University Research Journals

taper 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 Business & Economics Review aims to reach an audience in these six fields and is published twice a year. It is listed in SciVerse Scopus since 2011 and abstracted and Indexed in EBSCO since 2009. It is also accredited by the Commission on Higher Education as one of the most distinguished Philippine journals classified in Category A level since 2009.

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

Copyright © 2014 by De La Salle University


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

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.dlsu.edu.ph

The De La Salle University Publishing House is the publications office of De La Salle University, Manila, Philippines.

Editorial Board

Editor
Dr. Tereso S. Tullao, Jr.
De La Salle University, Manila, Philippines
Email: tereso.tullao@dlsu.edu.ph

Managing Editor
Marites Tiongco, PhD
De La Salle University, Manila, Philippines
Email: marites.tiongco@dlsu.edu.ph

Editorial Assistant
Daisy Mojares
De La Salle University, Manila, Philippines
Email: daisy.mojares@dlsu.edu.ph

Advisory Board

Mary P. Arends-Kuenning
University of Illinois at Urbana-Champaign
Urbana, Illinois, USA
Naruemon Choochinprakarn
Burapha University
Chonburi, Thailand
Wakhid Slamet Ciptono
Universitas Gadjah Mada
Yogyakarta, Indonesia
Michael Angelo A. Cortez
Ritsumeikan Asia Pacific University
Beppu, Oita, Japan
Divina M. Edralin
De La Salle University
Manila, Philippines
Regina A. Greenwood
Nova Southeastern University
Fort Lauderdale, Florida, USA
Brian C. Gozun
De La Salle University
Manila, Philippines
Sirada Jarutakanont
Burapha, University
Chonburi, Thailand
Hazri Kifle
Universiti Brunei Darussalam
Negara, Brunei Darussalam
Mari Kondo
Doshisha University
Kyoto, Japan
Masayuki Kondo
Yokohama National University
Yokohama, Japan
Kong-Rae Lee
Science and Technology Policy Institute
Seoul, Korea
Tai Wei Lim
The Chinese University of Hong Kong
Hong Kong SAR, China
Joriah Muhammad
Universiti Sains Malaysia
Penang, Malaysia
Stephen Robert Nagy
The Chinese University of Hong Kong
Hong Kong SAR, China
Epictetus E. Patalinghug
University of the Philippines
Diliman, Quezon City, Philippines
Alfredo Paloyo
University of Wollongong
New South Wales
Australia
Changrok Soh
Korea University
Seoul, Korea
Maria Claret M. Ruane
University of Guam
Guam, USA
Michael J. Sullivan
University of Nevada
Las Vegas, Nevada, USA
Benito L. Teehankee
De La Salle University
Manila, Philippines
Angelo A. Unite
De La Salle University
Manila, Philippines
Shujiro Urata
Waseda University
Tokyo, Japan
Maria Estela Varua
University of Western Sydney
Sydney, Australia
Delano Villanueva
De La Salle University
Manila, Philippines
Yongqin Wang
Fudan University
Shanghai, China
Futoshi Yamauchi
The World Bank
Washington D.C