Search results for: Stock Exchange of Thailand (SET)

Authors: Chen-Yin Kuo, Yung-Hsin Lee

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Previous studies applying residual income valuation (RIV) model generally use panel data and single-equation model to forecast stock prices. Unlike these, this paper uses Taiwan longitudinal data to estimate multi-equation time-series models such as Vector Autoregressive (VAR), Vector Error Correction Model (VECM), and conduct out-of-sample forecasting. Further, this work assesses their forecasting performance by two instruments. In favor of extant research, the major finding shows that VECM outperforms other three models in forecasting for three stock sectors over entire horizons. It implies that an error correction term containing long-run information contributes to improve forecasting accuracy. Moreover, the pattern of composite shows that at longer horizon, VECM produces the greater reduction in errors, and performs substantially better than VAR.

Keywords: residual income valuation model, vector error correction model, out of sample forecasting, forecasting accuracy

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Authors: Tomasz L. Nawrocki

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Due to the growing global interest of investment society in innovative enterprises, as the objective of this research was adopted to examine the investment efficiency in shares of companies with innovative characteristics in the risk-return layout. The research was carried out for companies listed on the Warsaw Stock Exchange taking into various consideration time ranges of investment. Obtained results show that in shorter periods of time, investors buy expectations connected with innovative companies and therefore the efficiency of investment in their shares is relatively high, but in the longer term expectations are revised by companies financial results, which in turn negatively affects the efficiency of investment in their shares.

Keywords: capital market, innovative company, investment strategies, risk and return analysis

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Authors: Damien Kunjal, Faeezah Peerbhai

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Despite the increasing popularity of exchange-traded funds (ETFs), ETF investment choices may not always be rational. Excess trading volume, misevaluations of securities, and excess return volatility present in financial markets can be attributed to the influence of the overconfidence bias. Whilst previous research has explored the overconfidence bias in stock markets; this study focuses on trading in ETF markets. Therefore, the objective of this study is to investigate the presence of investor overconfidence in the South African ETF market. Using vector autoregressive models, the lead-lag relationship between market turnover and the market return is examined for the market of South African ETFs tracking domestic benchmarks and for the market of South African ETFs tracking international benchmarks over the period November 2000 till August 2019. Consistent with the overconfidence hypothesis, a positive relationship between current market turnover and lagged market return is found for both markets, even after controlling for market volatility and cross-sectional dispersion. This relationship holds for both market and individual ETF turnover suggesting that investors are overconfident when trading in South African ETFs tracking domestic benchmarks and South African ETFs tracking international benchmarks since trading activity depends on past market returns. Additionally, using the global recession as a structural break, this study finds that investor overconfidence is more pronounced after the global recession suggesting that investors perceive ETFs as risk-reducing assets due to their diversification benefits. Overall, the results of this study indicate that the overconfidence bias has a significant influence on ETF investment choices, therefore, suggesting that the South African ETF market is inefficient since investors’ decisions are based on their biases. As a result, the effect of investor overconfidence can account for the difference between the fair value of ETFs and its current market price. This finding has implications for policymakers whose responsibility is to promote the efficiency of the South African ETF market as well as ETF investors and traders who trade in the South African ETF market.

Keywords: exchange-traded fund, market return, market turnover, overconfidence, trading activity

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Authors: Ruchi Agarwal

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The Indian diaspora in Thailand is as ethnically diverse as any other country. Although a relatively small community, the Indian diaspora has long established its roots, some with their fifth generation now living in Thailand. The community has a solid social and economic standing recognized by the host country but lacks connections with its ethnic roots in the home country. The biggest dilemma faced by the younger generation of the Indian diasporic community is the identity crisis. Regardless of being born and brought up in Thailand and possessing Thai citizenship, they do not get recognition as Thais by their Thai counterparts. However, with the Act Asia Policy of the Indian government, there has been an increase in social and political activities organized by old and new Indian associations, bringing new hopes of recognizing the Thai-Indian diasporic community.

Keywords: Indian, Thailand, diaspora, Act East Policy, Thai

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Authors: Yousef Abu Nahleh, Alhasan Hakami, Arun Kumar, Fugen Daver

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This study considers the problem of calculating safety stocks in disaster situations inventory systems that face demand uncertainties. Safety stocks are essential to make the supply chain, which is controlled by forecasts of customer needs, in response to demand uncertainties and to reach predefined goal service levels. To solve the problem of uncertainties due to the disaster situations affecting the industry sector, the concept of Emergency Safety Stock (ESS) was proposed. While there exists a huge body of literature on determining safety stock levels, this literature does not address the problem arising due to the disaster and dealing with the situations. In this paper, the problem of improving the Order Quantity Model to deal with uncertainty of demand due to disasters is managed by incorporating a new idea called ESS which is based on the probability of disaster occurrence and uses probability matrix calculated from the historical data.

