Factors Affecting Increase of Attraction of Mobilization of Financial Resources in Private Banks' Branches (Case Study: Private Banks' Branches in Tehran)

London Journal of Research in Management and Business
Volume | Issue | Compilation
Authored by Ali Shayesteh , Somayeh Hashemi
Classification: JEL Code: G2
Keywords: bank resources, mobilization of resources, private banks' branches in tehran.
Language: English

This study examined the factors affecting the mobilization of financial resources according to priority and importance in private bank branches in Tehran. This was an applied research in terms of purpose and method of research was descriptive- survey. The statistical population comprised employees, and managers of the private banks' branches in Tehran in 2016. Data collection tool was questionnaire .The distribute and and collection of data last one month. Statistical population of this survey was 52 branches in Tehran that the random distribution of the questionnaire was distribute in 15 branches in different regions of the province. Validity of the questionnaire was positively evaluated by professors and experts based on the 37 items using a five-point Likert scale to determine significance of each index. Result of Cronbach's alpha reliability test showed that reliability of the components of questionnaire was 0.79, which reflects the reliability of the components of this questionnaire. Single population mean test was used to test hypotheses and using descriptive and inferential statistics (t-test and Friedman rank test), data were analyzed. 

               

Factors Affecting Increase of Attraction of Mobilization of Financial Resources in Private Banks' Branches (Case Study: Private Banks' Branches in Tehran)

Somayeh Hashemiα & Ali Shayestehσ

____________________________________________

  1. ABSTRACT

This study examined the factors affecting the mobilization of financial resources according to priority and importance in private bank branches in Tehran. This was an applied research in terms of purpose and method of research was descriptive- survey. The statistical population comprised employees, and managers of the private banks' branches in Tehran in 2016. Data collection tool was questionnaire .The distribute and and collection of data last one month. Statistical population of this survey was 52 branches in Tehran that the random distribution of the questionnaire was distributed in 15 branches in different regions of the province. Validity of the questionnaire was positively evaluated by professors and experts based on the 37 items using a five-point Likert scale to determine significance of each index. Result of Cronbach's alpha reliability test showed that reliability of the components of questionnaire was 0.79, which reflects the reliability of the components of this questionnaire. Single population mean test was used to test hypotheses and using descriptive and inferential statistics (t-test and Friedman rank test), data were analyzed. According to the results, the hypothesis was confirmed, which indicates that all indicators contributed to the success of the mobilization of financial resources in banks' branches in Tehran. In the eyes of the respondents, variables of head of branches, bank employees, branches’ credit facilities, customer- centered   approach   and   physical   factors   and

modern technology of branch were important, in order of importance respectively.

Keywords: bank resources, mobilization of resources, private banks' branches in tehran.

Author α: Master of Financial Management.

  1. INTRODUCTION

The goal of all service institutions, including banks, is to provide appropriate services that satisfy customers. Mobilization of financial resources has always been the main task of the banking system. To able to compete in today's rapidly changing environment, Banks today have to pay special attention to the quality of their services. This ensures higher retention of customers, attraction of new customers and improved financial performance and profitability. In recent decades, the intensification of competition between firms in order to gain more market share has driven to a closer and deeper knowledge of customer requirements. No doubt customer satisfaction and even making them happy with the quality of service in the first place requires knowledge of their needs and desires and then transfer of these demands into a situation where goods and services are produced. Given increasing complexity of economic, social and cultural systems, this does not happen spontaneously, but requires systematic methods and procedures to convert these concepts into the organizational process. The changing demands, needs and expectations of customers is an undeniable fact. Financial resources is often very important in the activities of a bank today, because success in this area could be a factor for success in other areas and because the attraction of funds for each bank depends on many factors. The understanding of these factors and the impact of each of them are very important for success in this field. Banks make income via provision of services to customer, in which process they attract people’s deposits at low interest while providing high interest facilities to people, the different of which makes up the earning of the bank, which is called marginal profit and interest. The question now is whether factors affecting banking including advertisement, number of branches, size of granted facilities, etc. affect bank deposits. The profitability of banks is influenced by internal factors that can be controlled by management or economic factors and conditions prevailing in the countries and the environmental factors that affect it. Therefore, to avoid any deviation, factors affecting attraction of financial resources are divided into two main groups: internal and external. This research studied factors affecting attraction of financial resources of the bank that are influenced by internal factors capable of control by bank managers.

