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The DLSU Business & Economics Review (DLSU B&E Review) publishes high quality theoretical, empirical, and methodological research in the fields of accounting, business management, commercial law, economics, finance, and marketing. The DLSU B&E Review aims to reach an audience in these six fields and is published twice a year. Unless otherwise noted, the ideas, opinions, and conclusions expressed in the DLSU B&E Review are those of the authors and not necessarily those of the Editorial Board of the journal or the management and staff of De La Salle University.
Annual Subscription Rates: Foreign libraries and institutions: US$40 (surface mail), US$50 (airmail). Individuals: US$25 (surface mail), US$35 (airmail). Philippine domestic subscription rates for libraries and institutions: Php1,500, individuals: Php1,300. Please contact Ms. Joanne T. Castañares for subscription details: telefax: (632) 523-4281, e-mail: joanne.castanares@dlsu.edu.ph
Published by De La Salle University Publishing House
2401 Taft Avenue, 1004 Manila, Philippines
Tel. No. (63 2) 524-4611 loc 271v
Telefax: (63 2) 523-4281
Emails: dlsupublishinghouse@dlsu.edu.ph or dlsupublishinghouse@gmail.com
Website: www.ejournals.ph
The De La Salle University Publishing House is the publishing center of the University.
Copyright © De La Salle University, 2013
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means— electronic, mechanical, photocopying, recording, or otherwise— without written permission from the copyright owner.
ISSN – 0116-7111
Editor-in-Chief
Dr. Tereso S. Tullao, Jr.
De La Salle University, Manila, Philippines
Managing Editor
Dr. John Paolo R. Rivera
De La Salle University, Manila, Philippines
| Dr. Mary P. Arends-Kuenning University of Illinois at Urbana-Champaign Urbana, Illinois, USA |
Dr. Naruemon Choochinprakarn Burapha University Chonburi, Thailand |
| Dr. Wakhid Slamet Ciptono Universitas Gadjah Mada Yogyakarta, Indonesia |
Dr. Michael Angelo A. Cortez Ritsumeikan Asia Pacific University Beppu, Oita, Japan |
| Dr. Divina M. Edralin De La Salle University Manila, Philippines |
Dr. Regina A. Greenwood Nova Southeastern University Fort Lauderdale, Florida, USA |
| Dr. Brian C. Gozun De La Salle University Manila, Philippines |
Dr. Sirada Jarutakanont Burapha, University Chonburi, Thailand |
| Dr. Hazri Kifle Universiti Brunei Darussalam Negara, Brunei Darussalam |
Dr. Mari Kondo Doshisha University Kyoto, Japan |
| Dr. Masayuki Kondo Yokohama National University Yokohama, Japan |
Dr. Kong-Rae Lee Science and Technology Policy Institute Seoul, Korea |
| Dr. Tai Wei Lim The Chinese University of Hong Kong Hong Kong SAR, China |
Datin Dr Joriah Muhammad Universiti Sains Malaysia Penang, Malaysia |
| Dr. Stephen Robert Nagy The Chinese University of Hong Kong Hong Kong SAR, China |
Dr. Epictetus E. Patalinghug University of the Philippines Diliman, Quezon City, Philippines |
| Dr. Changrok Soh Korea University Seoul, Korea |
Dr. Maria Claret M. Ruane University of Guam Guam, USA |
| Dr. Michael J. Sullivan University of Nevada Las Vegas, Nevada, USA |
Dr. Benito L. Teehankee De La Salle University Manila, Philippines |
| Dr. Angelo A. Unite De La Salle University Manila, Philippines |
Dr. Shujiro Urata Waseda University Tokyo, Japan |
| Dr. Maria Estela Varua University of Western Sydney Sydney, Australia |
Dr. Yongqin Wang Fudan University Shanghai, China |