Keywords: Emergency Safety Stocks, safety stocks, Order Quantity Model, supply chain

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Authors: Septiany Trisnaningtyas

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Purpose: This research aims to examine the factors affecting the profitability of pharmaceutical company during the Covid-19 Pandemic in Indonesia. A sharp decline in the number of patients coming to the hospital for treatment during the pandemic has an impact on the growth of the pharmaceutical sector and brought major changes in financial position and business performance. Pharmaceutical companies that provide products related to the Covid-19 pandemic can survive and continue to grow. This study investigates the factors affecting the profitability of pharmaceutical company during the Covid-19 Pandemic in Indonesia associated with the number of Covid-19 cases. Design/methodology/approach: This study uses panel-data regression models to evaluate the influence of the number of Covid-19 confirmed cases on profitability of ninelisted pharmaceuticalcompanies in Indonesia. This research is based on four independent variables that were empirically examined for their relationship with profitability. These variables are liquidity (current ratio), growth rate (sales growth), firm size (total sales), and market power (the Lerner index). Covid-19 case is used as moderating variable. Data of nine pharmaceutical companies listed on the Indonesia Stock Exchange covering the period of 2018–2021 were extracted from companies’ quarterly annual reports. Findings: In the period during Covid-19, company growth (sales growth) and market power (lerner index) have a positive and significant relationship to ROA and ROE. Total of confirmed Covid-19 cases has a positive and significant relationship to ROA and is proven to have a moderating effect between company’s growth (sales growth) to ROA and ROE and market power (Lerner index) to ROA. Research limitations/implications: Due to data availability, this study only includes data from nine listed pharmaceutical companies in Indonesian Stock exchange and quarterly annual reportscovering the period of 2018-2021. Originality/value: This study focuses onpharmaceutical companies in Indonesia during Covid-19 pandemic. Previous study analyzes the data from pharmaceutical companies’ annual reports since 2014 and focus on universal health coverage (national health insurance) implementation from the Indonesian government. This study analyzes the data using fixed effect panel-data regression models to evaluate the influence of Covid-19 confirmed cases on profitability. Pooled ordinary least squares regression and fixed effects were used to analyze the data in previous study. This study also investigate the moderating effect of Covid-19 confirmed cases to profitability in relevant with the pandemic situation.

Keywords: profitability, indonesia, pharmaceutical, Covid-19

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Authors: A. Abdikian

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Using the linearized quantum hydrodynamic model (QHD) and by considering the role of quantum parameter (Bohm’s potential) and electron exchange-correlation potential in conjunction with Maxwell’s equations, electromagnetic wave propagation in a single-walled carbon nanotubes was studied. The electronic excitations are described. By solving the mentioned equations with appropriate boundary conditions and by assuming the low-frequency electromagnetic waves, two general expressions of dispersion relations are derived for the transverse magnetic (TM) and transverse electric (TE) modes, respectively. The dispersion relations are analyzed numerically and it was found that the dependency of dispersion curves with the exchange-correlation effects (which have been ignored in previous works) in the low frequency would be limited. Moreover, it has been realized that asymptotic behaviors of the TE and TM modes are similar in single wall carbon nanotubes (SWCNTs). The results show that by adding the function of electron exchange-correlation potential lead to the phenomena and make to extend the validity range of QHD model. The results can be important in the study of collective phenomena in nanostructures.

Keywords: transverse magnetic, transverse electric, quantum hydrodynamic model, electron exchange-correlation potential, single-wall carbon nanotubes

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Authors: Hafizuddin W. Yussof, Syamsutajri S. Bahri, Adam P. Harvey

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Strong anion exchange resins with QN+OH-, have the potential to be developed and employed as heterogeneous catalyst for transesterification, as they are chemically stable to leaching of the functional group. Nine different SIERs (SIER1-9) with QN+OH- were prepared by suspension polymerization of vinylbenzyl chloride-divinylbenzene (VBC-DVB) copolymers in the presence of n-heptane (pore-forming agent). The amine group was successfully grafted into the polymeric resin beads through functionalization with trimethylamine. These SIERs are then used as a catalyst for the transesterification of triacetin with methanol. A set of differential equations that represents the Langmuir-Hinshelwood-Hougen-Watson (LHHW) and Eley-Rideal (ER) models for the transesterification reaction were developed. These kinetic models of LHHW and ER were fitted to the experimental data. Overall, the synthesized ion exchange resin-catalyzed reaction were well-described by the Eley-Rideal model compared to LHHW models, with sum of square error (SSE) of 0.742 and 0.996, respectively.

Keywords: anion exchange resin, Eley-Rideal, Langmuir-Hinshelwood-Hougen-Watson, transesterification

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Authors: Adebiyi Sunday Adeyanju, Kola Benson Ajeigbe, Fortune Ganda

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In the past three decades, there has been a notable increase in the number of firms delisting from the Johannesburg Stock Exchange (JSE) in South Africa. The recent increasing rate of delisting waves of corporate listed firms motivated this study. This study aims to explore the influence of institutional investor perceptions on the financial distress experienced by delisted firms within the South African market. The study further examined the impact of financial distress on the corporate performance of delisted firms. Using the data of delisted firms spanning from 2000 to 2023 and the FGLS (Feasible Generalized Least Squares) for the short run and PCSE (Panel-Corrected Standard Errors) for the long run effects of the relationship. The finding indicated that a decline in institutional investors’ perceptions was associated with the corporate financial distress of the delisted firms, particularly during the delisting year and the few years preceding the announcement of the delisting. This study addressed the importance of investor recognition in corporate financial distress and the delisting wave among listed firms- a finding supporting the stakeholder theory. This study is an insight for companies’ managements, investors, governments, policymakers, stockbrokers, lending institutions, bankers, the stock market, and other stakeholders in their various decision-making endeavours. Based on the above findings, it was recommended that corporate managements should improve their governance strategies that can help companies’ financial performances. Accountability and transparency through governance must also be improved upon with government support through the introduction of policies and strategies and enabling an easy environment that can help companies perform better.