  1. PRIMARY QUESTION 

What are factors affecting success of branches in higher attraction of financial resources from view of personnel and managers of private banks' branches in Tehran.

3.1  Description 

Although factors like industrialization, expansion and transformation of the social activities and as a result, emergence of new needs emerge are among important factors affecting creation and expansion of financial institutions have, economic progress and development is also one of the most important factors affecting the spread and evolution of these institutions. In fact, financial institutions are formed to facilitate the progress of other economic institutions, and therefore it can be said that the existence of advanced financial institutions and markets employing the new techniques has direct relationship with a country's development level (Razani, 2003).

In the meantime the banks are known as the main chain in supply of the needs of financial firms. One of the most important factors in economic growth and development of countries, especially developing countries, including Iran, is formation of financial and physical capital as it can be claimed that banks and finance and credit institutions are one of the most important institutions in attracting capital funds and transferring them to economic sectors.

In such circumstances, absorption of more financial resources and effective competition to attract these resources by different bank groups is one of concerns of financial and credit institutions. However, although with eliminating of private banks in the immediate aftermath of the revolution, all bank groups were operated under the supervision of the state, but they more or less competed to attract more financial resources. Further, creation of new private banks and financial and credit institutions and the expansion of the scope of the activity of non-interest bearing loan institutes contributed to competition in banking system of the country for attracting financial resources (Razani, 2003).

In this study, intra-organizational factors affecting attraction of resources in the bank branches in were investigated, identified and ranked. Factors examined include credit, relational, human, behavioral factors related heads of branches and relational, human and behavioral factors of employees of branches, physical factors and modern technology of branches and customer-orientation of branches.

3.2  Necessity & Importance 

Bank is a financial institution whose task is mobilization and distribution of credit, credit operations, financial operations, buying and selling of foreign currency, transfer of funds, and dividend of customers, payment of debts of customers, accepting deposits, maintenance of stocks and bonds and agency in selling and buying. Other banks, like any economic enterprise, are looking to make profit, and for this purpose, the first important question is how to attract financial resources. On the other hand, theoretical studies show that economic enterprises use different forms of domestic resources, such as cumulative profit and buying of low-profitable asset for financing and in case of insufficient internal resources, they use External resources (money and capital market) such as receiving loans, bonds and issue of stocks to finance them. This is despite the fact that commercial banks mainly use customers’ deposits for the financing, which deposits take various forms, such as the current interest-free loan, short-term savings and long-term capital deposit. So to maintain such position, it is necessary for bank branch managers of the province to look for new mechanisms for mobilizing resources so as not to get out of the race. Otherwise, failure of banks in taking substantial decisions may pose them to serious challenges. Therefore, the correct understanding of the key success factors of bank branches in the mobilization of financial resources is important.

In today's world, attraction of financial resources is vital for banks and has created an intense competition is between them. One of the major evidence of provision of new services is ensuring confidence and attention of people and encouraging them to make more deposit with banks. So there is a necessity to study dimensions and factors affecting attraction of bank resources in order to ensure better and more efficient and optimum use of such resources. In this research, internal management factors were studied in cooperation with 212 members of staff and the heads of the bank branches in 15 districts of Tehran province and effective factors on success of branches were studied through survey of opinion using questionnaire.

  1. HYPOTHESES

Primary Hypothesis:

There is a relationship between factors affecting success of branches and increase of attraction of financial resources in private banks' branches in Tehran.

Secondary Hypotheses:

  1. There is a relationship between credit facilities and increase of attraction of financial resources in bank branches in Tehran.
  2. There is a relationship between relational, human, behavioral factors of employees of branches and increase of attraction of financial resources in bank branches in Tehran.
  3. There is a relationship between relational, human, behavioral factors of heads of branches and increase of attraction of financial resources in bank branches in Tehran.
  4. There is a relationship between increase of attraction of financial resources in bank branches in Tehran.
  5. There is a relationship between customer-orientation and increase of attraction of financial resources in bank branches in Tehran.

V.   THE MAIN OBJECTIVES OF RESEARCH

The aim of this study was to confirm or reject the hypotheses through test of them and by examining importance and priority of the impact of the variables on bank branch's success in attracting financial resources. So be based on the results, solutions were provided to ensure success of the branches.

