407-43 Barro, R., 1998. Determinants of Economic Growth: A Cross-Country Empirical Study. MIT Press Books, The MIT Press, edition 1, volume 1, number 0262522543, April. Barro, R. J., & Sala-i-Martin, X. 1992. Convergence. Journal of political Economy, 223-251. Ben-David, D., 1993. Equalizing Exchange: Trade Liberalization and Income Convergence. The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 653-79, August. Ben-David, D., 1996. Trade and convergence among countries. Journal of International Economics, Elsevier, vol. 40(3-4), pages 279-298, May. Cavenaile, L. and Dubois, D., 2011. An empirical analysis of income convergence in the European Union. Applied Economics Letters, 18(17), 1705-1708. Consolidated version of the Treaty on the Functioning of the European Union, October 26th, 2012, Official Journal of the European Union, Vol. 55. Dobrinsky, R. and Havlik, P., 2014. Economic Convergence and Structural Change: the Role of Transition and EU Accession. Wiener Institut für Internationale Wirtschaftsvergleiched. European Commission 2009. Five years of an enlarged EU: Economic achievements and challenges. Luxembourg: Publications Office of the European Union. Halmai, P and Vásáry, V., 2012. Convergence crisis: economic crisis and convergence in the European Union. International Economics and Economic Policy 9.3-4, 297-322. Kaitila, V., 2013. Convergence, income distribution, and the economic crisis in Europe. (No. 14) The Research Institute of the Finnish Economy. Mankiw, N. G., Romer, D. and Weil, D., 1992. A contribution to the Empirics of Economic Growth. Quarterly Journal of Economics 107, 407–37. Marques, A. and Soukiazis, E., 1998. Per Capita Income Convergence across Countries and across Regions in the European Union: Some New Evidence. In International Meeting of European Economy. Mathur, S. K., 2005. Economic Growth & Conditional Convergence: Its Speed for Selected Regions for 1961-2001. Indian Economic Review, 185-208. Rapacki, R. and Próchniak, M., 2009. The EU Enlargement and Economic Growth in the CEE New Member Countries. Referat przygotowany na międzynarodową konferencję pt.„Five years of an enlarged EU–a positive-sum game”, organizowaną przez Komisję Europejską, Bruksela, 13-14.11. 2008, w: „European Economy. Economic Papers, (367). Sala-i-Martin, X., 1994. Cross-sectional regressions and the empirics of economic growth. European Economic Review, Elsevier, vol. 38(3-4), pages 739-747, April. Siljak, Dz. (2015): Real Economic Convergence in the European Union from 1995 to 2013, Journal of Business and Retail Management Research, Volume 6, Number 4: 213-225 Solow, R. M., 1956. A Contribution to the Theory of Economic Growth. Quarterly Journal of Economics 70, 65–94. Szeles, M. R. and Marinescu, N., 2010. Real convergence in the CEECs, euro area accession and the role of Romania. The European Journal of Comparative Economics, 7(1), 181-202. Yin, L., Zestos, G.K., and Michelis, L., 2003. Economic convergence in the European Union. Journal of Economic Integration, 18 (1), 188-213.   Web sites: www.centralbank.ie www.ec.europa.eu/eurostat  www.ecb.europa.eu www.hnb.hr www.imf.org www.oecd.org www.worldbank.org https://ijbed.org/cdn/article_file/i-9_c-94.pdf Dzenita Siljak Real convergence Beta convergence Sigma Convergence Economic growth GDP per capita 5218 10 0

