JOURNAL OF BUSINESS AND BEHAVIORAL SCIENCES Volume 29 Number 2 ISSN 1946-8113 Fall 2017 IN THIS ISSUE Macroeconomic Determinants of Economic Growth: A Cross-Cohort Study of Anglophone, Francophone and Hispanophone Countries………………………………………Abdullah M. Khan Presidential Elections and Industry Stock Returns: A Test of Market Efficiency …………………………………………Patrick Gobran and Frank Bacon Internet Trolling in Social Networking Sites: A Preliminary Investigation of Undergraduate Student Victimization………………………………………….…….…..Carl Case and Darwin King A Path from Job Autonomy to Organizational Citizenship Behavior: The Role of Perceived Organizational Politics as Mediator …………….………….Tae Seok Yang, Alankrita Pande, Yin-Chi Liao and Joseph J. Dobson Effects of Employee Heterogeneity on Firm Performance: Measuring The Impact of International Diversity in the National Basketball Association …………………………..…………………. Mayo-Smith, Fenn and Parco Accounting History in Perspective: Uniform CPA Exam Turns 100 ……………..…………... King, Case and Senecker An Investigation of Investor Reaction to Corporate Social Responsibility Motivation and Ethical Position in an Environmental Context ………………………………..………..Karen . Green and Melloney Simerly Seasonality in the Monthly Returns of Large Stocks: 1926 To 2013 ……………….Shaikh A. Hamid When Rivals Purchase: This Means War! Or Does it? …………………………………… Burns, Hutchins and Mathisen Does Unwinding Carry Trade Lead to Profitable Reverse Carry Trade? The Case of Yen ……………………….Minje Jung The Silver Tsunami: Evaluating the Impact of Population Aging in the U.S. …………………………….. Henderson, Maniam and Leavell Incentivizing Management Discretionary Philanthropy: Social Profit Credits ………………………………………... Minutolo, Mills and Stakeley Roth IRAs and Qualified Charitable Distributions ……………….…………………….Sheldon R. Smith and Lynn R. Smith A REFEREED PUBLICATION OF THE AMERICAN SOCIETY OF BUSINESS AND BEHAVIORAL SCIENCES JOURNAL OF BUSINESS AND BEHAVIORAL SCIENCES P.O. Box 502147, San Diego, CA 92150-2147: Tel 909-648-2120 Email: [email protected] http://www.asbbs.org 1946-8113 Editor-in-Chief Wali I. Mondal National University Assistant Editor: Shafi Karim, University of California, Irvine Editorial Board Karen Blotnicky Gerald Calvasina Mount Saint Vincent University University of Southern Utah Pani Chakrapani Shamsul Chowdhury University of Redlands Roosevelt University Steve Dunphy Lisa Flynn Indiana University Northeast SUNY, Oneonta Sharon Heilmann Ellis B. Heath Wright State University Valdosta State University Sheldon Smith Saiful Huq Utah Valley University University of New Brunswick William J. Kehoe Douglas McCabe University of Virginia Georgetown University Maureen Nixon Marybeth McCabe South University Virginia Beach National University Darshan Sachdeva Thomas Vogel California State University long Beach Canisius College Jake Zhu Linda Whitten California State University San Skyline College Bernardino The Journal of Business and Behavioral Sciences is a publication of the American Society of Business and Behavioral Sciences (ASBBS). Papers published in the Journal went through a blind review process prior to acceptance for publication. The editors wish to thank anonymous referees for their contributions. The national annual meeting of ASBBS is held in Las Vegas in March of each year and the international meeting is held in May/June of each year. Visit www.asbbs.org for information regarding ASBBS. JOURNAL OF BUSINESS AND BEHAVIORAL SCIENCES ISSN 1946-8113 Volume 29, Number 2 Fall 2017 TABLE OF CONTENTS Macroeconomic Determinants of Economic Growth: A Cross-Cohort Study of Anglophone, Francophone and Hispanophone Countries Abdullah M. Khan…………………………………………………….4 Presidential Elections and Industry Stock Returns: A Test of Market Effici Patrick Gobran and Frank Bacon………………………..21 Internet Trolling in Social Networking Sites: A Preliminary Investigation of Undergraduate Student Victimization Carl Case and Darwin King………………………………..32 A Path from Job Autonomy to Organizational Citizenship Behavior: The Role of Perceived Organizational Politics as Mediator Yang, Pande, Liao and Dobson………………….44 Effects of Employee Heterogeneity on Firm Performance: Measuring The Impact of International Diversity in the National Basketball Association Mayo-Smith, Fenn and. Parco……………………………57 Accounting History in Perspective: Uniform CPA Exam Turns 100 King,. Case and Senecker……………………….70 An Investigation of Investor Reaction to Corporate Social Responsibility Motivation and Ethical Position in an Environmental Context .Karen Y. Green and Melloney C. Simerly………………85 Seasonality in the Monthly Returns of Large Stocks: 1926 To 2013 .Shaikh A. Hamid…………………………………………….103 When Rivals Purchase: This Means War! Or Does it? Burns, Hutchins and Mathisen……………………………122 