Keywords: delisting wave, institutional investors, financial distress, corporate performance, investors’ perceptions

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Authors: Jatuporn Juyjingam, Pitak Siriwong

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This paper presents a study of factors effecting the success and failure of social enterprise in Thailand identifying communication as one of the criteria for measuring the social impact of social enterprise. The study focused on the communication driver of the SCALERS model. The research examines how communication is viewed in Thailand social enterprise. The research aims to determine how selected social enterprise uses communication in their operations. More specifically, the study aims to 1) describe the profile of social enterprise in Thailand, 2) identify the different roles of communication in the operation of social enterprise in Thailand, 3) determine Thailand social enterprise concept of communication. The study made use of the case study and cross case study research designs. For the profiling of the social enterprises, the case study was used. The researchers made use of the cross-case research design in identifying trends across the ten social enterprises and in determining the social entrepreneurs’ concept of communication. Key informant interviews were conducted with the heads or representatives of selected social enterprises, a three-part interview schedule was used to facilitate data gathering. The three parts included are 1) Profile of social enterprise in Thailand 2) How social enterprises apply communication in their operations 3) What is the key success in using communication among social enterprise in Thailand. This study is an exploratory research.

Keywords: communication, social entrepreneurship, social enterprise, sustainability development

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Authors: Darrol Stanley, Levan Efremidze, Jannie Rossouw

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We investigate the predictability of the USD/ZAR (South African Rand) exchange rate with sample entropy analytics for the period of 2004-2015. We calculate sample entropy based on the daily data of the exchange rate and conduct empirical implementation of several market timing rules based on these entropy signals. The dynamic investment portfolio based on entropy signals produces better risk adjusted performance than a buy and hold strategy. The returns are estimated on the portfolio values in U.S. dollars. These results are preliminary and do not yet account for reasonable transactions costs, although these are very small in currency markets.

Keywords: currency trading, entropy, market timing, risk factor model

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Authors: Ezeoke Callistus Obiora, Ezeoke Nneka Angela

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The study investigated the effect of deficit financing on macroeconomic variables in Nigeria. The specific objectives included to find out the relationship between deficit financing and GDP, interest rate, inflation rate, money supply, exchange rate and private investment respectively on a time series covering a period of 44 years (1970 – 2013). The Ordinary Least Square multiple regression produced statistics for the coefficient of determination (R2), F-test, t-test used for the interpretation of the study. The findings revealed that Deficit financing has significant positive effect on GDP and exchange rate. Again, deficit financing has a positive and insignificant relationship inflation, money supply and investment. Only interest rate recorded negative yet insignificant relationship with deficit financing. The implications of the findings are that deficit financing can be a veritable tool for boosting economic development in Nigeria, but the influential positively rising exchange rate implies that deficit financing devalues the Naira exchange rate to other currencies indicating that deficit financing can affect Nigerians competitive advantage at the world market. Thus, the study concludes that deficit financing has not encouraged economic growth in Nigeria.

Keywords: deficit financing, money supply, exchange rate, inflation, GDP, investment, Nigeria

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Authors: A. Alshebani, Y. Swesi, S. Mrayed, F. Altaher, I. Musbah

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Cs-type nanocomposite zeolite membrane was successfully synthesized on an alumina ceramic hollow fibre with a mean outer diameter of 1.7 mm; cesium cationic exchange test was carried out inside test module with mean wall thickness of 230 μm and an average crossing pore size smaller than 0.2 μm. Separation factor of n-butane/H2 obtained indicate that a relatively high quality closed to 20. Maxwell-Stefan modeling provides an equivalent thickness lower than 1 µm. To compare the difference an application to CO2/N2 separation has been achieved, reaching separation factors close to (4,18) before and after cation exchange on H-zeolite membrane formed within the pores of a ceramic alumina substrate.

Keywords: MFI membrane, nanocomposite, ceramic hollow fibre, CO2, ion-exchange

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Authors: David Onen

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Staff exchanges amongst different work organizations are a growing international phenomenon. In higher education in particular, it is not only the staff participating on international exchange programs, but their students as well. The practice of exchanging staff is premised on the belief that participating members of staff would not only get the chance to network with colleagues from partner institutions but also gain the opportunity for knowledge sharing and skills development. As a result, it would not only benefit the participating individual staff but their institutions too. However, in practice, staff exchange programs everywhere are not all ‘a bed of roses’. In fact, some of the programs seem to be laden with unapparent source of trouble or danger for the participating staff. This paper is a report on an on-going study investigating the experiences of members of academic staff of Makerere University in Uganda who have ever participated on international staff exchange programs. The study is aimed at documenting individual experiences in order to stimulate, not only a debate, but practical ways of enriching the experiences of staff who engage on well-meant international staff exchange programs. The study has employed an exploratory survey research design in which self-administered questionnaire and interview guide are being used to collect data from university academic staff respondents selected through snow-ball and purposive sampling techniques. Data have been analysed with the use of appropriate descriptive and inferential statistics as well as content analysis techniques. Preliminary study findings reveal that the majority of the respondents (95.5%) were, to a large extent, fully satisfied with their participation on the staff exchange programs. Many attested to gaining new experience (97%), networking (75%), gaining new knowledge (94%), acquiring new skills (88%), and therefore bringing to their institutions something ‘new’ and ‘beneficial’. However, a reasonably large percentage (57%) of the participants too expressed dissatisfaction in the institutional support that Makerere University gave them during their participation on the exchange programs. Some respondents reported about the ‘unfriendly welcome’ they received upon returning ‘home’ because colleagues detested how they were chosen to participate on such programs. The researcher thus concluded that international staff exchange programs are truly beneficial to both the participating staff and their institutions though with pitfalls. The researcher thus recommended for mutual and preferably equal engagement of the participating institutions on staff exchange programs if such programs are to benefit both the participating staff and institutions. Besides, exchange programs require clear terms of cooperation including on how staff are selected, facilitated and what are expected of the sending and host institutions as well as the concerned staff.