95 https://ijbed.org/details&cid=95 2015-12-03 The purpose of this study was to examine internationalisation barriers of manufacturing SMEs operating in Leather and Leather Products Industry located in the capital city of Ethiopia. The small and medium sized enterprises (SMEs) sector in Ethiopia is a significant group within the economy in terms of firm numbers and total employment. However, the SMEs sectors share of exports is disproportionately small, which raised considerable research concerns. Firm export propensity was the dependent variable and internal and external export barrier factors were used as explanatory variables. The study was conducted through mixed research design of quantitative survey and case study. From the population of manufacturing SMEs operating in the Leather and Leather products Industry, a sample was selected through the use of stratified random sampling to ensure the effective representation of the population of exporting and non-exporting SMEs in the capital of Ethiopia. In order to complement survey results nine (4 exporting and 5 non-exporting) SMEs were selected through critical case purposive sampling and an in-depth interviews were conducted. Statistical package for the social sciences (SPSS 20) was used to analyse the quantitative data whereas, qualitative data were analysed manually. Exploratory factor analysis with Varimax rotation and Binary logistic regression analysis are the analytical methods used. The statistical result showed that, logistics problem, insufficient finan Andersson, S. 2011. ‘International entrepreneurship, born global and the theory of   effectuation’, Journal of Small Business and Enterprise Development, 18. 3 (2011): 627-643. Arteaga-Ortiz, J., and Fernandez-Ortiz, R .2010. ‘Why Don’t We Use the Same Export Barrier Measurement Scale: An Empirical Analysis in Small and Medium-Sized Enterprises’, Journal of Small Business Management, vol. 48, no. 3: 395–420. Azmera, A. 2013. ‘The Role of Government policy package in boosting Export: A Comparative Study of Ethiopia, South Korea and Vietnam’, IFSMRC AIJRM, Vol-01 Issue No-01 Jan-Jun 2013 ISSN: 2308-3034. Central Statistical Agency.2012. Report on Large and Medium Scale Manufacturing and Electricity Industries Survey Addis Ababa, August 2012.  www.csa.gov.et/index.php/.../14.../123-latest-national-statistics-abstract. Ciuriak, D. 2010. ‘Supply and demand side constraints as barriers for Ethiopian exports: Policy options,’ bkp development trade and development discussion paper no. 02-2010. Available at: http://ssrn.com/abstract=1659655. Retrieved on April, 13, 2013. Crick, D. 2007. ‘SMEs' Barriers towards Internationalisation and Assistance Requirements in the UK’, Journal of Small Business & Entrepreneurship, 20 (3): 233-244. Dinh, H.T., D.A. Mavridis and H.B. Nguyen .2011.The Binding Constraint on Firms’ Growth in Developing Countries. In World Bank (ed.), Light Manufacturing in Africa? Practical Solutions to Creating Millions of Productive Jobs. Washington, D.C.: World Bank. siteresources.worldbank.org/DEC/Resources/FinalVolumeII.pdf. Ethiopia Leather Industries Association. 2013. Ethiopian Leather Industries Association: Current Members’ Brief Company Profile, Addis Ababa, Ethiopia [online], Available at http://www .elia. org.et /memb.html. Accessed on March 23, 2013. Hair, J., Black, W., Babin, B., and Anderson, R. 2010. Multivariate Data Analysis. 7th ed. Upper Saddle River, New Jersey, USA: Prentice-Hall, Inc. Johanson, J. and Vahlne, J.E. 2009. ‘The Uppsala Internationalisation Process Model revisited: from liability of foreignness to liability of outsidership’, Journal of International Business Studies, Vol. 40 No. 9:1411–31. Kocker, G.M and Buhl, C.M. 2008. ‘Internationalisation of Networks, Barriers and Enablers: empirical analysis of selected European Networks’, Kompetenznetze Deutschland, Federal Ministry of Economics and Technology Germany. Koksal, H.M., and Kettaneh, T. 2011. ‘Export problems experienced by high and low performing manufacturing companies: a comparative study’, Asia Pacific Journal of Marketing and Logistics, vol, 23 No.1:108-126. Leonidou, L.C. 2004. ‘An analysis of the barriers hindering small business export development’, Journal of Small Business Management, Vol. 42 No. 3: 279-302. Leonidou, L. C., Katsikeas, C. S., Palihawadana, D., and Spyropoulou, S. A. 2007.’ An analytical review of the factors stimulating smaller firms to export: implications for policy makers’, International Marketing Review, 24(6):735-770. Ministry of Finance and Economic Development. 2010. Growth and Transformation Plan (GTP) 2010/11-2014/15, September 2010, Addis Ababa National Bank of Ethiopia. 2009. Annual report, 2008/09.[online] Available at :http:www.nbe.gov.et . Last accessed Jan 6/2013. National Bank of Ethiopia. 2010/11. Annual report | VII. Investment. Available at: www.nbe.gov.et Accessed Feb 22/2013. OECD. 2008. Removing Barriers to SME Access to International Markets. Paris: OECD Publications.Available at: http://www.oecd.org. Accessed 11.27.14. OECD.2009.Top Barriers and Drivers to SME Internationalisation. Report by OECD working Party on SMEs Entrepreneurship, OECD. Available at: http:www.oecd.org.     Accessed 11.27.14 Ojala, A. 2009. ‘Internationalisation of knowledge-intensive SMEs: The role of network relationships in the entry to a psychically distant market’, International Business Review, 18: 50-59. Okpara, J.O. 2010. ‘Strategic export orientation and internationalization barriers: evidence from SMEs in a developing economy’, Journal of International Business and Cultural Studies, Vol. 4: 1-10. Ortiz, J. A., and Ortiz, R.A. 2010. Why don’t we Use the same export barrier measurement scale? An Empirical Analysis in Small and Medium-Sized Enterprises.Journal of Small Business Management, 48(3): 395–420. Pinho, C. J., and Martins, L. 2010. ‘Exporting barriers: insights from Portuguese small-and medium-sized exporters and non-exporters’, Journal of International Entrepreneurship, 8(2010): 254-272. Rundh, B. 2007. ‘International marketing behaviour amongst exporting firms’, European Journal of Marketing, Vol. 41 Nos ½ : 181-98. Rutihinda, C. 2008. Export Barriers and Performance of Small and Medium Size Enterprises. Proceedings of the Academy for Studies in International Business, 8(1), 57-63. Saixing, Z., Xie, X. M., Tam, C. M., and Wan, T. W. 2009.’Relationships between business factors and performance in internationalisation: an empirical study in China’, Management Decision, Vol. 47 No. 2: 308-29. Singh, G., Pathak, R.D. and Naz, R. 2010. ‘Issues Faced by SMEs in the Internationalization Process: Results from Fiji and Samoa’, International Journal of Emerging Markets, 5, 2: 153-182. Stanton, J., and Stanton, P. 2011.’The Concept of Internationalisation and its Relevance to Small and Medium Service Enterprises (SMSEs)’, The Business Review, Cambridge 17. 2 (Summer 2011): 28-34. UNIDO. (2008).Industrious Africa: selected UNIDO activities in Africa, Volume II. www.unido.org/news/press/new-africa.html. UNIDO.2013. Ethiopia Country Brief. Available at: www.unido.org. Accessed on June 24, 2014]. https://ijbed.org/cdn/article_file/i-9_c-95.pdf Yehualashet Demeke Lakew GE Chiloane-Tsoka Internationalisation internationalisation barriers SMEs exporting Manufacturing Industry Ethiopia. 5546 21 0

96 https://ijbed.org/details&cid=96 2015-12-03 This paper covers working from home as an employee benefit and looks to gauge the advantages and disadvantages for both employees and employers. The focus is on employees that work from home on behalf of an employer, not self-employed individuals. The article reviews secondary research on working from home. The primary research included in this paper was conducted via anonymous online surveys. Respondents were assured of anonymity, and ranged in their functional roles. The survey included ranking questions, as well as freeform short answer questions. This primary research is not positioned to be statistically representative of all employees and employers. This primary research does reflect a gauge on perspectives on working from home as a job benefit. Ultimately the results suggest