Revista Internacional de Economía y Ciencias de la Gestión

Motivation of employees is a vital measure in human resources management which helps enterprises to promote the realization of the enterprise goals by improving employee motivation. Promotion and salary increase are the most widely used incentive means. If salary increase and promotion are used efficiently, they can achieve twice the result with half the effort, which is conducive to the enterprise to build a standard, and reasonable structure of the staff. An enterprise is usually a group made of many people. The game between the employer and the employees exists at all time. In the management process, the employer as well as the enterprise should consider how to balance the relative factors of all aspects to make the best management effects. The application of motivation to balance the advantage and the disadvantage can solve some problems in human resource management This paper analyses the game theory behavior of enterprises and employees under different strategies of salary increase and promotion, and recommends that enterprises should maintain the average level of wage growth in the market, increase salary moderately in the stage of rapid economic growth, and attach importance to the needs of highly skilled and talented employees, so as to provide some reference for human resources management of enterprises.

The phenomenon of demographic dividend signals transition of a country characterized by minimal use of technology, low level of education, and low economic growth having high birth and death rates to an industrialized nation with advanced technology, higher literacy level, and income growth having low birth rates and low death rates. The existing scientific literature confirms that now developed nations were able to successfully exploit their demographic dividend and translate it into sustained economic growth and improved standard of living. The birth rates and death rates are affiliated to and correlate with accompanying stages of manufacturing growth. The objective of this study is to review the experience of three countries in exploiting their demographic dividend and map out the lessons that India can implement to benefit from this window of opportunity. The countries selected for examination are the Republic of Korea, Brazil, and China. The nations selected had varied success in unlocking the demographic dividend. South Korea along with other Asian tiger economies has successfully utilized both first and second demographic dividend. With sustained investment in health and education along with increasing women's participation in the labor force and utilizing increased saving rates for capital accumulation, it was successful in leveraging its demographic dividend for economic development. China too greatly benefitted from its first demographic dividend becoming the 'factory of the world'. Comprehensive planning and its effective implementation along with an export-oriented growth strategy led to accelerated economic growth. With an aging population and the demographic effects of the one-child policy, China's ability to capitalize on the second demographic dividend in the future is not certain. Brazil on the other has failed to take advantage of its favorable demographic transition. With misplaced priorities and the absence of determined policy action to manage its demographic transition, Brazil has left itself vulnerable to demographic 'disaster' instead. The paper concludes that demographic dividend is not a guaranteed event for a country. To successfully benefit from demographic dividend a country needs conducive policy planning and investment in the development and utilization of the country's human capital. India also needs to correct the problem of 'missing women' in its labor force. It needs to empower local public administration to ensure efficient public services and fostering local opportunities. Also, India should have the foresight to formulate a comprehensive economic and social strategy to ensure a smooth demographic transition from a young country to a middleaged one. A country's success with demographic dividend ultimately needs integrated demographic, political, economic and, social policies altered a country's requirements.

Monetary policy in a simplified analysis amounts to the determination of "optimal" quantity of money or in a dynamic sense the optimal growth rate of the money stock. Monetary policy also refers to how the central bank uses interest rates and the money supply to guide economic growth by controlling inflation and stabilizing currency (Islam, 2010). Central banks are the highest authority of the government who is responsible for formulation and implementation of monetary policy in a way to achieve certain economic objectives of a given country. National Bank of Ethiopia (NBE) is the government authority who is mandated to formulate monetary policy in Ethiopia (Monetary and Banking Proclamation of 1994). During the command economic era, monetary variables were under direct control of the government and banking sector is totally dominated by the public ownership. However, since the start of economic reform, the financial sector has undergone reforms and the private sector was allowed to invest in the sector (only for nationals). Consequently, private banks and insurances started to flourish soon after the enactment of a Monetary and Banking Proclamation of 1994. The reform enables the National Bank of Ethiopia to use indirect market based instruments along with direct instruments to control or influence the supply of and demand for money. In Ethiopia, a monetary policy frame work is set according to sequential set of action for designing and formulating monetary policy. The frame work is based on certain knowledge (assumption) of stable money demand function, transmission mechanisms and money supply process. The final targets of monetary policy in Ethiopia are to maintain price and exchange rate stability and support sustainable economic growth. In achieving these objectives, the NBE sets money supply as an intermediate target. The current target is to ensure that the money supply growth is in line with nominal GDP growth rate. The growth of base money/reserve money is being used as an operational target of the National Bank of Ethiopia. These intermediate and operational targets are connected with different policy instruments like Open Market Operation, A standing central bank credit facility, Reserve Requirement, setting of floor deposit interest rate (until interest rate is fully deregulated), Direct borrowing/lending in the inter-bank money market and introducing re-purchase agreement (repo/reverse repo operations), Use of selected credit control when necessary, and Moral Suasion. The recent history of Ethiopia provides abundant evidence on the role played by the monetary factors in the macro economy. It can demonstrate that changes in the money supply exert profound influence on inflation, output growth and other financial activities. Therefore, the success of monetary policy depends on the degree of predictability, measurability and controllability that the monetary authority has over money supply