Does Unwinding Carry Trade Lead to Profitable Reverse Carry Trade? The Case of Yen Minje Jung…………………………………………………140 The Silver Tsunami: Evaluating the Impact of Population Aging in the U.S. Henderson Maniam and Leavell………………………….153 Incentivizing Management Discretionary Philanthropy: Social Profit Credits Minutolo, Mills and Stakeley………………………………………….170 Roth IRAs and Qualified Charitable Distributions Sheldon Smith and Lynn Smith…………………………………182 3 Journal of Business and Behavioral Sciences Vol. 29, No 2; Fall 2017 MACROECONOMIC DETERMINANTS OF ECONOMIC GROWTH: A CROSS-COHORT STUDY OF ANGLOPHONE, FRANCOPHONE AND HISPANOPHONE COUNTRIES Abdullah M. Khan Claflin University ABSTRACT The focus of this paper is to analyze the influence of several macroeconomic determinants on per capita GDP growth of countries from three language cohorts (Anglophone, Francophone, and Hispanophone). Differences in per capita real GDP across countries are stylized facts in economic growth literature. Even though the empirical literature varies widely in attributing such differentials to any specific set of factors, a strand of growth literature finds institutional differences in colonial legacies as a major contributing factor to growth differences across countries. In this study, we test the hypothesis that there are statistically significant differences in per capita real GDP across countries with three dominant languages. We construct three language cohorts of countries to serve as proxies for institutional differences from colonial legacies, as well as, lingually driven differences in economic behaviors of agents. The GLS panel regression results confirm that Anglophone countries’ per capita GDP is higher than that of Hispanophone and Francophone countries. Keywords: Economic growth, Anglophone, Francophone, Hispanophone INTRODUCTION A growing strand of empirical studies find institutional legacies, in addition to other socio-economic variables, influencing factors of economic growth outcomes across countries and regions (e.g., Acemoglu, Johnson, and Robinson, 2006, 2005, 2002, 2001; Acemoglu, Johnson, Robinson, and Thaicharoen, 2003; Ali, 2003; Bertocchi and Canova, 2002; Landes, 1998; Mahoney, 2001; Grier, 1999; Rodrick, Subramanian, and Trebbi, 2004). The colonial institutional legacy varied in terms of location of the settlements, property rights and contractual rights determination and enforcement, recruitment of settlers and workers, prevalence of indentured servitudes, extent of autonomy given to specific colonial rulers from the mainland, governance structure, religious practices, language spoken by inhabitants to name a few (Acemoglu and Johnson, 2005; Besley,1995; Chen, 2013; Hall and Jones, 1999; Johnson and Woodruff, 2002; Knack and Keefer, 1995; La Porta, Lopez-de-Silanes, Shleifer, and Vishny, 1999; North, Summerhill, and Weingast, 2000; La Porta, Lopez-de-Silanes, Shleifer, and Vishny, 1998; 4 Journal of Business and Behavioral Sciences Lange, Mahoney, and Vom Hau, 2006). Western European colonial rulers were the main imperial forces with that once dominated the global landscape from beginning of the fourteenth century up to middle of twentieth century. The Portuguese were one of the earliest founders of colonial empires with trading posts around the world including parts of India, Brazil, few Middle Eastern ports, Timor etc. The Portuguese empire had its peak in the fifteenth century and declined gradually thereafter. The Spanish, Dutch, English and French rulers controlled vast colonial territories in the Asia, Africa, North America, South America and the Caribbean islands. The ubiquity of colonial rules can be put on perspectives by recalling the historical fact that 125 countries out of current 192 countries that are members of the United Nations’ were once subjugated as colonies of few European nations (Abernethy, 2000) and by 1930s, colonies and former colonies represented 84.6 percent of land surface of the world (Fieldhouse, 1967). The British Empire emerged as the largest empire through the eighteenth and nineteenth century in terms of hegemonic influence and land coverage of colonies and population thereof. The imperial powers were keen on introducing their native languages in conducting official businesses in colonial settlements essentially making languages part of colonial governance strategies (see Bokamba, 1991; Hamel, 2005; Phillipson, 1992, Phillipson, 1997). For most instances, the residents of former colonies continue to use, either officially or otherwise, the languages once were introduced by their colonial rulers. Using a game theoretic approach Arias and Girod (2011) studied 444 sub-national territories in the Americas for both the pre-colonial and post-colonial periods across different