that employees hold a very positive perspective on working from home, however, more can be done to help ensure perceptions on workplace promotional opportunities remain consistent for employees that work in an office or for home. Research also suggests that the greatest challenge for managers remains a lack of trust in results from employees they cannot physically see in the same location. Managers will find driving their employees’ performance through clearly defined metrics which will improve the trust. Akerley, Nina. (2011, Jul 19) “There's No Place like a Home Office: Staples Survey Shows Telecommuters are Happier and Healthier, with 25% Less Stress When Working from Home.” Staples Advantage.  Retrieved on June 18, 2015, from http://investor.staples.com/phoenix.zhtml?c=96244&p=irolnewsArticle_print&ID=1586360&highlight. Bernardmay, Tara Siegel. (2014, May 19) “For Workers, Less Flexible Companies.” NY Times.  Retrieved on June 21, 2015, from http://www.nytimes.com/2014/05/20/business/for-workers-less-flexible-companies.html?_r=0.   Bloom, Nicholas. (Feb 2014) “To Raise Productivity, Let More Employees Work from Home.” Harvard Business Review.  Retrieved on May 28, 2015, from https://hbr.org/2014/01/to-raise-productivity-let-more-employees-work-from-home. Healy, Rebecca. (2013, Mar 21) “The Joys and Woes of Working From Home.” U.S. News & World Report.  Retrieved on June 02, 2015, from http://money.usnews.com/money/blogs/outside-voices-careers/2013/03/21/4-joys-and-4-woes-of-working-from-home. Hendricks, Drew. (2014, July 14) “5 Ways Telecommuting Saves Employers Money.” Entrepreneur.  Retrieved on June 05, 2015, from  http://www.entrepreneur.com/article/235285. Kruse, Kevin. (2012, Dec 18) “Top 10 Benefits of Working From Home (Survey Results).” Forbes.  Retrieved on June 11, 2015, from http://www.forbes.com/sites/kevinkruse/2012/12/18/benefits-working-from-home/. Lister, Kate. (2013, Feb 18) “To Raise Productivity, Let More Employees Work from Home.” Harvard Business Review.  Retrieved on May 28, 2015, from http://globalworkplaceanalytics.com/telecommuting-statistics. Rapoza, Kenneth. (2013, Feb 18) “One In Five Americans Work From Home, Numbers Seen Rising Over 60%.” Forbes.  Retrieved on June 22, 2015, from http://www.forbes.com/sites/kenrapoza/2013/02/18/one-in-five-americans-work-from-home-numbers-seen-rising-over-60/. Russell, Joyce. (2013, Mar 24) “Career Coach: The pros and cons of telecommuting.” The Washington Post.  Retrieved on June 10, 2015, from http://www.washingtonpost.com/business/capitalbusiness/career-coach-the-pros-and-cons-of-telecommuting/2013/03/22/fee86bfa-9196-11e2-bdea-e32ad90da239_story.html. Smith, Jacquelyn. (2013, July 19) “The Top 25 Companies For Work-Life Balance.” Forbes.  Retrieved on June 11, 2015, from  http://www.forbes.com/sites/jacquelynsmith/2013/07/19/. https://ijbed.org/cdn/article_file/content_80934_18-02-25-11-43-47.pdf Nicole F. Church Telecommuting working from home employee benefits organizational behavior virtual employees and employee satisfaction. 7465 63 0

97 https://ijbed.org/details&cid=97 2015-12-03 Saudi Arabia is finally catching up with the rest of the developed world in terms of environmental awareness. In the past, while much of the rest of the world spent its time pondering issues such as global warming, water, air, and soil pollution, over-exploitation of resources, and a myriad of other environmental concerns, the Saudi people and government seemed to be primarily focused on expanding their capital in a globalized economy. However, in 2015, for the first time, this trend began to show legitimate change. This new emphasis on environmental concerns has caused some interest and uproar, specifically in the economic sector. The research, therefore, concentrated on the barriers, strategies, and opportunities that