Clustering is absolutely useful information to explore data structures and has been employed in many places. It organizes a set of objects into similar groups called clusters, and the objects within one cluster are both highly similar and dissimilar with the objects in other clusters. The K-mean, C-mean, Fuzzy C-mean and Kernel K-mean algorithms are the most popular clustering algorithms for their easy implementation and fast work, but in some cases we cannot use these algorithms. Regarding this, in this paper, a hybrid model for customer clustering is presented that is applicable in five banks of Fars Province, Shiraz, Iran. In this way, the fuzzy relation among customers is defined by using their features described in linguistic and quantitative variables. As follows, the customers of banks are grouped according to K-mean, C-mean, Fuzzy C-mean and Kernel K-mean algorithms and the proposed Fuzzy Relation Clustering (FRC) algorithm. The aim of this paper is to show how to choose the best clustering algorithms based on density-based clustering and present a new clustering algorithm for both crisp and fuzzy variables. Finally, we apply the proposed approach to five datasets of customer's segmentation in banks. The result of the FCR shows the accuracy and high performance of FRC compared other clustering methods.

During the past two decades, there has been growing trend in Iranian banking industry due to change in banking regulations. Private sector has grown rapidly and there have been several new banks on the market, which has created very competitive market. Therefore, customer loyalty is the key factor for running a successful banking business and customer relationship management (CRM) appears to be important for the success in this industry. The primary objective of this paper is to investigate the relationship between CRM and customer loyalty in one of the oldest Iranian banks named Bank Melli Iran. The proposed study prepares a questionnaire in Likert scale and distributes it among some regular customers of this bank. The preliminary results of this survey have indicated that consumer’s gender, age and educational background had no meaningful impact on quality of services. In other words, people with different personal characteristics expect the same quality of services from banking industry and there is a positive and meaningful relationship between quality of services and customer loyalty.

This paper examines the relationship between trade credit and bank loan during the financial crisis using annual data on Tunisian exporting companies over the period 2005- 2011. Results based on 2SLS regression have shown that trade credit and bank credit were simultaneously determined and maintained a complementary effect before 2008 financial crisis. On the other side, the substitution effect has been detected between the two sources of short term financing during 2008 financial crisis. Finally, companies rely more on bank loan after the financial crisis because bankers are able to cover financial need of their customers.

Over the years, organizations have witnessed a transformational change at global market place. Integration of operations and partnership have become the key success factors for organizations. In order to achieve inclusive growth while operating in a dynamic uncertain environment, organizations irrespective of the scale of business need to stay connected across the entire value chain. The purpose of this paper is to analyze Enterprise Resource Planning (ERP) implementation process for Small and Medium Enterprises (SMEs) in India to identify the key enablers. Exhaustive survey of existing literature as a part of secondary research work, has been conducted in order to identify the critical success factors and usefulness of ERP implementation in different industrial sectors initially and examines the impact of those factors in Indian SMEs. Kernel Principal Component Analysis (KPCA) has been applied on survey response to recognize the key constructs related to Critical Success Factors (CSFs) and tangible benefits of ERP implementation. Intuitionistic Fuzzy set theory based Technique of Order Preference by Similarity to Ideal Solution (TOPSIS) method is then used to rank the respective CSFs by mapping their contribution to the benefits realized through implementing ERP. Overall this work attempts to present a guideline for ERP adoption process in the said sector utilizing the framework built upon KPCA and Intuitionistic Fuzzy TOPSIS. Findings of this work can act as guidelines for monitoring the entire ERP implementation project.

This paper investigates the impact of corporate governance on firm value measured by Tobin’s Q. Different corporate governance proxies i.e. board size, board independence, audit committee and CEO duality are interacted with firm value. A sample of 91 nonfinancial firms listed on KSE was selected over the period 2010-2014. The findings of the study show that board size and CEO duality had negative impacts on firm value. Moreover, board size, non-executive directors and audit committee had positive and significant impacts on firm value.

One of the primary tools for asset evaluation on stock market is to use price-to-earnings (P/E) ratio. The method is simple and has become popular among many investors for buy/sell decisions. In this paper, we present a comprehensive review on recent advances on the use of P/E ratio for measuring other firms’ characteristics. The survey has reviewed several studies on the relationship between P/E ratio and stock performance, estimation of transaction data, insider transaction, future growth, firm size, interest ratio, book-to-market equity, etc.