  1. LITERATURE

Maquyinezhad (1999) conducted a study entitled "Factors affecting the increase in customer deposits at branches of Tejarat Bank in city of Rafsanjan (from the customer perspective)” and found that the most important factors in increasing the amount of deposit were social relationships with customers, the good characteristics of staff, advertising, the interest paid and offer of good services.

Razani (2003) studied in his thesis titled “Study and introduction of new and effective methods of attraction of financial resources in Tejarat Bank in Lorestan province” factors affecting attraction of financial resources in Tejarat Bank group in Lorestan including easier facilities, good physical environment, revision of bonus procedures, giving importance to customers, proper regulations, attraction of long-term resources, etc.

Mojgan Haji Nabi (2006) conducted a research titled “Creation of profitable customers and providing service to them” and proposed strategy for dealing with important customers and addressed valuable customer class.

Khazra (2006) found in an article entitled "Factors Affecting the mobilization of financial resources of the country" the factors such as information and communication technology, skilled staff working in banks, variety and quality of banking services, customer satisfaction with employees and the good interior environmental and location of branches as important factors for optimal attraction in modern banking financial resources are not as absorption.

Hojatollah Habibpour (2013) performed a study on factors affecting mobilization of resources in terms of priority and importance in bank branches Isfahan's Refah Bank. The results of this study showed that all five factors considered in the study affected mobilization of resources in bank branches at a level higher than average. Services, physical, relational and human factors, financial factors and factors of dependence of organization were most effective factors in attracting resources, in order of importance respectively.

Meskini and Chavoshirad (2015) examined the factors affecting the mobilization and allocation of resources according to priority in bank branches (Case Study: Parsian Bank). The results of this study showed that factors of liquidity of branch, branch costs, number of employees, the grade of branch as well as the quality of services provided by the branch affected mobilization and allocation of resources.

Soteriou and Stavrinds (1997) provided a framework for modeling various functional and aspects and strategic modeling of branches of a commercial bank in the US. They first introduced combined strategic and functional modellings.

The more employees the most important banks and most basic factor to achieve increased profitability and gaining interest is considered.

Jung and Jang (2006) studied Taiwanese banks’ long-term profitability and drew the conclusion that the most important factor in profitability of bank branches was bank services. Employees were found to be the most important factor involved in achieving increased profitability.

Abhiman et al. (2009) studied large state-owned bank branches in India, and found factors such as human resources, education level of employees, the bank environment and location, advertising, government regulations and reduced government intervention in banking to be important factors in attracting deposits. They believe that the most important and influential factor is attraction of people’s deposit is manpower.

  1. VARIABLES 

Bank employees, heads of branches, facilities granted, customer-oriented approach and physical factors and modern technology of the branch were dependent variables of this research, which are briefly described below.

7.1  Bank’s Capital 

Capital of bank, which is part of bank resources, generally include the issued shares and accumulated earnings. The bank's capital should be adequate to absorb operating losses that occur as a result of the bank’s operations. Legislative authorities have required the banks to maintain an appropriate level of capital because they are sure that banks would maintain a good level of capital. In this way, banks may resist operating losses and thus, confidence of people in the banking system will increase.

7.2  Customer Orientation

Attraction of customers and customer-orientation are among requirements of dynamism and durability of an organization and enterprise and nowadays given intense competition between banks and economic enterprises, it has become even more important. However, use of competent manpower in accordance with the objectives of the organization is the most important part of marketing and customer acquisition. Adornment and branch staff’s treatment of customer, their personality and expertise in delivery of banking services are also important factors in attracting customers.

7.3  Employees

In analyzing this factor, it can be said that in banking services, in addition to new services, the manner of presentation and behavior and skills of operating staff are extremely effective. Therefore, it is necessary that their treatment of customers be friendly and respectful to prepare the ground for customer retention.

7.4  Physical factors, modern technology of branches

Indices constituting this factor all reflect the increasing importance of electronic banking services and their crucial role in facilitating and accelerating service delivery of bank. New innovations such as electronic money, automatic transfer and receipt terminals and, virtual and banking and Internet banking have created profound transformation in the banking sector, leading to enhanced performance and lower operating costs for the banks.

7.5  Management of Branches

Management refers to knowledge of management, or in other words, it is working with and through others to achieve the goals of employees through planning, organizing, coordinating, directing and controlling.

Thus, some believe that employees themselves can perform management tasks and do not require a separate management unit; objective historians and sociologists have not found any institution that can do without administrative hierarchy (Golding, 1977, p. 4).