might impede or encourage Saudi Arabia in its quest to develop a greener and more sustainable economic infrastructure. After carefully considering the available literature, data, and reliable statistics, the report concluded that, while change will be difficult and, possibly slow, Saudi Arabia should expect to see greener projects and initiatives transpiring in their homeland over the course of the next several years. Al Bawaba. (2014). Green flag, green economy: Saudi Arabian investments in green projects to exceed $26 billion. Retrieved 9 September 2015, from http://www.albawaba.com/business/saudi-arabia-building-sustainability-603019 Ali, A. J., & Al‐Aali, A. (2012). Corporate social responsibility in Saudi Arabia. Middle East Policy, 19(4), 40-53. Barau, A., & Al Hosani, N. (2015). Prospects of environmental governance in addressing sustainability challenges of seawater desalination industry in the Arabian Gulf. Environmental Science & Policy, 50, 145-154. doi:10.1016/j.envsci.2015.02.008 Coad, J. (2012). Green technology. Chicago, Ill.: Raintree. Economic and Social Commission for Western Asia (ESCWA) (2013). Monitoring the transition to a Green Economy in The Arab Region: The SME Perspective. Available from http://www.escwa.un.org/information/pubaction.asp?PubID=1356 Kajenthira, A., Siddiqi, A., & Anadon, L. D. (2012). A new case for promoting wastewater reuse in Saudi Arabia: Bringing energy into the water equation. Journal of environmental management, 102, 184-192. Medallah, A. (2015). A Review of Projects and Construction Law Practice in Saudi Arabia. Journal of Politics and Law, 8(1). doi:10.5539/jpl.v8n1p94 Ministry of Water & Electricity, Kingdom of Saudi Arabia, 2012. Annual report 2011, pp. 66. Rahman, F., Rehman, S., & Abdul-Majeed, M. (2012). Overview of energy storage systems for storing electricity from renewable energy sources in Saudi Arabia. Renewable and Sustainable Energy Reviews, 16(1), 274-283. doi:10.1016/j.rser.2011.07.153 Sadrzadeh, M., & Mohammadi, T. (2008). Sea water desalination using electrodialysis. Desalination, 221(1-3), 440-447. doi:10.1016/j.desal.2007.01.103 SAMA, 2012. Saudi Arabian Monetary Agency: Forty Eighth Annual Report, pp. 356. Saudi Arabia Sustainable Energy. (2015). Saudi Arabia’s 2015 fiscal budget. Retrieved 9 September 2015, from http://sustg.com/wp-content/uploads/2014/12/2015-Budget.pdf Taher, N., & Al-Hajjar, B. (2014). Energy and Environment in Saudi Arabia: Concerns & Opportunities. Springer International Publishing Switzerland 2014. DOI 10.1007/978-3-319-02982-5_2 Taleb, H. M., & Sharples, S. (2011). Developing sustainable residential buildings in Saudi Arabia: A case study. Applied Energy, 88(1), 383-391. Wise, J. (2015). Health organisations are urged to end investment in fossil fuels. BMJ, 350(feb03 17), h600-h600. doi:10.1136/bmj.h600   https://ijbed.org/cdn/article_file/i-9_c-97.pdf Nisreen Ismail Albanawi Saudi Arabia green initiatives environment desalination sustainability economy economic impact investment opportunity 5049 8 0

98 https://ijbed.org/details&cid=98 2015-12-03 In an economy dominated by information and knowledge, analysis ceases to be the sole and sufficient source of knowledge. Managers seek alternative ways of obtaining and interpreting information and knowledge. Here, managerial intuitive potential begins to play an important role. The aim of this paper is to present the issue of intuition in decision making in both theoretical and empirical terms. The first part presents the essence of intuition and its role in management, especially in decision making. Then, the empirical part attempts to identify the intuitive potential of managers and the extent of its use in practical decision making. The case study method was used in order to achieve this goal. The analysis involved a Polish food company