Keywords: gains, exchange programs, higher education, pitfalls

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Authors: A. Alshebani, Y. Swesi, S. Mrayed, F. Altaher, I. Musbah

Abstract:

Cs-type nanocomposite zeolite membrane was successfully synthesized on a alumina ceramic hollow fibre with a mean outer diameter of 1.7 mm, cesium cationic exchange test was carried out inside test module with mean wall thickness of 230 μm and an average crossing pore size smaller than 0.2 μm. Separation factor of n-butane/H2 obtained indicate that a relatively high quality closed to 20. Maxwell-Stefan modeling provides an equivalent thickness lower than 1 µm. To compare the difference an application to CO2/N2 separation has been achieved, reaching separation factors close to (4,18) before and after cation exchange on H-zeolite membrane formed within the pores of a ceramic alumina substrate.

Keywords: MFI membrane, CO2, nanocomposite, ceramic hollow fibre, ion-exchange

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Authors: Yih-Wenn Laih

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In recent times, the dependence and co-movement among international financial markets have become stronger than in the past, as evidenced by commentaries in the news media and the financial sections of newspapers. Studying the co-movement between returns in financial markets is an important issue for portfolio management and risk management. The realization of co-movement helps investors to identify the opportunities for international portfolio management in terms of asset allocation and pricing. Since the election of the new Prime Minister, Shinzo Abe, in November 2012, the yen has weakened against the US dollar from the 80 to the 120 level. The policies, known as “Abenomics,” are to encourage private investment through a more aggressive mix of monetary and fiscal policy. Given the close economic relations and competitions among Asia markets, it is interesting to discover the co-movement relations, affected by the depreciation of yen, between stock market of Japan and 5 major Asia stock markets, including China, Hong Kong, Korea, Singapore, and Taiwan. Specifically, we devote ourselves to measure the co-movement of stock markets between Japan and each one of the 5 Asia stock markets in terms of rank correlation coefficients. To compute the coefficients, return series of each stock market is first fitted by a skewed-t GARCH (generalized autoregressive conditional heteroscedasticity) model. Secondly, to measure the dependence structure between matched stock markets, we employ the symmetrized Joe-Clayton (SJC) copula to calculate the probability density function of paired skewed-t distributions. The joint probability density function is then utilized as the scoring scheme to optimize the sequence alignment by dynamic programming method. Finally, we compute the rank correlation coefficients (Kendall's  and Spearman's ) between matched stock markets based on their aligned sequences. We collect empirical data of 6 stock indexes from Taiwan Economic Journal. The data is sampled at a daily frequency covering the period from January 1, 2013 to July 31, 2015. The empirical distributions of returns indicate fatter tails than the normal distribution. Therefore, the skewed-t distribution and SJC copula are appropriate for characterizing the data. According to the computed Kendall’s τ, Korea has the strongest co-movement relation with Japan, followed by Taiwan, China, and Singapore; the weakest is Hong Kong. On the other hand, the Spearman’s ρ reveals that the strength of co-movement between markets with Japan in decreasing order are Korea, China, Taiwan, Singapore, and Hong Kong. We explore the effects of “Abenomics” on Asia stock markets by measuring the co-movement relation between Japan and five major Asia stock markets in terms of rank correlation coefficients. The matched markets are aligned by a hybrid method consisting of GARCH, copula and sequence alignment. Empirical experiments indicate that Korea has the strongest co-movement relation with Japan. The strength of China and Taiwan are better than Singapore. The Hong Kong market has the weakest co-movement relation with Japan.

Keywords: co-movement, depreciation of Yen, rank correlation, stock market

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Authors: Kanokwan Chancharoenchai