Today, success of any organization, institution or company where certain people are employed to perform certain tasks necessarily depends on the effective and efficient use of human and material resources. Banks and financial and credit institutions are no exception and their continuous improvement always requires optimal implementation of managerial tasks and principles at all levels of the enterprise, including the heads and deputies at headquarters and provincial managers and branch managers.

  1. METHODOLOGY 

This research was an applied one and used a descriptive – survey methodology. The population of this research comprised employees of Refah Bank in Tehran in 2016. Sampling was done using simple randomized sampling. The sample size was determined using Morgan’s table at 212. For data collection, a questionnaire was used. The number of items was 37 on the five-point Likert scale. The validity of questionnaire was confirmed from the views of experts and specialists and its reliability was confirmed by Cronbach's alpha coefficient at 0.79, which is acceptable.

8.1  Statistical Population

The statistical population consisted of all employees and managers of bank branch in Tehran. Statistical population of employees consists of 212 subjects.

8.2  Sampling & Sample Size

Since it was impossible to access to all staff and managers of all bank branches in Tehran, the employee population was sampled using simple randomized sampling method. In this study, using SPSS 60 software, Cronbach's alpha was calculated for 60 questionnaires at 0.79, and since it was larger than 0.7, then its reliability was good. To ensure validity of questionnaire, preliminary questionnaire developed based on views of branch managers were confirmed by experts, and then final questionnaire was developed and administered. Sample size was determined using Morgan’s table.

8.3  Data Analysis:

Data analysis was conducted using descriptive and inferential statistics. The descriptive statistics included some descriptive statistical indices including frequency, mean and standard deviation used to describe the data. Inferential statistics was used to test hypotheses in which the population mean test (one-sample t test) were used. In order to rank and prioritize the variables affecting the Bank's financial resources for research participants, Friedman test was used.

  1. RESULTS 

Table 1 shows title and years of service of subjects. As seen, a high percentage of subjects were branch’s employees. For years of service, most subjects had served over 25 years.

Table 1: Title and years of service of subject

Respondents

Frequency

Percent frequency

Title

Head of branch

15

1/7

Deputy of branch

17

8

Branch employees

180

9/84

Total

212

100

Years of service

Less than 5 years

7

3/3

5 to 10 years

40

9/18

20 to 30 years

165

8/77

Total

212

100

To check and test the mean of participants' responses to five variables assessed, one-sample t test was used, the results of which are shown in Table 2. As seen, all the variables examined in this study significantly affected the Bank's financial resources (P < 0.05), so statistical hypotheses of this study were validated; in other words, bank employees, heads of branches, facilities granted, customer-oriented approach and physical factors and modern technology of the branch affected financial resources of bank branch of Tehran Province.

Table 2: Results of mean test of statistical population for studied variables

Variables

Mean

t value

DoF

Sig.

Mean difference

Bank employees

355/4

329/56

211

001/0

355/1

Credit facilities of branch

327/4

882/50

211

007/0

327/1

Heads of branches

399/4

568/81

211

001/0

399/1

Customer-oriented approach

343/4

975/70

211

001/0

343/0

Physical factors and modern technology of branches

249/4

578/41

211

001/0

249/1

The following tables present results of Friedman test for the test of the importance and priority of the factors affecting the Bank's financial resources. These results show a significant difference between the importance and priority of these factors for the bank's financial resources                 (P < 0.041), so they may be ranked and prioritized (Table 3). According to respondents, variable of heads of branches was most important with mean rank of 3.21. Variable of bank had the second priority at 3.07, third priority related to variable of credit facility of branches at 3.02, variable customer-centered approach with mean rank of 2.94 held the fourth priority rank and variable of physical factors and modern technology of branches stood in the last degree of importance and were less important than other variables at 2.75 (Table 4).

Table 3: Statistics of Friedman test to check the differences between the ranks

Statistics

Calculated values

Number

212

Chi-square test

899/9

DoF

4

Sig.