Favor that employs more than 300 workers. These literature and empirical studies in the area of intuition were conducted within the research project The impact of managerial intuitive potential on the effectiveness of decision making processes, financed by the National Science Centre, Poland (funds allocated on the basis of decision No. DEC-2014/13/D/HS4/01750) Agor W.H, 1998. Intuicja w organizacji. Jak twórczo przewodzić i zarządzać, Wydawnictwo Personalnej Szkoły Biznesu, Kraków. Barnard C., 1938.Functions of executive, Harvard University Press, Cambridge. Buchanan L., O’Connell A., 2006.A Brief History of Decision Making, Harvard Business Review, January, pp.32-42. Clarke I., Mackaness W., 2001.Management intuition; An Interpretative Account of Structure and Content of Decision Schemas Using Cognitive Maps, Journal of Management Studies, Vol. 38.Issue 2, March. Cooper R.K., Sawaf A., 2000.EQ inteligencja emocjonalna w organizacji i zarządzaniu, Studio Emka, Warszawa. Dane E., Pratt M.G., 2007. Exploring intuition and its role in managerial decision making, Academy of Management Review, 32(1). Fields A.F., 2000.Intuition engineering, Organizational Engineering Institute. Hayes Cognitive Style Index, 2003. Journal of Occupational and Organizational Psychology, (76). Hodgkinson G.P., Sadler-Smith E. 2003. Complex or unitary? A critique and empirical reassessment of the Allinson-Hayes Cognitive Style Index, Journal of Occupational and Organizational Psychology, (76). Jędrzejczyk, W., 2013.Intuicjajako kompetencja menedżerska w teorii i praktyce zarządzania przedsiębiorstwem, Wydawnictwo “Dom Organizatora”. Jung C.G., 1934. Modern man in search of a soul, Harcourt Brace, New York. Maslow A., 1954. Motivation and Personality, Harper & Row, New York. Mikołajewski P., 2007. Intuicja i realizm. Intuicja oprzyrządowana, Organizacja i Kierowanie, nr 3(129). Mintzberg H., 1994.The rise and fall of strategic planning, The Free Press, New York. Mintzberg H, Westley F., 2001. Decision Making: It’s not What You Think, MIT Sloan Management Review, Vol. 42, No. 3. Paprika Z.Z., 2006. Analysis and Intuition In Strategic Decision making. The Case of California, Budapesti Corvinus Egyetem, Budapest. Shapiro S., Spence M.T., 1997. Managerial Intuition: A conceptual and Operational Framework, Business Horizons, January-February. Westcott M., 1968.Toward a contemporary psychology of intuition. A historical and empirical inquiry, Holt Rinehart & Winston Inc., New York. https://ijbed.org/cdn/article_file/i-9_c-98.pdf Kamila Malewska Intuition rational analysis decision making process 5094 11 0

99 https://ijbed.org/details&cid=99 2015-12-03 This paper aims to conduct analysis of the impact of Oil Revenue and its relationship with all factors that affect growth in domestic product and also focuses on investment opportunity and economic growth in Saudi Arabia which has made the country an increasingly attractive destination of investment for foreign investors. Abdel-Rahman, A-M. M. 2001. Economic Diversification in the Kingdom of Saudi Arabia. Paper presented to the ESCWA meeting on “Diversification in the Arab World”, Beirut. -2003. Abu-Eiderm," factors of economic growth in Palastine" An empirical analysis during (1994-2013), international journal of business and economic development ,London, vol(2), No(2), July2014, PP70-80 Aitken, B. and Harrison, A. E. 1999. Do Domestic Firms Benefit from Direct Foreign Investment? American Economic Review. Ajami, R. A. and BarNiv, R. 1984. Utilizing Economic Indicators in Explaining Foreign Investment in the U.S. Management International Review, 24(4): 16-26. Aliber, R. Z. 1970. A Theory of Foreign Direct Investment. in C. Kindleberger (ed.) “The International Corporation”, MIT Press Cambridge, MA. Bajo-Rubio, O. and Sosvilla-Rivero, S. 1994. An Econometric