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Economic growth can be considered as an important element of countries’ development process. For developing countries, like Thailand, to ensure the continuous growth of the economy, the Thai government usually implements various policies to stimulate economic growth. They may take the form of fiscal, monetary, trade, and other policies. Because of these different aspects, understanding factors relating to economic growth could allow the government to introduce the proper plan for the future economic stimulating scheme. Consequently, this issue has caught interest of not only policymakers but also academics. This study, therefore, investigates explanatory variables for economic growth in Thailand from 2005 to 2017 with a total of 52 quarters. The findings would contribute to the field of economic growth and become helpful information to policymakers. The investigation is estimated throughout the production function with non-linear Cobb-Douglas equation. The rate of growth is indicated by the change of GDP in the natural logarithmic form. The relevant factors included in the estimation cover three traditional means of production and implicit effects, such as human capital, international activity and technological transfer from developed countries. Besides, this investigation takes the internal and external instabilities into account as proxied by the unobserved inflation estimation and the real effective exchange rate (REER) of the Thai baht, respectively. The unobserved inflation series are obtained from the AR(1)-ARCH(1) model, while the unobserved REER of Thai baht is gathered from naive OLS-GARCH(1,1) model. According to empirical results, the AR(|2|) equation which includes seven significant variables, namely capital stock, labor, the imports of capital goods, trade openness, the REER of Thai baht uncertainty, one previous GDP, and the world financial crisis in 2009 dummy, presents the most suitable model. The autoregressive model is assumed constant estimator that would somehow cause the unbias. However, this is not the case of the recursive coefficient model from the state space model that allows the transition of coefficients. With the powerful state space model, it provides the productivity or effect of each significant factor more in detail. The state coefficients are estimated based on the AR(|2|) with the exception of the one previous GDP and the 2009 world financial crisis dummy. The findings shed the light that those factors seem to be stable through time since the occurrence of the world financial crisis together with the political situation in Thailand. These two events could lower the confidence in the Thai economy. Moreover, state coefficients highlight the sluggish rate of machinery replacement and quite low technology of capital goods imported from abroad. The Thai government should apply proactive policies via taxation and specific credit policy to improve technological advancement, for instance. Another interesting evidence is the issue of trade openness which shows the negative transition effect along the sample period. This could be explained by the loss of price competitiveness to imported goods, especially under the widespread implementation of free trade agreement. The Thai government should carefully handle with regulations and the investment incentive policy by focusing on strengthening small and medium enterprises.

Keywords: autoregressive model, economic growth, state space model, Thailand

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Authors: Mehdi Dasineh, Yadollah Tariverdi, Marzieh H. Takhti

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This paper investigated the relationship between top management turnover with risk volatility, sale volatility and fluctuations in the company's cash depending on the unqualified audit report in Tehran Stock Exchange (TSE). In this study, we examined 104 firms over the period 2009-2014 which were selected from (TSE). There was 624 observed year-company data in this research. Hypotheses of this research have been evaluated by using regression tests for example F-statistical and Durbin-Watson. Based on our sample we found significant relationship between top management replacement and risk volatility, sale Volatility and cash volatility with tendency unqualified audit opinion.

Keywords: top management replacement, risk volatility, sale volatility, cash volatility, unqualified audit opinion

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Authors: Chukwuebuka Vincent Azuka, Chidimma Peace Odoh

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Changes in agricultural practices and land use influence the storage and release of soil organic carbon and soil structural dynamics. To investigate this in Nsukka, southeastern Nigeria, soil samples were collected at 0-10 cm, 10-20 cm and 20-30 cm from three locations; Ovoko (OV), Obukpa (OB) and University of Nigeria, Nsukka (UNN) and three land use types; cultivated land (CL), forest land (FL) and grassland (GL)). Data were subjected to analysis of variance (ANOVA) using SPSS. Also, correlations between organic carbon stock, structural stability indices and other soil properties were established. The result showed that Ksat was significantly (p < 0.05) influenced by location with mean values of 68 cmhr⁻¹,121.63 cmhr⁻¹, 8.42 cmhr⁻¹ in OV, OB and UNN respectively. The MWD and aggregate stability (AS) were significantly (p < 0.05) influenced by land use and depth. The mean values of MWD are 0.85 (CL), 1.35 (FL) and 1.45 (GL), and 1.66 at 0-10 cm, 1.08 at 10-20 cm and 0.88 mm at 20-30 cm. The mean values of AS are; 27.66% (CL), 46.39% (FL) and 49.81% (GL), and 53.96% at 0-10cm, 40.22% at 10-20cm and 29.57% at 20-30cm. Clay flocculation (CFI) and dispersion indices (CDI) differed significantly (p < 0.05) among the land use. Soil pH differed significantly (p < 0.05) across the land use and locations with mean values ranging from 3.90-6.14. Soil organic carbon (SOC) significantly (p < 0.05) differed across locations and depths. SOC decreases as depth increases depth with mean values of 15.6 gkg⁻¹, 10.1 gkg⁻¹, and 8.6 gkg⁻¹ at 0-10 cm, 10-20 cm, and 20-30 cm respectively. SOC in the three land use was 8.8 g kg-1, 15.2 gkg⁻¹ and 10.4 gkg⁻¹ at CL, FL, and GL respectively. The highest aggregate-associated carbon was recorded in 0.5 mm across the land use and depth except in cultivated land and at 20-30 cm which recorded their highest SOC at 1mm. SOC stock, total nitrogen (TN) and CEC were significantly (p < 0.05) different across the locations with highest values of 23.43 t/ha, 0.07g/kg and 14.27 Cmol/kg respectively recorded in UNN. SOC stock was significantly (p < 0.05) influenced by depth as follows; 0-10>10-20>20-30 cm. TN was low with mean values ranging from 0.03-0.07 across the locations, land use and depths. The mean values of CEC ranged from 9.96-14.27 Cmol kg⁻¹ across the locations and land use. SOC stock showed correlation with silt, coarse sand, N and CEC (r = 0.40*, -0.39*, -0.65** and 0.64** respectively. AS showed correlation with BD, Ksat, pH in water and KCl, and SOC (r = -0.42*, 0.54**, -0.44*, -0.45* and 0.49** respectively. Thus, land use and location play a significant role in sustainable management of soil resources.