041/0

Table 4: Results of Friedman test for ranking of variables

Priority

Variable

Mean rank

First

Heads of branches

21/3

Second

Bank employees

07/3

Third

Credit facilities branch

02/3

Fourth

Customer-oriented approach

94/2

Fifth

Physical factors and modern technology of branches

75/2

X.   CONCLUSION

Despite the importance of the banking system in the domestic economy, less research has been done on its growing trend. Iranian banking system is still dominated by state-owned banks; in recent years, due to the entry into the World Trade Organization, It has faced by new challenges such as the foreign banks, private banks and increased activities of financial and credit institutions. Thus, banking system in the country needs to evaluate its performance and improve its efficiency in order to survive and thrive in such dynamic environment. On the other hand, due to a reduction of bank interest rates and the reluctance of customers to deposit their money in the banks, the bank's management should use the other factors in order to attract customers. It was concluded from all the above tests that in the eyes of the respondents, variables of head of branches, bank employees, branches’ credit facilities, customer-centered approach and physical factors and modern technology of branch were important, in order of importance respectively, which indicates importance of view of employees of correct management. Therefore, the suggestions of this study are in the first place related to the importance of this issue.

  1. SUGGESTIONS 

Regardless of activities that they take, managers should abide by principles carefully in fulfilling their tasks. Head of bank must ensure that his status and performance is consistent with expectations of higher level managers to identify if the branch is ahead, behind or at the target point. For example, if the goal regarding the attraction of the resources have been notified to the branch, head of branch should always at the end of the week, month, season, etc. prepare statistical report as supervision and control; and if branch is behind the goal, double effort must be exerted to resolve the obstacles and reach the goal, and if branch is ahead of or at the target point, it should be motivated to even better perform given it has had a positive performance. Overall, manager should take measures to properly and optimally control internal organizational factors affecting attraction of resources, which measures include:

  1. SERVICE FACTORS 

  1. Diversity of banking services: Service improvement and diversification of it in the system. (Tahvildari)
  2. Quality of banking services: Providing quality service, thereby creating competitive advantages for the banks. (Ebrahimi et al., P. 223)
  3. Electronic banking services: Given diversity of e-banking in the world that are optimized from day to day, if opportunities and existing substrates are not used properly, certainly in the near future many challenges will be faced by development of digital economy whose foundation is electronic banking (Yazdani and Dehnavi).
  4. Specialized skills of employees: Using experienced staff who show good public relations and who have relevant education records to reduce the difference between bank performance and customer expectations regarding service delivery (Yazdani and Dehnavi).
  1. FINANCIAL FACTORS

  1. Facilities paid: The main task of banks is to mediate the funds, which means that they receive funds from depositors on the one hand and on the other hand, they grant funds in the form of facilities to customers (Yazdani and Dehnavi).
  2. The interest rate paid on deposits: Deposits of people with the banks is important in two respects: first, the money people deposit increase bank lending power and so banks can provide more loan towards production and investment out of the savings collected from people. The second importance of increased people's deposits with the banks is that when people prefer keeping their money with banks and spending it less, money in circulation reduces, which in turn reduces the inflation rate, thus increasing the purchasing power of the people (Khazra).
  3. Bonuses paid to depositors of non-interest accounts: Drawing in the banking system should be properly designed to positively affect attraction of people’s cash and guiding investment towards banks.

Communication and Human Factors

Today, one of the factors ensuring profitability of business units is delivering successful advertising projects. Ads are aimed at description of place and introduction of capabilities of a bank and clarification required about unique condition of a bank in terms of service providing (Hosseini).

Customer treatment by bank employees: Today, organizations compete with each other in meeting the needs and demands of customers, giving special attention to customers. In new marketing philosophy, customers should be the center of attention (Mansour and Yavari).

Suitable individual characteristics of employees

Physical factors and conditions

A:    The location of bank branches: Today, banks and other service organizations have established branches in different regions to be to provide better service and have a wider coverage (Rusta, 40).

(B)  Number of bank branches: in recent years and particularly with the arrival of private banks, there has been intense competition to establish bank branches, In such circumstances, successful bank is one that maintain a good and reasonable balance between physical development and virtual development based on a forward looking vision so that it could be more successful in future when number of branches will not much contribute to competitiveness (Khazra).

A:  Beautiful interior and exterior design of branches: A good environment can contribute to increase of value and productivity of employees. This is one of the concerns of bank executives and senior managers in modern banking. To attract more customers, banks need suitable working environment working environment in physical, psychological and social terms (Venus).

(D)   Physical facilities of bank branches: Physical facilities of bank branches facilitates the activities of customers and employees of bank branches. Different physical features and characteristics of bank should be considered, some of which include provision of enough space to provide services, the right furniture for waiting room, ease of access of customer to his account status, ease of parking of customer’s car, the possibility of use of ATM and convenient access to the essentials needed.

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