Analysis of Foreign Direct Investment in Spain, 1964-1989. Southern Economic Journal, 61(1):104-20. Barro, R. and Sala-i-Martin, X. 1995. Economic Growth. McGraw-Hill, Cambridge. Blomstrom, M, Lipsey, R. E. and Zejan, M. 1996. Is Foreign Investment the Key to Economic Growth? The Quarterly Journal of Economics, 111: 269-76. Borensztein, E., De Gregorio, J. and Lee, J-W. 1998. How does Foreign Direct Investment Affect Economic Growth? Journal of International Economics, 45: 115-35. Braunerhjelm, P. and Svensson, R. 1996. Host Country Characteristics and Agglomeration in Foreign Direct Investment. Applied Economics, 28: 833-40. Chein-Hsun, C. 1996. Regional Determinants of Foreign Direct Investment in Mainland China. Journal of Economics, 23(2). Davidson, W. H. 1980. The Location of Foreign Direct Investment Activity: Country Characteristics and Experience Effects. Journal of International Business Studies, 12: 9-22. De Mello, L. R. 1997. Foreign Direct Investment in Developing Countries and Growth: A Selective Survey. Journal of Development Studies, 34(1):1-34. Dunning, J. H. 1993. Multinational Enterprises and the Global Economy, Addison-Wesley, Reading. Economic Bureau. 1998. The Saudi Economic Offset Program, JIME Review. Japan, 11(39): 49-102. Ericsson, J. and Irandoust, M. 2001. On the Causality Between Foreign Direct Investment and Output: A Comparative Study. The International Trade Journal, 15(1): 1-26. Grosse, R. and Trevino, L. J. 1996. Foreign Direct Investment in the United States: An Analysis by Country of Origin. Journal of International Business Studies, 27(1): 139-55. Grossman, G. M. and Helpman, E. 1991. Innovation and Growth in the Global Economy, MIT Press, Cambridge, MA. Jeon, Y. D. 1992. The Determinants of Korean Foreign Direct Investment in Manufacturing Industries. Weltwirtschaftliches Archiv, 128: 527-41. Kaldor, Nicholas (1957), “A Model of Economic Growth”, The Economic Journal, 47 (268): 591–624. Kayed, Rasem N. and M. Kabir Hassan (2011), “Saudi Arabia’s Economic Development: Entrepreneurship as a Strategy”, International Journal of Islamic and Middle Eastern Finance and Management, 4 (1): 52–73. Kokko, A. 1996. Productivity Spillovers from Competition Between Local Firms and Foreign Affiliates. Journal of International Development, 8: 517-30. Kumar, N. 1994. Determinants of Export Orientation of Foreign production by US Multinationals: An Inter-country Analysis. International Business Studies, 25(1): 141-56. Loree, D. W. and Guisinger, S. E. 1995. Policy and Non-Policy Determinants of US Equity Foreign Direct Investment. Journal of International Business Studies, 26(2): 281-300. Markusen, J. R. and Venables, A. J. 1999. Foreign Direct Investment as a Catalyst for Industrial Development. European Economic Review, 43:335-56. Mehrara, Mohsen (2007), “Energy – GDP Relationship for Oil-Exporting Countries: Iran, Kuwait and Saudi Arabia”, OPEC Energy Review, 31 (1): 1–16. Ministry of Industry and Electricity. 2000. Statistical Bulletin. Kingdom of Saudi Arabia, Riyadh. Ministry of Planning. 2001. Achievements of the Development Plans. Kingdom of Saudi Arabia, Riyadh. National Center for Economic and Financial Information. 2000. Annual Report. Kingdom of Saudi Arabia, Riyadh. Saudi Arabian General Investment Authority (SAGIA). 2014. Database. Kingdom of Saudi Arabia, Riyadh. Saudi Arabian Monetary Agency (SAMA). 2001. Annual Report. Kingdom of Saudi Arabia, Riyadh. Van Loo, F. 1977. The Effects of Foreign Direct Investment on Investment in Canada. Review of Economics and Statistics, 474-81. Wei, Y. and Liu, X. 2001. Foreign Direct Investment in China, Determinants and Impact. Edward Elgar, U.K. http://www.planning.gov.sa https://ijbed.org/cdn/article_file/i-9_c-99.pdf Hanaa Abdelaty Hasan Esmail Oil Revenue Investment GDP financing Economic stability. 5576 6 0