Keywords: agricultural practices, structural dynamics, sequestration, soil resources, management

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Authors: Sahar Jami, Iman Valizadeh

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The purpose of the study: The aim of this study was to evaluate the influence of culture on the choice of capital structure management companies are listed in the Tehran Stock Exchange. Methods: This study was a cross-document using data after the event (Retrospective) in 1394 was performed. To select a sample of elimination sampling (screening) is used to determine the sample size was 123 companies. Results: The results showed that the variables of culture, return on equity, a significant positive impact on the capital structure (ROA, QTobins) and financial leverage and firm size variables and a significant negative impact on the capital structure (ROA, QTobins).

Keywords: culture management, capital structure, ROA, QTobins, variables of culture

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Authors: Tu Shuyang, Zhang Xu, Zhou Xiang

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The objective of this paper is to investigate the effect of short-term heat exchange decay of ground heat exchanger (GHE) on the ground source heat pump (GSHP) energy efficiency and capacity. A resistance-capacitance (RC) model was developed and adopted to simulate the transient characteristics of the ground thermal condition and heat exchange. The capacity change of the GSHP was linked to the inlet and outlet water temperature by polynomial fitting according to measured parameters given by heat pump manufacturers. Thus, the model, which combined the heat exchange decay with the capacity change, reflected the energy efficiency decay of the whole system. A case of GSHP system was analyzed by the model, and the result showed that there was risk that the GSHP might not meet the load demand because of the efficiency decay in a short-term operation. The conclusion would provide some guidances for GSHP system design to overcome the risk.

Keywords: capacity, energy efficiency, GSHP, heat exchange

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Authors: Ousmane Sarr

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The Senegalese coasts have high productivity of fishery resources due to the frequency of intense up-welling system that occurs along its coast, caused by the maritime trade winds making its waters nutrients rich. Fishing plays a primordial role in Senegal's socioeconomic plans and food security. However, a global diagnosis of the Senegalese maritime fishing sector has highlighted the challenges this sector encounters. Among these concerns, some significant stocks, a priority target for artisanal fishing, need further assessment. If no efforts are made in this direction, most stock will be overexploited or even in decline. It is in this context that this research was initiated. This investigation aimed to apply a multi-modal approach (LBB, Catch-only-based CMSY model and its most recent version (CMSY++); JABBA, and JABBA-Select) to assess the stock of Atlantic bonito, Sarda sarda (Bloch, 1793) in the Senegalese Exclusive Economic Zone (SEEZ). Available catch, effort, and size data from Atlantic bonito over 15 years (2004-2018) were used to calculate the nominal and standardized CPUE, size-frequency distribution, and length at retentions (50 % and 95 % selectivity) of the species. These relevant results were employed as input parameters for stock assessment models mentioned above to define the stock status of this species in this region of the Atlantic Ocean. The LBB model indicated an Atlantic bonito healthy stock status with B/BMSY values ranging from 1.3 to 1.6 and B/B0 values varying from 0.47 to 0.61 of the main scenarios performed (BON_AFG_CL, BON_GN_Length, and BON_PS_Length). The results estimated by LBB are consistent with those obtained by CMSY. The CMSY model results demonstrate that the SEEZ Atlantic bonito stock is in a sound condition in the final year of the main scenarios analyzed (BON, BON-bt, BON-GN-bt, and BON-PS-bt) with sustainable relative stock biomass (B2018/BMSY = 1.13 to 1.3) and fishing pressure levels (F2018/FMSY= 0.52 to 1.43). The B/BMSY and F/FMSY results for the JABBA model ranged between 2.01 to 2.14 and 0.47 to 0.33, respectively. In contrast, The estimated B/BMSY and F/FMSY for JABBA-Select ranged from 1.91 to 1.92 and 0.52 to 0.54. The Kobe plots results of the base case scenarios ranged from 75% to 89% probability in the green area, indicating sustainable fishing pressure and an Atlantic bonito healthy stock size capable of producing high yields close to the MSY. Based on the stock assessment results, this study highlighted scientific advice for temporary management measures. This study suggests an improvement of the selectivity parameters of longlines and purse seines and a temporary prohibition of the use of sleeping nets in the fishery for the Atlantic bonito stock in the SEEZ based on the results of the length-base models. Although these actions are temporary, they can be essential to reduce or avoid intense pressure on the Atlantic bonito stock in the SEEZ. However, it is necessary to establish harvest control rules to provide coherent and solid scientific information that leads to appropriate decision-making for rational and sustainable exploitation of Atlantic bonito in the SEEZ and the Eastern Atlantic Ocean.