This article compares the development process of the cultural and creative industries of Malaysia's overseas art management with the development process of the cultural and creative industries of Chinese museums in Beijing. The main research object of this article is "museum cultural and creative products", which means "sold in museum physical stores or e-commerce platforms, innovatively extract and use cultural and artistic elements of the collection of cultural relics to design, produce, ornamental, memorial, A special product with practicality." This article focuses on the main problems in the process of developing museum cultural and creative products, including authorization model, research and development design, marketing promotion, motivation mechanism and other aspects. Internationally, European and American museums first explored industrialized management and were the pioneers in the development of cultural and creative industries in the museum sector. They have a profound historical background and socio-economic motivations. In the 1970s, European and American countries led to a shift in government-led policies due to economic depression, and a series of new trends emerged in the social and cultural fields, which gave birth to three major trends. One is that the cultural and creative industry has become an important strategy for the upgrading of the country’s industrial structure, and the other is self-financing. has become an urgent need for museums and other non-profit institutions. The third is the rise of the new museology movement, which has promoted major changes in the core functions of museums. Under the background of comprehensive economic structure transformation and profound social and cultural changes, the external driving force for museums to develop cultural and creative industries is not only a response to the social needs of the booming creative economy, but also the museum's own urgent need for financing. At the same time, the internal motivation for museums to develop cultural and creative industries is to better realize the core mission and goal of "education" under the background of the concept of "new museology" promoting the comprehensive transformation of museum functions.

Capital structure is as yet a riddle among researchers especially in the finance literature. The capital structure puzzle has been evolving over the years and there are several theories that seems to provide ideal solution or explanations. These theories are grouped into traditional and modern theories of capital structure. The overarching purpose of this study is to review extensively from traditional to modern the existing theories of capital structure that have been suggested in finance research to serve as guide for practitioners in taking decision about capital structure mix. The traditional theory assumes three approaches which are Net Operating Income Approach, Net Income Approach, and Traditional Approach. Traditional Approach to capital structure assume that the value of the firm increases with debt to a definite point, then remains constant with judicious use of leverage and falls at last. Therefore, the main substance of Traditional Approach is that cost of capital rely on capital structure and hence there exists an optimum capital structure. Net Income Approach on the other hand, concluded that cost of utilizing equity and debt remains constant with variation of debt-equity ratio. This logically means the average cost of capital diminishes as debt-equity ratio increases with the value of the firm. Hence optimal capital structure under Net Income Approach would be 100% leverage financing. The substance of Net Operating Income Approach is that the capital structure decision of a firm is irrelevant. Thus, any fluctuation in leverage will not trigger any change in the total value of the firm and the market price of equity shares as well as the overall cost of capital is independent of the degree of leverage used. Starting from assumption of perfect capital market of capital structure, four major theories emerged over the years as modern theories of capital structure. Peaking order theory argued that there is no defined optimum capital structure rather firms will always resort to internal source of financing (retain profit) then debt (borrowed fund) and finally Equity financing (issuing of new shares). Trade-off theory argued that managers would prefer leverage financing because of the set-off between tax benefit, bankruptcy cost, and agency cost. Market timing theory also, argued that fluctuations in share price influence capital structure of a firm and consequently the financing decision of the firm. They further explain that firms issue shares when shares are overpriced and buyback when they are undervalued hence they concluded that the main determinant of capital structure is the stock returns. Credit Rating hypothesis which is believed to be an extension of trade-off theory concluded that any firm closer to the credit rate, will prefer less debt composition as compare to firms not closer to the credit rate change. Interestingly, there is no single theory that provides a decisive optimal capital structure that firms can utilized to enjoyed tax advantage. Hence, the question still remains ‘‘How do firms or Managers determine their capital structure.

It is no hidden fact that profitability facilitates an organisation’s output, capacity and clientele satisfaction, while generally impacting an economy at large. However, this is not an easy feat to achieve given existent and evolving dynamism and international competition, which requires efficient and proper strategies as well as institutional policies to thrive successfully. Hence, this paper seeks to investigate what it entails to embark on profitable business ventures. General rules for doing business are reviewed alongside economic indicators that influence the success of entrepreneurial operations. Institutional theory and Resource Based View are combined in explaining essential requirements for attaining and sustaining profitable businesses. Qualitative approach is used to analyse this study as empirical evidence is explored using three case studies of countries at different development levels, namely Liberia, India and Singapore. This helps us to conclude the research by deriving lessons on a global scale moving forward, while looking out for signs to avoid and opportunities to leverage upon for enhancing business profits.