Keywords: multi-model approach, stock assessment, atlantic bonito, SEEZ

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Authors: R. Rajeswari

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An investigation was carried out to know the SOC stock and its change over time in benchmark soils of different agroclimatic zones of Tamil Nadu. Roth.C model was used to assess SOC stock under existing and alternate cropping pattern. Soil map prepared on 1:50,000 scale from Natural Resources Information System (NRIS) employed under satellite data (IRS-1C/1D-PAN sharpened LISS-III image) was used to estimate SOC stock in different agroclimatic zones of Tamil Nadu. Fifteen benchmark soils were selected in different agroclimatic zones of Tamil Nadu based on their land use and the areal extent to assess SOC level and its change overtime. This revealed that, between eleven years of period (1997 - 2007). SOC buildup was higher in soils under horticulture system, followed by soils under rice cultivation. Among different agroclimatic zones of Tamil Nadu hilly zone have the highest SOC stock, followed by north eastern, southern, western, cauvery delta, north western, and high rainfall zone. Although organic carbon content in the soils of North eastern, southern, western, North western, Cauvery delta were less than high rainfall zone, the SOC stock was high. SOC density was higher in high rainfall and hilly zone than other agroclimatic zones of Tamil Nadu. Among low rainfall regions of Tamil Nadu cauvery delta zone recorded higher SOC density. Roth.C model was used to assess SOC stock under existing and alternate cropping pattern in viz., Periyanaickenpalayam series (western zone), Peelamedu series (southern zone), Vallam series (north eastern zone), Vannappatti series (north western zone) and Padugai series (cauvery delta zone). Padugai series recorded higher TOC, BIO, and HUM, followed by Periyanaickenpalayam series, Peelamedu series, Vallam series, and Vannappatti series. Vannappatti and Padugai series develop high TOC, BIO, and HUM under existing cropping pattern. Periyanaickenpalayam, Peelamedu, and Vallam series develop high TOC, BIO, and HUM under alternate cropping pattern. Among five selected soil series, Periyanaickenpalayam, Peelamedu, and Padugai series recorded 0.75 per cent TOC during 2025 and 2018, 2100 and 2035, 2013 and 2014 under existing and alternate cropping pattern, respectively.

Keywords: agro climatic zones, benchmark soil, land use, soil organic carbon

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Authors: Shota Gulbani

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At the present stage, for the countries with developing economies, studying, and researching financial markets, gains special importance, because the situation of financial markets shapes an exact views about the carried out economic policy of the country. Besides, it’s unimaginable any country with developed economy, without healthy and functioning financial markets, whereas, for any kind of business it has got a great importance in terms of finding diversified and alternative capital. In this regard; it should be noted that the segments of Georgian financial markets are developed quite unequally, as evidenced by the fact that the Georgian financial sector is represented by 93% of commercial banks, what does not create an conformable environment for non-bank financial institutions development. In spite of the fact that Georgia has got one of the best banking system of region, it is important to properly analyze that this system should not hinder the development of other participants of Georgian financial sector.

Keywords: financial markets, macroeconomics, investments, stock exchange

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Authors: H. Hammoudi, S. Bendenia, K. Marouf-Khelifa, R. Marouf, J. Schott, A. Khelifa

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The ionic exchange of the NaX zeolite by Cu2+ and/or Zn2+ cations is progressively driven while following the development of some of its characteristic: crystallinity by XR diffraction, profile of isotherms, RI criterion, isosteric adsorption heat and microporous volume using both the Dubinin–Radushkevich (DR) equation and the t-plot through the Lippens–de Boer method which also makes it possible to determine the external surface area. Results show that the cationic exchange process, in the case of Cu2+ introduced at higher degree, is accompanied by crystalline degradation for Cu(x)X, in contrast to Zn2+-exchanged zeolite X. This degradation occurs without significant presence of mesopores, because the RI criterion values were found to be much lower than 2.2. A comparison between the binary and ternary exchanges shows that the curves of CuZn(x)X are clearly below those of Zn(x)X and Cu(x)X, whatever the examined parameter. On the other hand, the curves relating to CuZn(x)X tend towards those of Cu(x)X. This would again confirm the sensitivity of the crystalline structure of CuZn(x)X with respect to the introduction of Cu2+ cations. An original result is the distortion of the zeolitic framework of X zeolites at middle exchange degree, when Cu2+ competes with another divalent cation, such as Zn2+, for the occupancy of sites distributed within zeolitic cavities. In other words, the ternary exchange accentuates the crystalline degradation of X zeolites. An unexpected result also is the no correlation between crystal damage and the external surface area.

Keywords: adsorption, crystallinity, ion exchange, zeolite

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Authors: Prateep Wajeetongratana

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This research aims to study the audit quality that affected to the reputation of the certified public accountants in Thailand. The researcher defined the population for this research as a group of the certified public accountants in Thailand who are the member of the federation of accounting professions under the royal patronage of his majesty the king also disclose their information .The total sampling size is 325. The results showed the audit quality factor has influence to the reputation of the certified public accountants in Thailand by accuracy auditing, objectiveness auditing and clearness auditing .These factors show by y1 = 1.381 + .372x1.1 + .309x1.2 + .305x1.3 can be describe as professional standard strictly factor (Y.1.1) and the new clients raised from word of mount of old clients regularly factor (Y.1.2) by regression coefficient (R2) as.242, this shows that such variables could predict the audit quality variable as 24.2 percent.

Keywords: audit quality, certified public accountants in Thailand, reputation

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Authors: Ernest Nweke, Enkhtuya Bavuudorj

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The harsh realities of the scandalous failure of several notable corporations in the past two decades have inextricably resulted in a surge in corporate governance studies. Nevertheless, little or no attention has been paid to corporate governance studies in Mongolian firms and much less to the comprehension of the correlation among ownership structure, corporate governance mechanisms and trend of innovative activities. Innovation is the bed rock of enterprise success. However, the funding and support for innovative activities in many firms are to a great extent determined by the incentives provided by the firm’s internal and external governance mechanisms. Mongolia is an East Asian country currently undergoing a fast-paced transition from socialist to democratic system and it is a widely held view that private ownership as against public ownership fosters innovation. Hence, following the privatization policy of Mongolian Government which has led to the transfer of the ownership of hitherto state controlled and state directed firms to private individuals and organizations, expectations are high that sufficient motivation would be provided for firm managers to engage in innovative activities. This research focuses on the relationship between ownership structure, corporate governance on one hand and the level of innovation on the hand. The paper is empirical in nature and derives data from both reliable secondary and primary sources. Secondary data for the study was in respect of ownership structure of Mongolian listed firms and innovation trend in Mongolia generally. These were analyzed using tables, charts, bars and percentages. Personal interviews and surveys were held to collect primary data. Primary data was in respect of corporate governance practices in Mongolian firms and were collected using structured questionnaire. Out of a population of three hundred and twenty (320) companies listed on the Mongolian Stock Exchange (MSE), a sample size of thirty (30) randomly selected companies was utilized for the study. Five (5) management level employees were surveyed in each selected firm giving a total of one hundred and fifty (150) respondents. Data collected were analyzed and research hypotheses tested using Chi-Square test statistic. Research results showed that corporate governance mechanisms were better and have significantly improved overtime in privately held as opposed to publicly owned firms. Consequently, the levels of innovation in privately held firms were considerably higher. It was concluded that a significant and positive relationship exists between private ownership and good corporate governance on one hand and the level of funding provided for innovative activities in Mongolian firms on the other hand.

Keywords: corporate governance, innovation, ownership structure, stock exchange

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Authors: Abdullah Almulhim

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The International Accounting Standards Board (IASB) was established in 2001 to develop International Financial Reporting Standards (IFRS) that bring transparency, accountability, and efficiency to financial markets around the world. In addition, the IFRS provide a unified accounting language, which is especially important in the era of globalization. However, the establishment of a single set of high-quality international accounting standards is a matter of growing importance, as participants in the increasingly integrated world capital market demand comparability and transparency of financial reporting worldwide. Saudi Arabia became the 149th member of the World Trade Organization (WTO) on 11 December 2005, which has increased the need to convert to IFRS. Currently, the Saudi Arabian Monetary Authority (SAMA) requires banks and insurance companies in Saudi Arabia to report under IFRS Standards. However, until the end of 2016, SOCPA standards were applied to all other companies, listed and unlisted. From 2017, listed Saudi companies would be required to report under IFRS Standards as adopted by SOCPA effective 2017. This paper is to investigate the expected benefits gained and highlight the challenges faced by adopting IFRS by the listed companies in the Saudi Stock Exchange. Questionnaires were used as the main method of data collection. They were distributed to listed companies in the Saudi Capital Market. Data obtained through the questionnaires have been imported into SPSS statistical software for analysis. The expected results of this study will show the benefits of adopting IFRS by Saudi Listed Companies. However, this study will investigate the challenges faced by adopting IFRS by the listed companies in the Saudi Arabian Stock Market. Findings will be discussed later upon completion of initial analysis.

Keywords: challenges, IAS, IFRS, opportunities, Saudi, SOCPA

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Authors: Eakarat Boonreang

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The past two decades, Thailand faced the natural disasters, for instance, Gay typhoon in 1989, tsunami in 2004, and huge flood in 2011. The disaster management in Thailand was improved both structure and mechanism for cope with the natural disaster since 2007. However, the natural disaster management in Thailand has various problems, for examples, cooperation between related an organizations have not unity, inadequate resources, the natural disaster management of public sectors not proactive, people has not awareness the risk of the natural disaster, and communities did not participate in the natural disaster management. Objective of this study is to find the methods for capacity building in the natural disaster management of Thailand. The concept and information about the capacity building and the natural disaster management of Thailand were reviewed and analyzed by classifying and organizing data. The result found that the methods for capacity building in the natural disaster management of Thailand should be consist of 1)link operation and information in the natural disaster management between nation, province, local and community levels, 2)enhance competency and resources of public sectors which relate to the natural disaster management, 3)establish proactive natural disaster management both planning and implementation, 4)decentralize the natural disaster management to local government organizations, 5)construct public awareness in the natural disaster management to community, 6)support Community Based Disaster Risk Management (CBDRM) seriously, and 7)emphasis on participation in the natural disaster management of all stakeholders.

Keywords: capacity building, Community Based Disaster Risk Management (CBDRM), Natural Disaster Management, Thailand

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Authors: Yi-Hsien Wang, Fu-Ju Yang, Hwa-Rong Shen, Rui-Lin Tseng

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The business is notably related to the market risk according to the increase of liberalization of financial markets. Hence, the company usually utilized high financial leverage of derivatives to hedge the risk. When the company choose different hedging instruments to face a variety of exchange rate risk, we employ the Multinomial Logistic-AHP to analyze the impact of various derivatives. Hence, the research summarized the literature on relevant factors affecting managers selected exchange rate hedging instruments, using Multinomial Logistic Model and and further integrate AHP. Using Experts’ Questionnaires can test multi-level selection and hedging effect of different hedging instruments in order to calculate the hedging instruments and the multi-level factors of weights to understand the gap between the empirical results and practical operation. Finally, the Multinomial Logistic-AHP Model will sort the weights to analyze. The research findings can be a basis reference for investors in decision-making.

Keywords: exchange rate risk, derivatives, hedge, multinomial logistic-AHP

Procedia PDF Downloads 441